Real Estate Market Update for Ladner and Tsawwassen following October 2017

Real Estate Market Update for Ladner and Tsawwassen following October 2017

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 – it may be useful to refer to them as you read through this piece!

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

Sales for the past October were 15% above 10 year averages, led mostly by the townhouse and apartment sectors.

“Conditions continue to vary significantly based on property type. The detached home market is well supplied with homes for sale, which is relieving pressure on prices,” Jill Oudil, REBGV president said. “It remains a much different story in the townhouse and apartment markets. Buyers of these properties continue to have limited supply to choose from and are seeing upward pressure on prices.”

Sales and Listings

Detached sales were 5 – 10% higher (945) than the previous 2 months and the stock of listings was down by just over 4% from the end of September to the end of October (5587). This means monthly sales to active listings are at a rate of around 17%.

Attached sales however are much more competitive with a monthly sales (550) to listings (1228) of 44%.

Apartments are even more competitive with a monthly sales (1532) to listings (2322) of 66%!

This means that currently more apartment units are selling than combined houses and townhouses – definitely a trend to watch for the future.

Prices

Detached prices are holding fairly level while condos continue a steady upward trend.

Townhouses are up 17% since the beginning of April (29% per annum).

Apartments are up 25.7% since the beginning of the year (30.8% per annum) but as the graph shows that pace has slowed slightly since the end of July.

Locally

Here in South Delta detached sales are steady but not spectacular with monthly sales to listings:

Oct sales Oct end listings Ratio
Ladner 19 88 21.6%
Tsawwassen 27 151 17.9%

 

In contrast to the overall REBGV our detached numbers are still the predominant market as there were a total of only 11 townhouse sales and 13 apartment sales combined in Ladner and Tsawwassen last month. However listing counts for both remain low as can be seen in the graphs.

In the past 60 days the most active detached price ranges have been in the $800k – $1m range in Ladner and in the $1.1m – 1.4m range in Tsawwassen.

 

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