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Vancouver & Richmond Housing Report


October Greater Vancouver Home Sales Report

Home sale across Greater Vancouver remained below long-term historical averages in October. The todate home sales across various municipalities in Greater Vancouver were about 30% lower than a year ago.

For the month of OCtober, Greater Vancouver residential home sales totalled 1,966 was 35% lower than 3,022 sales recorded in October 2017. Compared to last month sale of 1,595 homes, it was 23% higher.

The October sales were 26.8 per cent below the 10-year October sales average.

oct1

More Supply Of Homes Slower sales had resulted in higher inventory - levels that were seen four years ago. Home sellers are facing pricing pressure to cut prices to sell their homes. Listings for the month jumped 7.4% to 4,873 compared to 2017, but 7.7% less homes listed compared to last month. Year-over year, the total number of homes listed for sale in OCtober at 12,984 units is 42.1% higher.

rebgvfvreb sales

Market Outlook For 2019 & 2020

The real estate market has entered a down cycle after over 10 years of rapid growth in home sales and rising prices. Since the peark of 2016, the market showed weakness in detached home sales and declining prices that acclerated the past 12 months. Multi-family homes in recent months experienced slower sales and home prices were weakening. Signs of more aggressive price discounting were noticed the past 2 months.

The housing market for Greater Vancouver and Fraser Valley are expected to continue to decline in demand due to higher interest rates and much tougher for home buyers to obtain financing for mortgages. How much lower in home sales and price decline are hard to predict as current market sentiment is subdued and no panic seller deparation to sell has been reported yet. 

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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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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.