Richmond Market Looks to Stability

Vancouver, BC

The big news around Richmond is the same elsewhere in Canada. The new tax rules has cooled down the market a little as most buyers will wait until the effect of it stabilizes. The Market will be slow and stable for a little while. The median home price has dropped slightly from $1.7 million in Feb 2017 to $1.55 million in Feb 2018. Homes sold has also decreased from 69 in Dec 2017 to 66 in Jan 2018 and 53 in Feb 2018. Where the marketplace active inventory of homes has been on a slight increase from 588 in Dec 2017 to 615 in Jan 2018 and 720 in Feb 2018. At the same time, there are a ton of new condo developments in West Cambie and Brighouse neighbourhoods.