Real Estate Market Update for Ladner and Tsawwassen following August 2017

Real Estate Market Update for Ladner and Tsawwassen following August 2017

Condos Continue to Lead Market

Thanks for taking the time to look at my monthly real estate update for South Delta and the Real Estate Board of Greater Vancouver (REBGV).

Here is a link to the complete set of charts and graphs.

Here is a link to the Real Estate Board of Greater Vancouver media release.

“First-time home buyers have led a surge this summer in demand in our condominium and townhome markets,” Jill Oudil, REBGV president said. “Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region.”

Sales & Listings

To get an idea of the importance of condos (apartments and townhouses) in the market today consider their numbers compared to the detached sector:

August 2017 Month End
Sales % Active Listings %

S/L Ratio

Detached

906 29.7% 5514 62.6%

16.4%

Apt & Attached 2142 70.3% 3293 37.4%

65.0%

As we can see condos had 70% of the sales but only 37% of the available listings. Historically the total sales were 19% above the 10 year average for the month of August.

Prices

Here are price changes so far this year:

YTD % Price Changes

Detached Attached Apartment

REBGV

7.8% 14.8%

18.5%

Ladner

1.9% 20.2%

10.3%

Tsawwassen

5.7% 24.8%

10.8%

Richmond 5.8% 11.4%

24.1%

I mentioned a few months ago about something strange going on with our local Attached price indices so please discount those and use them with extreme caution!

Locally

South Delta remains a predominantly single family area and that is reflected in the August sales. Ladner had a particularly strong month with 31 detached sales and only 78 active listings at month end. Tsawwassen had only 22 detached sales and 146 active listings on Aug 31.

Townhouse (attached) sales had a bit of a lull with no Hampton Cove phase currently available. Apartment sales were reasonably strong at 18 and likely limited but the shortage of supply with only 23 active listings.

S&L SD THS&L SD Apt

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