A Sneak Peek at North Delta's Newest Townhome Development

The city has just approved a new housing development on the corner of 72 Avenue and 116th Street. Here is a closer look at that development.

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There are some big changes happening in the North Delta community. If you’ve ever traveled east on 72nd Avenue as you approach 116th street, you may have noticed a few boarded-up homes on the right-hand side. A development proposal for this area has recently been approved and in the video above, you can see exactly where this development will be constructed.

The five homes on the corner will be replaced with 40 brand-new 3-bedroom townhomes. These townhomes will range from 1,400 square feet to 2,300 square feet, and the entry to the site will actually be off of 116th Street, not 72nd Avenue.

Regardless of the public opinion of the development, it has been approved, and the corporation of Delta has made it clear that they are very much in favor of redevelopment of 72nd Avenue into future townhome development.

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40 3-bedroom townhomes are being built on 72nd Avenue.

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There were 105 people from 75 properties that were opposed to the development; however, after the city conducted their traffic impact study, they concluded that the development of this site won’t necessarily have an impact on peak traffic congestion. Personally, as someone who travels up and down 72nd Avenue, I think that it’s already quite congested and that adding 80 or so vehicles to the area will likely have an impact. That being said, the city is also considering widening 72nd Avenue into a four-lane street.

In any case, these 40 new townhomes coming to the corner of 116th Street and 72nd Avenue mean that the area is starting to develop, so if you have any questions about these townhomes, what is happening in this segment of our community, or anything else related to real estate, please feel free to reach out to me by phone or email. I look forward to speaking with you soon!

North Delta Market Update: August 2016

The headlines out there paint North Delta real estate as a dying market. In reality, we are very much in a balanced market.

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It’s been an interesting month for Vancouver and North Delta real estate. We’ve seen an incredible rise in the marketplace, coupled with an unprecedented policy change from the liberal government.

We’re starting to see a cooling in the marketplace. The headlines are bad, but sensationalized. In reality, the information is out there to show that while our market is in a decline, it’s still balanced.

As you may have heard, there has been a growing trend in our market of inventory going up and sales going down. The number of sales decreased from 47 in July to 30 in August and inventory did increase slightly as well. Just 83 homes came on the market in August, and we haven’t seen sales numbers this low since August 2012 when we sold just 27 homes.

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These numbers don’t surprise me.

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We are finding ourselves in a rare place on the low side of a balanced market. We are heading into September so we will have to wait and see what will happen; only time will tell. My boots on the ground feeling is that there is already an uptick in activity, which we should see continue.

One telling statistic that our market isn’t in as much danger as many believe is the benchmark price. Average prices can skew in favor of high-end homes, but the benchmark price is all-encompassing. This price was $898,500 in July and dropped only .3% in the last month. The current benchmark price of $895,400 is still 40% higher than what we saw last year.

We are coming off a historic market run coupled with a huge policy change by our government to intervene in the market, so these numbers don’t surprise me. They are trending downward, but the sky is not falling. We are still in a balanced market. We are going to continue to look at the market each month and identify where we are heading.

If you have any questions, feel free to give us a call or send us an email. We look forward to hearing from you soon.

North Delta Market Update: July 2016

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What a difference 30 days can make. If you remember, back in June I was talking about it being a bounce-back month because the sales had bumped up and inventory had come down. It was hard to identify a firm trend in the marketplace. I thought we were on our way to a shifting market and that things were cooling, but June turned out to be tremendously active.

For July, there is no question we’re now experiencing a shifting market. Home sales dropped from 105 to 47, and inventory has climbed from 156 to 196. We haven’t seen levels of activity this low during the month of July since 2010, when there were only 32 homes sold.

Since our peak of 95% back in March, the sale to active listings ratio has steadily declined from 67% down to 24%. Anything between 15% to 20% is considered a balanced market, so technically we’re still in a seller’s market, but we’re very close to returning back to a normalized market.

The 15% foreign investment tax has not put a stop to the real estate market. Of all the 47 homes sold in July, the bulk of them sold within the first 10 days of the month. After that, the sales were very much trickling off and we were on our way to a cooling off period regardless of the tax initiative.

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There is no question we’re now experiencing a shifting market.

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For the first time in a long time, we’ve seen our benchmark price drop in July by .8%. This isn’t a significant drop, but it’s still a trend worth watching. We’re up 43% from last year, so homeowners have thus far seen incredibly equitable gains. I expect August, however, to be a much quieter month. Besides the fact that it historically is, many homes in the marketplace are adjusting value and reacting to the shifting market. As that inventory gets absorbed, expect the benchmark value to adjust as well.

What this cooling marketplace means for you as a homeowner is that you have a better opportunity to make timely decisions regarding possibly downsizing, relocating, or selling your home in conjunction with your purchase. We haven’t seen that in a long time, and we’ll continue to watch this trend.

I’ll see you again in 30 days. As always, if you have any questions at all regarding the market, your home, or advice on buying or selling, please feel free to reach out to me by phone or email. Enjoy the rest of your summer.