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Richmond home prices continue to rise but sales remain low

Richmond is the only city in Greater Vancouver that saw positive year-over-year growth in apartment prices
Richmond condos
Home sales from February to April 2023 in Richmond saw a roughly one-third decrease from the same period last year.

Richmond home prices saw a fourth consecutive month of growth in April and were close to prices recorded a year ago, although home sales remain low.

This is according to a Real Estate Board of Greater Vancouver (REBGV) report released this week.

The benchmark price for all types of Richmond homes – single-family, townhomes and apartments – was $1,179,200, a two per cent increase from March and a 6.4 per cent increase from January.

This makes Richmond the seventh most expensive city in Greater Vancouver – West Vancouver, Bowen Island and Whistler are at the top of the list.

While other cities saw a significant year-over-year drop in home prices – from a 5.1 to 16 per cent decrease, Richmond’s April benchmark home price was close to what it was in April 2022, only 1.7 per cent lower.

Home prices in Greater Vancouver overall saw a 2.4 per cent month-over-month rise to $1,170,700 in April. 

“The fact we are seeing prices rising and sales rebounding this spring tells us home buyers are returning with confidence after a challenging year for our market, with mortgage rates roughly doubling,” said REBGV spokesperson Andrew Lis in a press release.

“The year is far from over, however, and it remains to be seen if these price increases will be sustained into 2024.”

Despite the continued growth in price, the number of homes sold in Richmond remained low. 

Home sales from February to April 2023 in the city saw a roughly one-third decrease from the same period last year.

In April, 92 single-family homes and 173 apartments were sold, a 3.2 and 3.9 per cent month-over-month decrease, respectively. 

At 73, the number of townhouses sold remained the same in April as in March.

According to the April report, the benchmark price for Richmond’s single-family detached homes was at $2,137,600, a 1.4 per cent increase from March and an 8.7 per cent increase from January – making it the sixth most expensive market for single-family homes in the region.

The benchmark price for townhouses in Richmond was $1,116,400, up by 1.2 per cent from March. This made Richmond the sixth most expensive market for towhouses in the region.

Apartment prices rose most significantly last month with a benchmark price of $751,200, growing by 3.4 per cent from March and even surpassing the April 2022 benchmark price by 2.6 per cent.

Richmond is the only city in Greater Vancouver that has seen a positive year-over-year growth in apartment prices.