Richmond Vancouver REALTOR®


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

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.

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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.

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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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 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 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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