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It really is sunnier the further you live from the North Shore. Richmond and South Delta’s flat topography mean those clouds roll right over and accumulate up against the mountains. Real estate has been pretty sunny here too. Over the past decade, the benchmark selling prices in these neighbourhoods have risen dramatically: 46.6 per cent in Richmond; 48.7 per cent in Ladner; and 34.9 per cent in Tsawwassen. October saw a dip in listings over the previous month (down 6.4 per cent in Richmond and 29.4 per cent in Delta); sales were up in Delta by 33 per cent, but down in Richmond by 17 per cent.
A review of newly reported sales indicates most sellers are willing to entertain offers. Of 11 recent Richmond transactions, eight went for less than list price (anywhere from one to 10 per cent less) and three went for their sticker cost. The latter were all preconstruction condos that won’t be ready for occupation until 2016 and 2017.
In South Delta, two recent sales were reported. The owner of a 19-year-old, two-bedroom home in Ladner’s Delta Manor neighbourhood squeezed an extra $1,000 from their home’s purchaser, settling for $400,000 after six days on the market. After 10 days on the market, a two-bedroom condo in Tsawwassen’s Cliff Drive community sold for $875,000 – two Richmond South Delta per cent less than the owner originally hoped for.
Tsawwassen Central
Tsawwassen is an affluent region often admired for its small-town charm. Home prices here are bound to skyrocket once the George Massey Tunnel is replaced and the downtown commute gets easier. The fall 2016 opening of Tsawwassen Mills – the huge new shopping centre currently under development – will also likely have an effect on the area’s desirability.
There are five active listings in Tsawwassen Central, which is the neighbourhood closest to the town’s bigbox-less shopping core. All of the listings are for one-bedroom units and they range in price from $198,000 to $439,900. One offering, at 439,000, is for a brand-new unit in Brio.
Boyd Park
Named for Richmond’s first mayor, Hugh Boyd, this west Richmond neighbourhood is part of the city’s Seafair subdivision. The park itself has a community centre, an outdoor fi tness circuit, playing fields, playground, and a pitch and putt golf course.
Known as one of Richmond’s more affordable neighbourhoods, the median price of the area’s 16 active listings is $224,350. That compares favourably with the city’s overall median list price of $455,000. You’re not going to fi nd any new developments here; the age range of the listings runs from 36 to 42 years old.
Richmond & S Delta Condo Market Snapshot: Nov 13
