VANCOUVER (NEWS 1130) – Home sales across Metro Vancouver have seen an increase of 30 percent according to the BC Real Estate Association. That is high enough to send buyers looking in other communities, like Tsawwassen.
Total residential sales for Tsawwassen are up a little higher than that average says Chief Economist with the BC Real Estate Association Cameron Muir. “When we look at areas such as Tswassen we can see that year to date, the first 7 months of this year, total residential sales are up about 42 per cent,” he explains. “A lot more sales activity is going on in Tsawwassen rather than its neighbour close by Ladner. I would suspect that has a lot to do with the number of new homes to purchase in that area.”
He says Burnaby, North Delta, Richmond and Tsawwassen are all showing strong sales activity. “I think that large-scale infrastructure projects also bring along with them a lot of new construction activity in the housing market. What that does is expand the housing stock so we will see more sales as a result of that.”
“Newer homes, higher priced homes, obviously when they are selling they will be pulling up overall price levels as a result,” Muir explains. “When we look at overall market conditions throughout Metro Vancouver, most communities are what would be classified as sellers markets so right now demand is outpacing supply so that is putting some pressure on houses.”
Realtor Christina Watts has been selling homes in Tsawwassen for over two decades and calls it an irreversible process.”[There is] an increase about twice as much of a demand and our inventory has dwindled down from almost half.”
She notes around $875,000 to $975,000 buys you a very nice home in a good area. “At this point I absolutely believe that this is just the very beginning. All the way up to five million dollars, we see all pricing ranges moving.”
“We have actually a little bit of a housing shortage in the price range between say $850,000 to a million dollars or a little bit above that now. We should be running at least twice the inventory to accommodate all the buyers that are coming. The ranchers are in absolute the hottest demand and we barley have anybody selling at this point which makes for very good pricing for the homeowners in Tsawwassen.”
She adds the waterfront community has great schools, has many attractive amenities and is only a 45 minute drive for people commuting to Vancouver.