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April Richmond Housing Report


Richmond Housing Report For April 

Source: REBGV

sale list ratio

The sales for Richmond's detached homes for April 2017 improved further compared to the previous month. The sale to list ratio for detached homes edged up above 20%, to cross into the Seller Market, joining townhouses and condos in the Seller Market territory.

The median home price for Richmond edged up to around $1.6 million from $1.47 million. The decline in detached home prices since the middle of 2016 appeared to be arrested with the gain in April's median price. 

The median price for Richmond townhouses continued to climb after 3 months declined in the median price around the September and October period. Buying interest remain high for Richmond townhouses at current median price around $750,000. 

Richmond condos remain the most active market segment with multiple offers for most newly listed condos. There is a real shortage of condo listings to satisfy the high demand for condos in Richmond. There are no signs of the situation for Richmond's supply of resale condos surging to satisfy the high demand for condos for the next few months. 

 

For more info about Richmond's housing market, kindly contact James Wong at 604-721-4817.

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New Listing 10500 Railway Avenue, Richmond, BC


R2147328 - 10500 Railway Avenue, Richmond, BC, CANADAView my new listing for sale at 10500 Railway Avenue, Richmond and currently listed at $1,550,000.

Front access carport from Railway, Richmond arterial road OCP allows redevelopment under “compact lots and coach house development” for duplex or SFH with a coach house to be built. Great building lot for a new home with lane at the back of the property. Owner occupied 2-level home with suite at lower level, 6-year old roof, 2 kitchens; one on main floor and another at lower level. Selling mainly for lot value and seller prefers 2.5 to 3 months for completion. At least 5 hours notice required for showing appointment.

Richmond Housing Report


Richmond January Housing Report

The housing market activities in Richmond slowed considerably since late September, 2016 and the sale pace for single family detached homes showed a significant drop in buying activities. However, detached home prices didn't show much downward price decline although the sales to active ratio remained in Buyer's Market for 6 months. 

>> You can find Richmond detached homes for sale using this link. 

jan sales

Both townhouses and condos enjoyed elevated prices which showed a significant jump in their average selling prices since early 2016. Most 3-bedroom townhomes within the 3 to 15 years age range are selling from $650,000 to $800,000 range for the larger units with over 1,400 sq ft living areas.

Richmond condos continued to receive a lot of buying interest and resale 2-bedroom condos between 3 to 10 years are now selling from $450,000 to $800,000 for the newer concrete condos around the City Center of Richmond.

If you like to have more info on any of the homes for sale, or like to have a discussion on your real estate needs, you are welcome to contact me (James) at 604-721-4817.

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Richmond Home Prices


Richmond Home Prices

Charts Source: REBGV

Richmond Detached Homes

Below is an assessment on the run up in Richmond's home prices during the past 10 years from 2007 to early 2017. 

Richmond HPI Price for detached homes

The HPI price gain for Richmond detached homes from early 2007 to end 2015 was growing at a compounded rate around 7%, or roughly $55,500 a year. But, the gain in home prices for single family detached homes in Richmond from 2015 to end of December 2016, showed a very spectacular lift off - the gain during this short period was  between $400,000 to $500,000.

Richmond Townhouses

Richmond townhouse HPI price followed a very similar price gain pattern foor singe family detached homes in Richmond. 

Richmond HPI Price for townhouses

Similarly, the HPI price for Richmod townhouses from 2007 to the end of 2015 was around 4%, or roughtly incresing at just under $20,000 a year. In 2016, over a 12 months period, Richmond HPI price gained about $150,000.

Richmond Condos

Richmond HPI price for condos and apartments

The four years from 2007 to 2011, Richmond HPI price gained around 4% a year. But, from 2012 to the thrid quarter of 2015, Richmond HPI price was flat. Richmond condos caught on by September 2015, and spiked up in demand and condo prices gained over $80,000 in 15 months.

What's The Risk For Richmond Home Prices Collapsing?  

There are general agreement that interest rates for 2017 are expected to be higher. If the increase in interest rates is within 1% to 1.5%, it will have an impact on demand for homes. Although sales had dropped significantly, detached home prices were reported to have softened. But, the prices for townhouses and condos were holding well and there were not signs of prices coming down. 

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Vancouver Sales Report - January, 2017


January 2017 Real Estate Sales Report

Residential property sales in the region totalled 1,523 in January 2017, a 39.5 per cent decrease from the 2,519 sales recorded in January 2016 and an 11.1per cent decrease compared to December 2016 when 1,714 homes sold.  View January, 2017 monthly statistical reports REBGV.

The total number of homes currently listed for sale on the Multiple ListingService® in Metro Vancouver is 7,238, a 9.1 per cent increase compared to January 2016 and a 14.1 per cent increase compared to December 2016.

Generally, analysts say that downward pressure on home prices occurs whenthe ratio dips below the 12 per cent mark for a sustained period,while homeprices often experience upward pressure when it surpasses 20 per cent overseveral months.

Sales of detached properties in January 2017 reached 444, a decrease of 57.6 per cent from the 1,047 detached sales recorded in January 2016.

Sales of apartment properties reached 825 in January 2017, a decrease of 24.7 per cent compared to the 1,096 sales in January 2016.The benchmark price ofan apartment property is $512,300.

Attached property sales in January 2017 totalled 254, a decrease of 32.4 percent compared to the 376 sales in January 2016.

East Vancouver Housing Market

The sales to listing ratio for East Vancouver reversed from the strong Seller Market to a balanced market for detached homes in July 2017, due to weaker demand for detached homes in the second half of 2016. Similarly, in the second half of 2016, townhouses' strong Buyer Market weakened and in January 2017, it entered into a balanced market. Condo demand in East Vancouver also weakened and the sales to active ratio is expected to become balanced by end March, 2017. 

Click here to view the latest Stats Centre Report for Vancouver East.

east van

HPI Prices For Detached Homes Declining

The year over year HPI price for East Vancouver is 16.7% higher, but compared to it's peak during $1,537,300 in September 2016, the January HPI price for East Vancovuer at $1,440,500 was 6% lower. The trend for lower home prices is expected to continue to decline in 2017.

hpi east van

The HPI price for detached home at $1.0 million is still a very lofty price tag for a single family home in East Vancouver. From current price level at over $1.4 million, wishing that East Vancouver detached home prices to reach $1.0 million, there is a price gap that requires a 30% decline from current price level.

We will report back from time to time, what the East Vancouvert housing market situation for 2017.



Richmond Housing Report - October, 2016


Richmond Housing Report - October , 2016
realestatesrichmond.com

Richmond condo sales for October remained positive with declining supply of condos over the past 12 months. It is a Buyer Market for Richmond detached homes. Total sales dropped to 61 units with sale/active ratio dropped to 8.5%.

oct 2016



Richmond Housing Report For September, 2016


Richmond Housing Report For September, 2016

supply vs demand

Richmond's real estate market reached peak prices and experienced frenzied buying fever from early March to late June of this year. The supply and demand for detached homes and townhouses slowed down gradually from late April and single family homes were experiencing exhausion of buyers willing to pay the high prices for detached homes coming onto the market. Since June of this year, single damily homes tipped over from a balanced market to a Buyer Market the past 2 months.

Richmond townhouses followed the trend for single family detached homes to rapidly decent from extreme shortage of townhomes in March to 23% sales-to-active ratio - just above the top end of a balanced market for townhomes. The market for townhouses in Richmond is expected to be in balanced market by late October, and may cross over to a Buyer market by the end of the year.

Likewise, Richmond condos followed a decline in the sales-to-active ratio from the peark in June at 70% to just over 30% in September, 2016. The ratio is projected to reach a balanced market between 14% to 20% the next 3 months.

Home Price Projection

New policy measures by the BC Government, the imposition of 15% non-resident property transfer tax and tightening of lending rules by Canadian Banks will dampen the demand for homes. A change in market sentiment will have a significant effect on home prices when buyers are not rush into making hasty offers, or compete with other buyers.

Without any major external influence like a financial collapse in the world economy, the extend of the correction in home prices in Richmond may be limited to a more normal decline of 15% to 20% from their peak prices around June and July of this year.

We will update the market situation in the coming months.

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DISCLAIMER: The owner of this website assumes no liability whatsoever, for errors and/or omissions and any consequences arising either directly or indirectly from the use of information provided by this website. Any data provided are strictly for guidance and planning purposes only and may not be applicable due to ever changing market dynamics.



New Listing 10500 Railway Avenue, Richmond, BC


R2105816 - 10500 Railway Avenue, Richmond, BC, CANADAView my new listing for sale at 10500 Railway Avenue, Richmond and currently listed at $1,328,000.

Owner occupied 2-level home with suite at lower level. Front access from Railway, covered front porch for 2 cars and amble open space for RV or additional cars for a large family. Great building lot for a new home with lane access at the back of the property. 2 kitchens, 5-year old roof, 44' x 133.5' or 5,873 sq ft rectangular lot, matured backyard garden. To be sold "AS IS" condition. Seller prefers longer completion 2 to 3 months. Kindly provide one day notice for showing.

New Listing 20 - 22800 Windsor Court, Richmond, BC


R2097501 - 20 - 22800 Windsor Court, Richmond, BC, CANADAView my new listing for sale at 20 - 22800 Windsor Court, Richmond and currently listed at $599,000.

Well kept and updated corner 3 bedroom + Den (can be 4th bedroom) townhouse with 1,405 sq ft living area with your own private fenced back yard. This home is located in fast growing Hamilton neighbourhood of Richmond. Easy access to Vancouver, Burnaby, New Westminster and Delta/Surrey. This home features a large master bedroom with ensuite bath, laminate flooring throughout, new lighting, crown moulding, new kitchen cabinet, new hot water tank, s/s fridge, gas stove, garburator, double side-by-side garage. Maintenance fee includes City water and sewer bill. Contact Agent for more info. Easy to show with some notice.

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.

Return to homepage.

DISCLAIMER: The owner of this website assumes no liability whatsoever, for errors and/or omissions and any consequences arising either directly or indirectly from the use of information provided by this website. Any data provided are strictly for guidance and planning purposes only and may not be applicable due to ever changing market dynamics.