Richmond Housing Report: November

January 2, 2019

Richmond Housing Report: November, 2018

Novermber home sales for Richmond continued to remain depressed, posting one of the worst months for Richmond home sales the past 5 years. The current housing market condition is considered as in a market downturn. The sales of Richmond detached homes had suffered more than 1.5 years of slow sales and gradual erosion in their selling prices.

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Compared to townhouses and condos, detached homes had been under seling pressure for the past 1.5  years, when many sellers were selling their homes at huge discounts from their asking prices. There isa high likelyhood of townhouse and condo sellers taking much higher discounts from their listing prices as their sales  also slowed considerably

At this time, both townhouses and condos are holding on to their prices. Many recent sales were reported to be some 3% to 5% lower than their peak prices. On a year-over-year basis, both townhomes and condos were selling around 4% to 5% higher than a year ago.

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Deteriorating Market Demand

The current soft market conditions are expected to last for some time. Thight lending starndards and the imposition of stress test for mortgage approval had resulted in buyers getting approved for much lower loan amounts they need to complete their purchases. With buyers getting more cautious and waiting on the sideline to see how the market is going to turn out, motivated home sellers are expected to give in and accept deeper discounts to sell their homes.

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Richmond Home Sales Report

January 2, 2019

November Richmond Housing Report

Richmond home sales for Richmond could be the worst month in Richmond’s housing sales record posting just 177 homes compared to the past 10 years sales averaging around 400 homes. Detached home sales at 51 units was 32% lower compared to 75 units sold in Novermber, 2017. Compared to a year ago, Richmond’s benchmark detached home price at $1606,900 was 7.2% lower than 2017’s price of $1,731,800.

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Both townhomes and condo sales for the month was less than 50% of the sales recorded in November, 2017. Although home prices for townhouses and condos in Richmond had gradually slide lower the past few months, both were 4.3% and 4.9% higher than their prices a year ago respectively.

Richmond home sales Novermber

Days On Market and Sales-to-active Ratio

Richmond detached home sales had been sluggist for the past 1.5 years, with the average days on market in the 60 days range. The lack of buying interest and home sellers motivated to sell, had resulted in the average benchmark price for Richmond detached homes  welling at 7.2% lower than a year ago.

Richmond home sales days on market

Both townhouses and condos sale-to-active ratios were now at around 10% which is at the lower range of a balanced market. The current tight lending requirements and stress test imposed by the government on mortgage lending continued to depress the demand for homes. Unfavourable home sales reporting from the media and industry experts in recent months had resulted in home buyers getting very cautious to wait out the market for more favourable news.

The lack of buying interest, elevated home prices and tight lending conditions are expected to continue to exert sales and pricing pressures on the market. The downturn in housing sales and prices could last for a while as the overall market conditions are expected to persist for sometime.

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Richmond Condo Market – March 2017

April 18, 2017

Richmond March Condo Housing Market Highlight

ri-apt.GIFWhen the total active listings, new listings and the total condos sold for the month converged, the Richmond condo market Read more

Terra Nova Detached Homes Pricing Trend

April 15, 2015

 Detached home pricing trend in Terra Nova

Generally, when people talked about the pricing trend for detached homes in Richmond, the perception was that single family homes increased in prices almost yearly. But, a closer look at the market for single family homes revealed that not all neighborhoods and sub-market segments experienced price gains.

Terra Nova detached home pricing trend Read more

Buying A Foreclosed Property In Richmond

December 11, 2013

The process: buying a foreclosed property in RichmondRichmond condos foreclosed
There is always great interest from Richmond home buyers and investors wanting to buy a property under foreclosure. Very often, the price of a foreclosed property can be substantially lower than it’s market price. Buying a foreclosure in Richmond BC is very similar to buying any other house, except it needs the court approval to complete the sale. Read more

Richmond Housing Market Update

October 14, 2013

Richmond’s housing market is stabalizing

Richmond experienced one of the highest run-up in home prices the past 10 years. The fear of a impending collapse in home prices in 2013 did not happen. The built up in the supply of homes in the second half of 2012 slowed down through 2013, aided by improved sales since March, 2013.

It’s the time of the year that home sales in the Autumn and Winter months will slow down considerably. The MOIs for detached homes, townhomes and condos are now at more balanced levels as shown below: Read more

The Million Dollar Question

July 17, 2013

How much lower?

So far, after 2 years of lackluster demand, Richmond detached home prices remained at lofty level. The drop in median price in Richmond according to data from the real estate board of Greater Vancouver registered a mere 5% decline. But, in Seafair neighborhood, older homes with lot sizes between 7,000 to 8,000 sq ft had dropped in price from $1.0 million in 2011 to the current level around $850,000 – a drop of 15%. Some recent sales showed that sellers were taking offers below $800,000. Read more

Challenges Faced By Richmond Home Sellers

April 28, 2013

2013 will be a challenging year for home sellers

saffron.jpg Read more

How Metro Vancouver Home Prices Compared To Seattle?

April 14, 2013

valuemetrovanhomeprices.jpg Read more

RBC Housing Survey: Buyers Cautious

April 3, 2013

A RBC spring market for the housing market for 2013 revealed a not too encouraging outlook for the industry:

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