Due to Delta’s focus on nature enriched communities, this city has become a great place for new and mid-level investors. The last 5-year average has completely shifted due to an increase in local and foreign real estate investment. Since the buyers are more affluent, this has attracted accredited investors from neighboring cities as well.
Delta is currently a home for more mature homebuyers within the 40 – 54 age group, who are looking for a place to retire and continue their outdoor activities. Delta is known as Surrey’s sister city so investors and home buyers from Surrey usually show a keen interest in Delta as well. Additionally, Delta is further divided into three parts composed of North Delta, Ladner and Tsawwassen.
North Delta is a medium sized city with a population of just over a hundred thousand and growing. New construction in Delta is not as heavy as its neighboring city but the quality is much higher, due to the lack of condos and greater emphasis on townhomes and new family homes. The average household income in Delta is over 31% of the national average, and consequently selling of new construction homes is not really an issue here.
Most buyers that are looking for a home in Delta, opt for properties that offer views of the local areas. The green spaces and parks are a big attraction for new homebuyers and play a key role in determining the price for a home in Delta. A home in Delta with a view can easily add an additional $50,000 to the price of the home.
Currently, Delta is the 4th most expensive city in BC to buy a home in. Making it a great market for investors looking for a higher than average ROI. This is also because maintenance on properties in Delta is lower than the Canadian average because of fewer bedrooms per house.
4-bedroom homes were the average for sale in Delta and this trend has been on a steady decline as higher density housing is becoming a part of Delta’s landscape. A good percentage of Delta’s residents are actively downsizing and seeking condos.
The townhouse market is still strong and is heading in the right direction. New townhouse developments are experiencing an upward swing and overall, the housing marketing is experiencing an 18% growth.
Condos are also considered a great investment in Delta, especially apartments with two bedrooms. The Delta real estate market is having an issue with the demand as new buyers are renters are making their way from core Vancouver (Downtown). Some are looking to finally invest in their first home, but most are fleeing the very high prices. This has been an issue in Vancouver for quite some time which makes it a seller’s market.
New development pricing in Delta seems to be in an upward swing with new home buyers and sellers remaining quite active in the past few years here, according to the REBGV or the Real Estate Board of Greater Vancouver. The historical average pricing is now a lot higher than usual which is another reason for consistent investment in the Delta real estate market.
Overall, Delta condominiums are on the rise and so are townhomes, especially in specific areas of the city. Investors in both cases are willing to go for multiple properties as the long-term picture looks quite promising, especially as the current population matures and heads towards becoming first time home buyers themselves.
According to MLS® Home Price Index – Real Estate Board of Greater Vancouver (August 2020):