604-224-5277 Toll Free: 1-855-760-6886
Presenting our clients' properties with greater detail and content than available on the MLS®.
Choose from tens of thousands of Lower Mainland homes with our unique MLS® search tool.
Get started with one of the predefined searches below:
Explore Luxury Real Estate Properties Worldwide. Our network includes over 140 Affiliated brokerages in more than 45 countries.
Photos, maps, videos, market statistics and more!Everything you need to know about these fantastic Vancouver area neighbourhoods.
Email your list of favourites and saved searches to your mobile device or share with friends!
While there has been some angst over a sudden November slump in detached housing sales in Richmond, developers are busy buying and bidding up house prices along arterial roads. Richmond council has zoned such routes, such as Stevenson Highway, for townhouses.
Recently a 10-house assembly was sold for $22.7 million as a site for 43 townhouses that will likely sell for more than $1 million each. Faith Wilson Group has deep experience in land assemblies and can provide advice for both sellers and buyers in what can be a complicated and lengthy process.
November detached house sales in Richmond dipped 19.1% compared to November 2016 to just 55, the lowest monthly level this year. There were 207 listings, also the lowest level in 2017, and the typical new listing sold in an average of 38 days. The benchmark price was $1.67 million, virtually unchanged from six months ago. We see this as the quiet before the storm. Detached housing sales have been tracking lower since the summer and the Richmond market now appears perfectly set up for buyers to take advantage.
Richmond has a relatively healthy inventory of townhouses, which is rare in Metro Vancouver, and fortunate, because not a lot of new townhouses are coming. In the third quarter, for example, 67 new townhome projects were being marketed across all of Metro, but there is a grand total of just 15 completed and unsold new townhomes in the entire region, down 94% from the five-year average.
In November Richmond had 148 new listing for townhouses and 72 of them sold. But the resulting 49% sales-to-new-listing ratio disguises what is happening. The sales ration was above 90% at multiple price points. Most popular was from $700,000 to $750,000 with 14 listings and 13 sales. All of the 6 new listings at from $1 million to $1.1million also sold, as did 2 out of three listed at more than $1.5 million. The typical new listing sells within 12 days, another indication of the robust demand. Buyers are urged to be shopping now while a wide selection of Richmond townhouses are still available, and while the overall benchmark price remains stable at $805,500, virtually unchanged in three months.
As of third quarter there were only 24 newly completed and unsold low-rise, wood-frame condominiums available across Metro Vancouver – and 15 of these were in a single Richmond building. It is an indication of the explosive demand for condo apartments, and Richmond is in the thick of it. So far this year 1,227 condos have sold in Richmond, 11.5% higher than in 2016. Even with a 6.4% sales dip to 147 in November, compared to a year earlier, Richmond condos sold at a pace of more than five a day.
The typical new listing sold within 9 days, the quickest in at least six months.
There is a sense of urgency because many condo buyers want to close on a sale before January 1 when tighter new mortgage regulations will make it harder for many borrowers to qualify. The latest stress test requires that buyers qualify at mortgage rates 2% higher than what is readily available. We advise buyers to not panic. Faith Wilson Group includes a mortgage professional who can explain it all, but buyers should know they don’t have to pay the higher rates, just show that they can afford it. As well, there are options such as longer amortizations and alternative lenders, like Credit Unions, that are not subject to the new rules.
Brighouse, with 69 sales, West Cambie with 24 and Brighouse South, where 17 condos sold at a benchmark price of $551,000, were the most popular neighbourhoods for Richmond condo buyers in November. The least expensive condo sold in South Arm at $279,100; the most expensive in East Richmond at a benchmark price of $732,800.
Fawn Bluff,Bute Inlet
5791 Newton Wynd,Vancouver West
2606 – 2610 Marine Crescent,Vancouver West
The River House Estate,Telkwa
4566 NW Marine Drive,Vancouver West
1098 Wolfe Avenue,Vancouver West
5476 Angus Drive,Vancouver West
4176 Crown Crescent,Vancouver West
1075 Douglas Crescent,Vancouver West
1657 W King Edward Avenue,Vancouver West
4584 West 1st Avenue,Vancouver West
3690 East Boulevard,Vancouver West
2421 Eddington Drive,Vancouver West
6640 Mang Road,Richmond
4335 Rockridge Road,West Vancouver
2336 West 20th Avenue,Vancouver West
9911 Bates Road,Richmond
611 Shaw Avenue,Coquitlam
2349 Lawson Avenue,West Vancouver
621 Shaw Avenue,Coquitlam
2817 138th Street,South Surrey White Rock
605 Shaw Avenue,Coquitlam
2-2838 Birch Street,Vancouver West
615 Shaw Avenue,Coquitlam
10180 Finlayson Drive, Richmond,Richmond
1552 129A Street,South Surrey White Rock
803 – 175 Victory Ship Way,North Vancouver
2415 West 1st Avenue,Vancouver West
1022 Ironwork Passage,Vancouver West
2885 Woodsia Place,Coquitlam
15043 19A Avenue,South Surrey White Rock
1803-889 Homer Street,Vancouver West
202-2065 West 12th Avenue,Vancouver West
217-10780 No 5 Road,Richmond
210-5629 Dunbar Street,Vancouver West
140-15230 Guildford Drive,Surrey
202 – 14100 Riverport Way,Richmond
103 – 930 West 16th Avenue,Vancouver West
113 – 9299 Tomicki Avenue,Richmond
305-930 West 16th Avenue,Vancouver West
402 1875 West 8th Avenue,Vancouver West
Lot Q 739 Highland Road, Roberts Creek,Sunshine Coast
1801-3755 Bartlett Court,Burnaby North
803-4691 West 10th Avenue,Vancouver West
851-855 Terminal Avenue,Vancouver East
Our Real Estate Listings
Our Real Estate Blog
Head Office: 1838 West 1st Avenue Vancouver, B.C V6J 1G5 Fax: 604-224-5279 Email: email@example.com
Marketing Services: 101 - 2930 Arbutus Street, Vancouver, BC V6J 3Y9
Our Real Estate Affiliates
Copyright © 2019 Faith Wilson Realty Group Inc.