There seems to be little relief in Richmond housing prices.
Richmond home prices remained relatively stable in November compared to a year ago, with single-family home prices dipping just slightly, and condo and townhouse prices continuing to rise, according to the Real Estate Board of Greater Vancouver (REBGV).
The median selling price for a single-family home in Richmond was just under $2 million in November. In November 2022, the median price was $2.025 million.
The median condo price in November was almost $680,000 – up about $30,000 from a year prior.
As for townhouses, the November median price was $1.11 million, which is about $70,000 higher than November 2022.
But a year-over-year comparison shows fewer homes are moving on the market in Richmond.
There were 877 single-family homes sold last year in Richmond by the end of November, whereas this year, January to November sales of single-family homes stood at 775.
Fewer condos and townhouses have been selling as well this year.
About 240 fewer condos and about 115 fewer townhouses sold this year as of the end of November compared to January-November 2022.
In the Metro Vancouver region, however, the number of sales in the past year increased by 4.7 per cent. Furthermore, there were almost 10 per cent more homes being listed in Metro Vancouver, in what REBGV calls a "balanced market."
"We've been watching the number of active listings in our market increase over the past few months, which is giving buyers more to choose from than they've been used to seeing over the past few years," said Andrew Lis, REBGV's director of economics and data analytics.
By the numbers
November 2023 median selling price in Richmond (November 2022):
Single family home: $1,980,000 ($2,025,000)
Townhouse: $1,110,000 ($1,030,000)
Condo: $679,450 ($650,000)
Number of units sold in January-November 2023 (January-November 2022):
Single-family homes: 775 (877)
Townhouses: 622 (738)
Condos: 1,644 (1,885)
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