There were fewer homes newly listed for sale in Richmond last month – part of a “supply crunch” seen across Metro Vancouver, according to the latest data from the Real Estate Board of Greater Vancouver (REBGV).
Across the region, the supply of homes continues to decline while home buyer demand “remains well in excess of long-term averages,” according to the REBGV.
Last month, new listings for detached, attached and apartment properties in Richmond totalled 510, down from October’s 536 and November 2020’s 519 new listings.
Meanwhile, there were 480 home sales in Richmond in last month (detached, attached and apartment), up from October’s 476 sales. This was also an increase over the 333 sales in November 2020.
The composite benchmark price for all property types in Richmond is $1,116,200, a one per cent increase compared to October 2021 and a 16.3 per cent increase compared to November 2020.
“We expect home sale totals to end the year at or near an all-time record in our region,” said Keith Stewart, REBGV economist, in a statement.
“We’ve had elevated home sale activity throughout 2021 despite persistently low levels of homes available for sale. With a new year around the corner, it’s critical that this supply crunch remains the focus for addressing the housing affordability challenges in our region.”
Residential home sales in Metro Vancouver totalled 3,428 in November 2021, an 11.9 per cent increase from the 3,064 sales recorded in November 2020 and a 1.9 per cent decrease from the 3,494 homes sold in October 2021.
Meanwhile, there were 3,964 detached, attached and apartment properties newly listed for sale last month across Metro Vancouver – a 2.6 per cent decrease compared to the 4,068 homes listed in November 2020 and a 2.1 per cent decrease compared to October 2021, when 4,049 homes were listed.
The composite benchmark price for all residential properties in Metro Vancouver is currently $1,211,200, a 16 per cent increase over November 2020 and a one per cent increase compared to October 2021.