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C ONDO

MARKET

Richmond South Delta It’s sunnier south of the Fraser where the condo market is as hot as ever By Jill Lunde

T

ravelling south of Vancouver can lead to some great deals for condo hunters, particularly for those searching in South Delta where property values are bound to explode once the George Massey Tunnel is replaced. South Delta recorded six recent sales including three in a new building in the Tsawwassen Springs complex that won’t be ready for occupancy until 2017. All three of these went for their list prices, which ranged from $299,900 to $364,900. Only one of 12 recent sales in Richmond went for its list price: a new home in Steveston’s The Pier at London Landing is scheduled for completion later this year. After 19 days on the market, it found its first owner for $1,089,900.

Steveston South This picturesque village has grown rapidly with the closing of its many historic canneries. There were 28 active listings at the time of writing ranging from a onebedroom in 17-year-old Nautica North for $269,900 to a two-bedroom in 11-year-old Copper Sky West for $1,198,000. Seven of the community’s current listings are for The Pier, with prices there ranging from $349,900 to $639,900. Part of the London Landing neighbourhood, The Pier offers luxury waterfront homes with generous outdoor spaces to capitalize on the area’s great vistas. There were two recent sales in Steveston

South, including the previously mentioned unit at The Pier. The other was for a onebedroom home in Rivers Reach which sold after five days on the market for a shade under asking: $329,000.

CONDOMINIUM

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Brighouse Richmond’s downtown core and major shopping district offers a vast choice when it comes to condos – all conveniently located near restaurants, shops, a library and the Canada Line. There were 400 active listings at the time of writing with a median price of $466,900. That’s also the cost of a two-bedroom unit on the market for Alfa, which is currently in preconstruction. The most expensive Brighouse listing is a $6,880,000 threebedroom home in a two-year-old building right on Brighouse Way. The addition of SkyTrain has had a major impact on this neighbourhood with many new buildings. Several brand-new condos are on the market including units in the Bravo, Carrera, Monet, and Riva developments which are expected to be complete in 2015, along with homes in Alfa, which should be ready for occupancy in 2018. Three recent sales in the community all went for less than their asking price: a one-bedroom in Chancellor Gate went for four per cent under its $158,000 list price; a one-bedroom in The Chancellor sold for $275,000 (five per cent less than asking); and the owners of a twobedroom in Arboretum accepted an offer of $208,000 – seven per cent under their sticker price.

The addition of SkyTrain has had a major impact on this neighbourhood with many new buildings 26 October 30, 2015

MARKET SNAPSHOT

Active condo listings* 18

Condos reported sold (Oct 3-16)

••••••••••••••••••••••••••••••••••••

$409,000

Richmond median listing price*

$379,950

South Delta median listing price*

••••••••••••••••••••••••••••••••••••

63

Median days on market*

••••••••••••••••••••••••••••••••••••

$487

Median price per square foot*

•••••••••••••••••••••••••••••••••••• Type of inventory*

Studio: 1% 2 BR: 60%

1 BR: 29% 3 BR: 10%

*Active listings up to October 16, 2015 **Richmond only

WESTCOAST CONDOMINIUM Oct 30, 2015  

West Coast Condominium is the only publication in British Columbia’s Lower Mainland to give readers all the latest local condo market news...

WESTCOAST CONDOMINIUM Oct 30, 2015  

West Coast Condominium is the only publication in British Columbia’s Lower Mainland to give readers all the latest local condo market news...

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