Richmond Vancouver REALTOR®

Blog › February 2017

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.