What is the real estate market like in Delta BC?

Nearly double the number of new single-family listings in the North Delta compared to January

Delta real estate buyers had significantly more inventory to choose from last month due to a record volume of new listings.

The Fraser Valley Real Estate Board (FVREB) received 3,742 new listings in February, a 75.3% increase from January and a 14.6% increase from February last year. The previous highest February for new registrations was 3,283 in 2016.

This included nearly double the number of new detached single-family listings in the North Delta compared to January, with 109 homes coming on the market.

“Although the market is still far from balanced, it is encouraging to see new listings increasing again for the second month in a row,” said Larry Anderson, chairman of the Fraser Valley Real Estate Board. “We expect this trend to continue through the spring as more sellers come forward to help soften the market and provide opportunities for the many buyers who have been sidelined over the past year and a half. “

In the Fraser Valley region, the average number of days to sell an apartment in February was 12 and 11 for townhouses. Single-family homes took an average of 13 days to sell. The one-year comparison is 35, 21 and 21 respectively.

Last month, the benchmark price for a single-family detached home in North Delta was $1,537,100, a 5.4% increase from January. The benchmark price for a townhouse rose to $862,300 from $809,800 the previous month. There were 15 apartment sales at a reference price of $507,900, a 5.8% increase from January.

Meanwhile, in South Delta, the number of individual registrations in February rose to 107, an increase of 41 from January. There was only a slight increase in listings for townhouses (18/16) and apartments (30/25) compared to the previous month.

Prices continue to rise, with the benchmark price for a single-family home in Ladner rising 5.8% from January to $1,543,800. Ladner townhouses are up 6.1% to a benchmark price of $915,500 while apartments are up 2.7% to $620,200.

The benchmark price for a single-family detached home in Tsawwassen rose 4.9% from January to 1,637,500. The benchmark price for townhouses climbed 6% to $992,800 and apartments rose 2.0% to $672,400.

The Real Estate Board of Greater Vancouver (REBGV), which oversees sales activity in the South Delta, reports that residential home sales in the area totaled 3,424 in February 2022, down 8.1% from previous 3,727 sales recorded in February 2021, and a drop of 49.8 percent increase from 2,285 homes sold in January 2022.

Last month’s sales were 26.9% above February’s 10-year average sales.

“As we prepare to enter what is traditionally the busiest season of the year, the Metro Vancouver housing market is seeing historically more typical home sales activity and an uptick in home listing activity over last year,” said REBGV President Taylor Biggar.

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