The housing market in Richmond continued its gentle downward slide in July, compared with the same month last year.
According to figures released by the Real Estate Board of Greater Vancouver (REBGV), buyers in Richmond are also enjoying a very slight price drop. Worryingly, however, for the seller was the more than 50 per cent fall in sales of detached homes last month, compared to July in 2011.
And some experts are saying the benchmark price of a Richmond home has dropped almost four per cent in the last year.
The real estate picture in Richmond is being mirrored across the Lower Mainland, with home sales volumes down 18.4 per cent compared to the same month a year earlier.
The REBGV said last week that regional sales of residential property in July were the lowest since 2000 for that month, and 31.2 per cent below the 10year July sales average.
The board's president, Eugen Klein, said uncertainty about the global financial situation has put a lot of buyers in "wait and see" mode.
