New figures from the Real Estate Board of Greater Vancouver show Richmond’s housing market continues to be hot, with prices rising at a greater rate than most neighbouring municipalities.
As of October, the benchmark price for a typical detached home in Richmond is $1.24 million. A townhouse now costs $573,800, while an apartment costs $381,300.
Overall, residential property prices have climbed 16.8 per cent over the past year, which is the fourth greatest rate of change for areas from Squamish to Maple Ridge.
Only Tsawwassen, West Vancouver and east Vancouver have outpaced Richmond.
The median selling price in Richmond for a detached home in October was $1.37 million, whereas last year the price was $1.12 million.
Since January, 1,995 detached homes have been sold whereas in the same period during 2014 (Jan-Oct) just 1,445 homes were sold.
Regionally, home sales are more than one-third above what’s typical for this time of year yet the supply of homes for sale is the lowest in five years, said Darcy McLeod, president of the REBGV.
“This activity has created favourable market conditions for anyone considering selling their home today,” stated McLeod in a news release.
Since 2005, detached homes in Richmond have increased in sales value by 127 per cent. Only Vancouver homes have increased at a greater rate (east Vancouver by 137 per cent and west Vancouver by 161 per cent).
