Only city that bridges boards reveals extent of housing boom
Delta links B.C.’s largest real estate boards and its detached-house market reveals the current sales mania knows no boundaries

The market is hot when it comes to single-detached houses in the City of Delta, the only municipality that is bridges both of B.C.’s largest real estate boards. While south of the Fraser River, Delta is split between the Real Estate Board of Greater Vancouver (REBGV), which includes south Delta, and the Fraser Valley Real Estate Board (FVREB), which represents north Delta.

Both boards released their regional sales figures for the month of January this week.

It shows that the housing mania in the Lower Mainland blurs the board’s border, with typical home prices are now nearly the same on both sides, and much higher than a year ago.

The REBGV reports that total residential home sales in the region, which includes Ladner and Tsawwassen, saw a 52.1 per cent increase from the sales recorded in January 2020. Last month’s sales were also 36.4 per cent above the 10-year January sales average.

The total number of homes currently listed for sale in Metro Vancouver is 3.6 per cent lower compared to January 2020, and a 2.7 per cent decrease compared to December 2020.

Meanwhile, sales of detached homes in January 2021 saw a 68.6 per cent increase from the detached sales recorded in January 2020.

The benchmark price for a single-detached house in Ladner was $1,076,300 in January, up 14.1 per cent from the same time last year. In Tsawwassen, it was $1,250,900, up 15.3 per cent from the previous year.

As for the North Delta and the Fraser Valley area, the FVRB notes that in a month that is usually one of the quietest in real estate, Fraser Valley’s total market continued at a breakneck pace, producing the strongest January sales on record.

Sales of all Valley property types in January 2021 saw a startling increase of 76 per cent compared to January 2020.

Sales of detached houses in January soared 86 per cent in the Fraser Valley compared to a year earlier, with benchmark prices up 15.2 per cent to $1,106,500. Detached houses are outselling both the townhouse and condo apartment sectors, the FVREB reports.

The benchmark price of a house in North Delta last month was $1,010,900, up 10.3 per cent from January 2020.

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Source:    Western Investor