Richmond Housing Report - March 2008

April 22, 2008

Richmond Housing Report - March, 2008
Source: RealtyLink Online, Listings versus Sales

Housing Type Active Listings Mar. Sold Listings Av. 3 Months No. Months Average Price
Detached 580 161 125 4.64 $780,000
Townhouse 275 109 94 2.92 $405,000
Condominiums 690 157 141 4.89 $330,000

Market Action> Absorption below 6 months > Sellers Market > Price Trend - Up

The Richmond housing report for March 2008 continued tp remain active and bullish for detached homes, townhomes and condos. The overall demand for homes remain bullish and market sentiments are still in favour of home sellers. There was a slight build-up in Condo listings to around 4.89 months, but this was still below the 6 months inventory level for any pricing pressure on home sellers.

Townhouse listings remained tight at 2.92 months on market and this is expected to continue exerting pressure for prices to move higher in the near term.

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9-6871 Francis Road

April 18, 2008

9-6871 Francis Road - Sold
Click here for info on this townhouse complexlucas250.jpg

707-6233 Katsura Street

April 18, 2008

707-6233 Katsura Street - sold
Click here if you like to look for a similar condokatsure204.jpg

8-7300 Ledway Road

April 18, 2008

8-7300 Ledway Road - Sold
Looking for a Richmond Townhouse?v683801.jpg

4260 Blundell Road

April 18, 2008

4260 Blundell Road - Sold
What is the latest news on Richmond detached house market?blundell290.jpg

Richmond BC Townhouse

April 16, 2008

Richmond BC Townhouse - Timberwood Village View Video
lucas.jpg#86-6880 Lucas Road, Richmond, B.C. - Asking $415,000 Just Sold!

This townhouse is a semi-detached unit located on a cul-de-sac like setting. This townhouse is around 30 years old and is a 2-level 3 bedroom home with 1,509 square feet living area. The parking arrangement is one covered front car porch and there are extra open parkings available in the complex. The property tax for 2007 is $1,421 and the monthly maintenance fee is $221.70.

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Living Room
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Dining Rooml
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Kitchen Area
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Master Bedroom
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Large Patio
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Quite secured cal-de-sac

If you are interested to look for a similar townhouse in the above strata complex, kindly contact James Wong 604-721-4817.

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Richmond City Condos > Richmond Changing Skyline

April 13, 2008

condoconstruction.jpgRichmond City Condos

Richmond City Condos are planned and centered around the No. 3 Road and Skytrain corridor of Richmond. The recent CMHC housing report for Greater Vancouver highlighted strong multi-family new construction housing start for 2007, accounting for 94% of the new housing constructions. Housing developers are building more multi-family condos and townhouses to meet the market demand for more affordable housing by the public. This trend will continue as can be seen in and around Richmond City center area. More of such multi-family developments are planned for the next few years. Click here to view condos for sale in Richmond City Center.

richmondcity290.jpgRichmond changing skyline

The construction of the Light Rapid Transit System or SkyTrain connecting Richmond to the Airport and downtown Vancouver will forever change the once sleepy farming Richmond community into a modern City. In the Maclennan North and Odlin neighborhoods, low-rise 4 storey Condominiums and townhouses are being built. There are other areas in Richmond where larger land parcels suitable for new housing constructions are in various stages of planning and their rezoning applications under review by the City of Richmond. Click here to find out why people are moving to Richmond.

Around Richmond’s Olympic Oval and Dover Crossing area, there are plans for a few thousand units of multi-family dwellings to be built. Property prices will only go up as more people are drawn to Richmond and settle down with their family here. Richmond has all the modern shopping amenities, public parks, super-markets and ethnic retail shops catering to any resident wanting to live in Richmond.

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Changing Richmond Neighborhoods

April 13, 2008

richmond-house.jpgRichmond neighborhoods are fast changing as a result of rapid new developments in Richmond City spurred by a strong economy, low interest rates environment and many new immigrants choosing to live in Richmond.

The shortage of new building lots for housing has resulted in old neighborhoods being transformed with smaller older homes being torn down and replaced by larger new homes. The above picture is a typical street scene of many Richmond neighborhoods. Over the years, a typical old detached house in Richmond selling at around $300,000 in early 2000, gaining values to reach $500,000 in 2005 and recent transactions were showing prices around $650,000 to $700,000. Email me for info on great holding properties for long term investment and price appreciation.

townhouse420.jpgNew homes in old neighborhoods

In turn, a new Richmond detached home that could be bought at $800,000 in the year 2000 is being priced and sold at over $1,500,000. It is not uncommon to see new detached houses in sought-after West Richmond locations being sold at prices around $1,800,000.

For the average family in Richmond, starting from scratch and not having any home equity built up from owing another home, buying a detached home in Richmond is out of reach. According to a recent CMHC housing report released in April 2008, it was high-lighted that 60% of all Greater Vancouver’s property transactions were by repeat buyers, trading up market.

Property prices will only go up as more people are drawn to Richmond and settle down with their family here. Richmond has all the modern shopping amenities, public parks, super-markets and ethnic retail shops catering to any resident wanting to live in Richmond.

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Greater Vancouver Real Estates - March 2008

April 12, 2008

Across the country, Canadian house sales and pricing trend for March 2008 were moderating except Greater Vancouver. All cities except Toronto recorded slight month-over-month gains in prices while year-over-year prices continue to decline.

The Greater Vancouver housing price trend remained intact and continued moving higher. There was a noticeable jump in the detached house price for February and March after a moderate pause at the end of 2007. Click here to view the March pricing chart by Brian Ripley.

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Vancouver Housing Market Update - April 2008

April 12, 2008

A just released CMHC report by Market Analyst, Richard Sam, the housing market for Greater Vancouver area is expected to gradually move to a more balance market. The major factors affecting the housing market are economic and demographic growth fueling the sale of resale and new homes.

Domination by Multi-family Construction

Multiple family new construction and sale of multi-family homes currently dominate the housing market activities and account for over 60% of the market share. This trend will continue into 2009 and beyond as such these type of housing is more affordable to the average home buyers. Read more

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