Based upon the most recent statistics from the Real Estate Board of Greater Vancouver’s Home Price Index, benchmark prices for residential real estate have shown a slight to moderate decline since May 2012, depending on housing type.
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Source: REBGV stats. (The home price index measures the rate of change on housing prices based on resales data to obtain benchmark prices.)
For perspective, the benchmark price for single family has declined 4.8% since the peak in April 2012. Overall, since July 2010, single family homes prices in Richmond have risen 15.2%, while townhouses have risen 5.1%, and condos have actually declined 0.6% during the same period.
From a new supply perspective, there are currently estimated to be approx. 5,000 housing units under various stages of approval and development in Richmond (ie. 1-5 years delivery), most of which are either woodframe or concrete multifamily units. New townhouse construction comprises less than 7.0% of the total new units being built. New single family construction in Richmond is currently limited to small scale and single lot developments.
