Real Estate Market Update for South Delta following July 2017

Real Estate Market Update for South Delta following July 2017

Typical Summer 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.

“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location,” Jill Oudil, REBGV president said. “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”

Sales and Listings

July 2017 overall sales were only 0.7% below the 10 year average so ‘pretty normal’ but lower than what we have come to expect in the past 2 – 3 years.

As you can see in the graphs detached sales are down more noticeably but even townhouse and apartment sales have slowed somewhat from their torrid spring pace.

Prices

Detached prices across the REBGV have now returned to and even surpassed those levels prior to last summer when a combination of cooling trend and the Foreign Buyer PTT led to a price decline of around 7% from August 2016 to February 2017.

Townhouse and apartment prices continue to trend up.

HPI REBGV DetHPI REBGV THHPI REBGV Apt

Locally

Detached sales and listings are at fairly typical levels. Apartment sales dropped off from June to July, likely in the face of fairly short supply. Townhouse activity has increased and listing supply decreased as these units are becoming the ‘new family home’ for millenials getting into the market.

 

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