Strong Competition for Condos!
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.
“Two distinct markets have emerged this summer. The detached home market has seen demand ease back to more typical levels while competition for condominiums is creating multiple offer scenarios and putting upward pressure on prices for that property type,” Jill Oudil, REBGV president said.
Sales and Listings
While the detached sector has returned to a more balance between supply and demand the townhouse and especially the apartment markets definitely favour the sellers.
Detached prices continue a more modest ascent following the decrease from August to March with REBGV levels now back to those of the 2016 peak.
Prices having risen much more quickly for townhouses (up 12%) and apartments (up 17%) since the beginning of the year.
Here in South Delta the trend is similar with detached sales steady buy not spectacular. Apartment market conditions are notable with 29 sales during June and only 20 units left for sale at the end of the month!
You may notice the Ladner and Tsawwassen HPI graphs show a one month increase of 17% and 27% respectively which is clearly not reflective of reality. I have made enquiries with the REBGV and will dig deeper to try to understand these anomalies.
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