South Delta prices up 12%; Richmond up 20%

Thursday, August 18th, 2011


ECO HOMES ON TOUR: A series of EQuilibrium display houses are open this year as a national demonstration project of super energy efficient houses continues. Homes such as Green Dream in Kamloops shown here, and the nearly complete Harmony House in Burnaby demonstrate how effective solar energy and zero greenhouse gas emissions are possible in new houses. For complete information and tour information, see Photo: Canada Mortgage and Housing Corp.

The price of a typical detached house in South Delta was up 12.8 per cent in July, compared to a year earlier, at $749,720. In Richmond, the typical detached house sold last month for $1,064,446, up 20.3 per cent from July 2010, reports the Real Estate Board of Greater Vancouver. The price variance makes it more important to use the services of a local Realtor – when either buying or selling homes. The Real Estate Board reports that overall residential sales in July across the entire region dropped 21.2 per cent to 2,571 properties compared to a month earlier. Sales were up 14 per cent compared to July 2010. Listings of properties for sales fell in July from a month earlier, with just over 5,000 new listings on the MLS, down 12 per cent from a month earlier, but up 23 per cent from July 2010. “The number of homes listed for sale in the region has increased each month since the start of the year,” said Board president Rosario Setticasi. According to Setticasi, it takes an average of 41 days to sell a property in Greater Vancouver, unchanged from a month earlier. She noted that there are less multiple offer situations but “that homes priced competitively continue to sell at a relatively swift pace.” The price for all residential properties across the region was up 9.2 per cent to $630,2151 in July, compared to a year earlier. Sales of detached houses are up 21 per cent from a year ago to 1,099 houses. The benchmark detached house price is up 23.3 per cent to $898,886. In the local condominium apartment market, a typical Richmond condo sold last month for $362,281, compared to $383.195 in South Delta. See your local Realtor for complete market details, and advice on setting the price for a quick sale. Variable rates popular Canadian homebuyers are taking variable rate mortgages in increasing numbers, betting that mortgage interest rates will not see an increase in the short term, according to a report in Canadian Mortgage Trends. It may be a good bet. An August survey of money managers found that 60 per cent believe the Bank of Canada will cut its key lending rate, or at least keep it in the current 1.25 per cent range through to May of 2012. Copyright Real Estate Weekly

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