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Richmond May Housing Report


Is The Housing Market Turning?

rew 300x250 The 3 housing types in Richmond registered year over year price gain of 46%, 37% and 16% of detached homes, townhouses, and condos respectively. The number of active listings remains very low compared to previous years.

The sales of townhouses in Richmond registered more than 80% gain compared to a year ago. This could be due to more home buyers giving up hope of buying high-priced detached homes, and turning to settle for townhouses.

may report

Richmond Sales-to-Active Ratio

The acute high sale-to-active ratios for townhouses and detached for May turned more positive for home buyers. But, both ratios at around 60% were still abnormally high to expect home prices to come down anytime soon. The market needs more supply of homes and fewer buyers wanting to buy to break the uptrend for home prices. 

If the ratios have to drop down to 20% or lower to see home prices easing off. Substantive housing policy measures are required to address the high housing price problem in Vancouver and the surrounding areas.

sale to active listing ratio

If you are planning to buy or sell in the near future, you can use the website here to look around to research the homes you can find for sale on the market. 

Kindly contact James Wong @ 604-721-4817 or by email if you have any questions regarding real estate in Vancouver, Richmond, and Burnaby.

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Richmond Real Estate - April Housing Report


Richmond Real Estate And Housing Sales Report - April, 2016

Richmond active listings continued to lack behind in supply especially townhouses.  The days on market for Townhouses, single family detached homes and condos were reported to be 10, 18 and 38 days respectively.

All the three housing types are in Seller's Market, especially for for townhouses and single family homes in Richmond. 

richmond april housing stats

Sales-to-Active Ratio

Both townhouses and single family detached homes in Richmond had been in Seller Markets since early 2015. Buyer interest for these two groups of homes picked up strength in October 2015 and home sellers were getting multiple offers for their homes within days of their homes being listed for sale.  

Home prices for townhouses and detached homes in Richmond jumped significantly as a result of strong buying interest from home buyers. 

sales to active ratio

Richmond Benchmark Price

The price lines for detached homes in Richmond had deviated far above the trend line by 50%. There is a high likelihood of substantial price adjustment to the trend line level. For home sellers, selling now appear to be a prudent decision to capitalize on the great price they can get in today's market.

The townhouse situation is less critical as the price above the trend line appeared to be just around 10%. The strong buying interest for detached homes and townhouses and low supply of inventory may not continue un-interrupted. A sudden pullback in buyer interest if compounded by a reversal in the supply of homes would ease demand.

The condo market is relatively stable. Price gain in the condo market was noticeable for presale condos and recently completed new condos. Condos under 5 years were found to be the most sought after segment of the condo market.  

hpi price trend

Keeping Track Of The Market

We will report back on the market situation for Richmond real estate. We hope you will find the info posted here useful and beneficial. If you have any questions, kindly contact James Wong at 604-721-4817.

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New Listing 7800 114a Street, Delta, BC


R2057405 - 7800 114a Street, Delta, BC, CANADAView my new listing for sale at 7800 114a Street, Delta and currently listed at $699,000.

Owner occupied and well-cared for family home in quiet neighbourhood of Scottsdale area of North Delta. Centrally located within a short drive to Scottsdale Centre, next to Chalmers Park and close to Jarvis Elementary and Burnsview Secondary Schools. This executive home is sited on a 5,982 sq ft lot with east facing rear yard. Beautiful huge open concept kitchen, dining and living area with over 1,351 sq ft living area on main and 989 sq ft finished basement. The basement has a full bath and provides flexible use of the space by the new owner. First showing is Sunday April 17, 2016 from 2:00 to 4:00pm. All offers are to be emailed to info@james-wong.net by 5:00pm for presentation to Seller at 7:00pm.

Hot Vancouver and Surrey Housing Market


Hot Housing Market Every Where!

sell video

The red hot housing market around the major metro Vancouver markets like Vancouver, Burnaby and Richmond has now spread to the suburbs and neighboring municipalities like Coquitlam, Surrey, LAngely and as far as Abbotsford and Mission.

Detached home prices in cities within  20 to 30 minutes drive to downtown Vancouver are selling well over $1.2 million. Most entry level older homes were sold for their lot values as holding properties or eventually get torn down to be replaced by new homes.

Tri-Cities and Fraser Valley Homes 

Homes that were sold 2 years ago at $500,000 to $600,000 in these areas are now routinely soldl for $800,000 or more. It is increasingly difficult to find single family homes selling at $500,000 or less.

The video to the left about riding the housing roller coaster; going up and coming down is a warning to the danger of a housing crash. When this will happen is any body's guess.

Since the 12% or so drop in 2007 as a result of the credit crunch, the housing market for Vancouver has gained in value for the past 9 years.

Multi-family Townhouses and Condos   

New townhouses and condos have been selling like hot cakes lately. There was a noticeable jump in townhome prices between 10% to 20%. Similarly, new condos in hot areas were seeing an increase of 10% or more.

Is it time to sell?

The market is unsustainable at current price level. It is time to seriously consider the risk of a sudden decline in home prices. 

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New Listing 30482 Blueridge Drive, Abbotsford, BC


R2046733 - 30482 Blueridge Drive, Abbotsford, BC, CANADAView my new listing for sale at 30482 Blueridge Drive, Abbotsford and currently listed at $825,000.

Large Abbotsford West 8 years old with full basement. This spacious 4,387 sq.ft home offers excellent open floor plans, high-end lighting & plumbing fixtures, Granite countertops throughout, vaulted ceilings, crown mouldings, Big porch & deck at the back. Total of 8 bedrooms & 6 bathrooms. Main floor featured Family rm, Living rm, Dining rm, Kitchen, laundry, study room and a full bath. Upper floor featured 4 bedroom with an extra large master bdrm w/WIC & ensuites. Basement offers 3 bedrooms and a large recreation room.Viewing access Thursday, April 7 2.00 - 3.00 pm. Please text James 604-721-4817 to confirm access.

New Listing 7918 Oak Street, Vancouver, BC


R2039031 - 7918 Oak Street, Vancouver, BC, CANADAView my new listing for sale at 7918 Oak Street, Vancouver and currently listed at $2,600,000.

Marpole 4yr NEW 3 level 7bdrm 5p 2 kit house (incl 2 master-bedroom on top and suite with seperate entrance below) with very practical layout on 8N TOWNHOUSE zoning standard lot. Walk to Churchil Sec & Ele. Same block bus stop going Downtown & sky train stn. Next block Marpole Park & Community Ctr. Below 15 min walk or 5 min bus to Marine Dr sky train stn & mall. 10 min drive to airport / Richmond. Easy to rent. Seller pays $4000 & utilities to rent back till 18.6.30 No private showing. Show in open house by appt. Buyer to verify all meas & age & do own diligent if important. Seller is Realtor. (OPEN HOUSE: MAR 5 12PM-2PM)

Recently Sold Listing 204 - 7831 No 1 Road, Richmond, BC


V1116209 - 204 - 7831 No 1 Road, Richmond, BC, CANADAI have just recently sold this listing at 204 - 7831 No 1 Road, Richmond.

New Listing 103 - 3731 W 6th Avenue, Vancouver, BC


R2027475 - 103 - 3731 W 6th Avenue, Vancouver, BC, CANADAView my new listing for sale at 103 - 3731 W 6th Avenue, Vancouver and currently listed at $239,000.

Fantastic Point Grey location close to UBC, Jericho Beach, transportation & a short walk to shops, restaurants, cafes along West 4th & Broadway. Great value for this spacious studio, partially updated, gorgeous refinished original hardwood in solid worry-free building. Lowest price studio in fabulous area close to the beach & shopping. Cheaper than renting. Rentals is already at quota limit. Just move in & enjoy! Open House Jan 31st 2.00 pm - 4.00 pm.

New Listing 15028 81b Avenue, Surrey, BC


R2018162 - 15028 81b Avenue, Surrey, BC, CANADAView my new listing for sale at 15028 81b Avenue, Surrey and currently listed at $799,000.

Gorgeous custom built one owner executive home, in quiet neighbourhood of Bear Creek Green Timbers next to Guildford Golf & Country Club, 2 car garages with additional parking on driveway. This picturesque home is sited on a large 7,800 sq ft North-South facing lot with over 2,800 main and upper floor living space w/unique design, superior material & workmanship. The 1,457 sq ft partially finished basement has 1 bdrm, huge lving room and a bar area that can be easily suited as a mortgage helper. Beautiful garden, the lovely family room transition into sun-drenched South facing deck for great entertaining & BBQ.

Recently Sold Listing 409 - 929 W 16th Avenue, Vancouver, BC


V1138276 - 409 - 929 W 16th Avenue, Vancouver, BC, CANADAI have just recently sold this listing at 409 - 929 W 16th Avenue, Vancouver.