Home prices in Richmond keep rising – even as interest rates have risen in the past 18 months.
Single-family homes in Richmond sold on average for almost $2.2 million in August, up slightly from Q2 when the price tag was about $2.18 million.
In August 2022, the average price for a single-family home in Richmond was $1.96 million.
Townhouse prices are about the same as they were in Q2, but average condo prices were up from $739,300 in Q2 to $747,000 in August.
Real estate prices overall in Greater Vancouver seem to have “bucked many pundits’ predictions of a major slowdown,” explained Andrew Lis with the Real Estate Board of Greater Vancouver (REBGV).
Rather, they’ve posted “relatively strong sales numbers and year-to-date price gains north of eight per cent, regardless of home type,” Lis, REBGV’s director of economics and data analytics, added.
Richmond continues to be one of the priciest markets for single-family homes.
Some areas such as South Burnaby, the westside of Vancouver and North and West Vancouver, however, still outprice Richmond.
REBGV reported that an average townhouse in Richmond cost $1.12 million in August while condos were going for about $747,000.
Home sales in the Greater Vancouver area was up 21.4 per cent in August compared to a year ago.
The number of units sold in Richmond also increased over the past three months with a total of 319 homes sold in August compared to 291 in July and 226 in August 2022.
The Bank of Canada has raised interest rates by 4.75 per cent in the last year and a half to cool inflation.
