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Choosing to rent or buy a home isn’t an easy decision to make, even in the best of times. Answering this question also requires a bit of understanding about the housing market in a particular area, and deciding whether or not the risks outweigh the advantages.
If you are considering buying or renting a house in North Delta, we have you covered. In this in-depth guide, we’ll break down everything you need to know about the cost of living in North Delta, mortgage rates, pros and cons, and a few reviews of homes on the market. Let’s start by breaking down the cost of living in the North Delta.
Picture Source: indoindians.com
With a population of just over 102,000, the average household in North Delta earns $92,300. The cost of living is 4% higher than the national average and Delta is considered the 9th most expensive city in Greater Vancouver. It’s also the fifth fastest-growing city as well.
Transportation and healthcare are considered to be very affordable in Delta. However, food and housing are significantly more expensive than surrounding areas in British Columbia.
Mortgage rates in North Delta vary significantly. We’ll offer an example: Since the average house cost in North Delta is $1,200,000, let’s say that you want to finance an owner-occupied house at that price. The down payment for this home would be 20%, or $240,000 and you want to choose a fixed rate. Your mortgage term is 10 years. Mortgage rates in this area for such a scenario will vary from 2.79% to 4.44%
[Sources: https://www.salaryexpert.com/cost-of-living/canada/british-columbia/delta, https://townfolio.co/bc/delta/demographics, https://www.zolo.ca/delta-real-estate/trends]
To get a better idea of what housing looks like in North Delta, let’s review a few homes that are listed on the market currently.
This lovely home in Delta is currently listed for $1,249,000 and spans 2,672 square feet. This home was recently renovated with an open concept kitchen. The title for this home is freehold and the annual property taxes are about $2,867.55. Built-in 1969, this home sits on about 6,351 square feet of land. As a Central Ladner home, this property is close to Maple Crescent Park, a number of schools, and plenty of shops and restaurants.
This contemporary home in Delta is currently listed for $1,149,000 and spans 2,248 square feet. This home also faces farmland in southern Ladner, offering up very pleasant views and a tranquil atmosphere. The title for this home is freehold and the annual property taxes are about $3,762.34. Built-in 1969, this home sits on about 6,243 square feet of land. This home is slightly more isolated than the previous example, making it ideal for homeowners who want some quiet and privacy.
This modern condo in Delta is currently listed for $849,900 and spans 1,500 square feet. This condo also features a large flex room with a walkout patio. The title for this home is strata and the annual property taxes are about $3,288.66. Built-in 2017, this condo features a large patio and limited parking, as well as walking access to Ladner Village, parks, amenities, etc.
This British Columbian city is an excellent place to live, though the main downside of the city is its priciness. Located south of the city of Richmond, Delta is bordered by the Fraser River and the United States to the south. Surrey sits at the east of Delta.
The weather in North Delta is quite good, though it is known for raining much of the year and having very cold winters. However, North Delta is considered a very dry city compared to other areas of British Columbia.
North Delta is a very pleasant and safe place to live, but it is also a very expensive place to live in. Delta is known for its high real estate prices, which is common for many areas in the lower mainland. Property taxes are reasonable on average. Just as well, many people are buying homes in this area right now. In February of 2020, only about 37 homes were purchased in the area. This year, that number rose to 62.
In a local news report for Surrey Now-Leader, James Smith noted that Delta had ranked the 59th best place in Canada to live in 2019, making it the highest ranking in the lower mainland area.
“The city ranked higher than all other Lower Mainland communities with the exception of West Vancouver, which came in 42nd,” Smith noted, “Delta ranked 41st among places in Canada to retire, 5th in the Lower Mainland behind the City of North Vancouver (8), Vancouver (11), West Vancouver (23) and New Westminster (40). Delta also placed 12th in Canada (5th in B.C.) for new Canadians. The only Lower Mainland community to score higher was West Vancouver (5).”
Just as well, the economy in North Delta is excellent. In a guide to moving to Canada by PrepareForCanada.com, it was noted that North Delta is one of the biggest farming areas in Vancouver.
“Because of its fertile soil Delta is one of the most important agricultural areas in Metro Vancouver,” the guide reads, “The regulations of the Agricultural Land Reserve prevent Delta’s land from conversion to suburban housing. One of Delta’s communities, Ladner, is traditionally a farming and fishing village. Nevertheless, North Delta, the community located in the north-east of Delta, is a suburban area with more than 51,623 residents. It is largely a middle-class bedroom community, which means that most of the workforce has their homes in Delta but commutes daily to work in the nearby cities and industrial areas.”
To put it simply, North Delta is a wonderful place to live with limited but quality housing options, a stable agricultural economy, and a high standard of living.
Picture Source: realtor.com
There are a number of advantages and disadvantages to buying or renting a home in North Delta.
When it comes down to it, North Delta is quite an expensive city to live in when it comes to housing. But if you can afford it, purchasing a home could result in substantial equity. Renting a home, on the other hand, could save you a lot of money on real estate costs and serve as an excellent alternative if you simply don’t have about a million dollars on hand to spend.
When deciding whether you should buy or rent a home in North Delta, consider a few additional things. To start, decide exactly how long you want to live in the North Delta area. Many families or individuals who decide to move to the area plan to stay for a very long time, at least five years. If that sounds like you, buying a home could be a better idea. If you don’t plan to be in North Delta long, we’d recommend renting a space.
How was our guide to buying or renting a home in North Delta, British Columbia? Tell us what your experience has been like in the comments below.
Picture Source: John smith