Richmond home sales declined in March from last year’s record-breaking levels, but prices continued to rise, jumping more than 20 per cent, according to the latest report released from the Real Estate Board of Greater Vancouver (REBGV).
In March, Richmond saw 555 detached, attached, and apartment home sales, a significant drop from 761 sales last year but an increase from 398 sales in February 2022.
Meanwhile, there were 878 detached, attached and apartment homes newly listed for sale in Richmond in March, up from 700 homes listed for sale in February.
Across Metro Vancouver, residential home sales totalled 4,344 in March 2022, a 23.9 per cent decrease from the 5,708 sales recorded in March 2021, and a 26.9 per cent increase from the 3,424 homes sold in February 2022, said the release from REBGV, noting that last month’s sales were 25.5 per cent above the 10-year March sales average.
“March of 2021 was the highest selling month in our history. This year’s activity, while still elevated, is happening at a calmer pace than we experienced 12 months ago,” said Daniel John, chair of REBGV.
“Homebuyers are keeping a close eye on rising interest rates, hoping to make a move before their locked-in rates expire.”
Property listings across the region also increased, with 6,673 homes listed for sale last month, representing a 22 per cent increase compared to February 2022’s 5,471 listings. However, this number is a 19.5 per cent decrease compared to February 2021’s 8,278 listings.
The benchmark price for all residential properties in Richmond was $1,249,500 last month, a three per cent climb from February 2022 and a 20.2 per cent increase from last March.
For single-family detached homes in Richmond, the benchmark price is $2,181,700, a 2.5 per cent increase from February and a 18.5 per cent increase from last year.
John added that a lack of supply would continue to drive prices higher across all housing categories in Metro Vancouver.
“We’re still seeing upward pressure on prices across all housing categories in the region. Lack of supply is driving this pressure,” John said. “The number of homes listed for sale on our MLS® system today is less than half of what’s needed to shift the market into balanced territory.”
