Home sales in Richmond dropped almost 50 per cent over last year, but this didn’t translate into lower prices across the city.
A typical single-family home in Richmond sold for $2.1 million in the first quarter of this year – down negligibly from last year - and townhouses on average sold for $1.1 million, virtually the same as last year.
Only condo prices seemed to go down during the first quarter - January to March - with a City of Richmond report showing a 12.3-per-cent decrease compared to the first quarter of last year.
In April, however, condo prices seemed to be on the rise, with the Real Estate Board of Greater Vancouver reporting a 3.4-per-cent increase in prices compared to March.
The Bank of Canada raised its interest rates several times last year in an effort to cool the housing market, going from 0.25 per cent in January 2022 to 4.5 per cent this January.
All types of homes in Richmond – single-family, condos and townhouses – saw a significant drop in sales during this time period.
Homes for sale were also on the market much longer than a year ago. For example, condos were listed on average 43 days in the first quarter of 2023, which is twice the length of time compared to a year prior.
The housing market information is included in a report going to city council's finance committee next week.
- with files from Daisy Xiong