Buying a home in Richmond is a big financial step, and one of the most common questions I hear from buyers is:

“How much money do I actually need to buy a home?”

The answer isn't quite as simple as looking at the down payment.

You'll need money for your down payment, closing costs, Property Transfer Tax, legal fees, inspections and other expenses that come with purchasing a home.

And with Richmond home prices varying significantly between condos, townhomes and detached houses, the amount you'll need can look very different depending on what you're buying.

Let's break it down.

First, How Much Do Homes Cost in Richmond?

Richmond offers everything from smaller condos to luxury detached homes, so there isn't one price that represents the entire market.

As of July 2026, Greater Vancouver REALTORS® reported the benchmark price of a Richmond apartment at approximately $639,700, while the overall residential benchmark price in Richmond was approximately $1.102 million.

Detached homes are considerably more expensive. For perspective, the benchmark price for a Richmond detached home was approximately $1.911 million in July 2026.

Remember that a benchmark price isn't necessarily what your home will cost. There are properties available above and below these numbers depending on the neighbourhood, age, size, condition and type of home.

But they give us a useful starting point.

How Much Down Payment Do You Need?

This is where many buyers are surprised.

You don't necessarily need a 20% down payment to buy a home.

For homes eligible for an insured mortgage, Canada's minimum down payment requirements are:

• 5% on the first $500,000

• 10% on the portion between $500,000 and $1.5 million

• Homes priced at $1.5 million or more generally require at least 20% down for a conventional mortgage.

The federal government increased the insured-mortgage price cap from $1 million to $1.5 million in December 2024, making it possible for more buyers in higher-priced markets such as Richmond to purchase with less than 20% down.

So what does that actually look like?

$650,000 Richmond Condo

Minimum down payment:

5% of the first $500,000 = $25,000

10% of the remaining $150,000 = $15,000

Minimum down payment: $40,000

That's approximately 6.2% of the purchase price.

$900,000 Home

5% of the first $500,000 = $25,000

10% of the remaining $400,000 = $40,000

Minimum down payment: $65,000

$1.2 Million Home

5% of the first $500,000 = $25,000

10% of the remaining $700,000 = $70,000

Minimum down payment: $95,000

$2 Million Detached Home

At this price point, you should generally be planning for at least a 20% down payment.

20% down payment: $400,000

Of course, qualifying for the mortgage is another matter. Just because you have the minimum down payment doesn't necessarily mean a lender will approve you for the remaining mortgage.

Your income, existing debts, credit history, interest rates and other factors will all affect how much you can borrow.

Don't Forget About Property Transfer Tax

This is one of the biggest expenses buyers sometimes forget to budget for.

When you purchase property in BC, you generally pay Property Transfer Tax (PTT).

The general rates are:

1% on the first $200,000
2% on the portion between $200,000 and $2 million
3% on the portion above $2 million

Additional rules can apply to residential properties over $3 million.

For example, ignoring any exemptions:

$650,000 purchase: approximately $11,000

$900,000 purchase: approximately $16,000

$1.2 million purchase: approximately $22,000

$2 million purchase: approximately $38,000

That's money you'll need in addition to your down payment.

Are You a First-Time Home Buyer?

If you're buying your first home, you may be able to reduce some of these costs.

Under BC's First Time Home Buyers' Program, qualifying buyers purchasing a property with a fair market value of $835,000 or less can receive an exemption from Property Transfer Tax on the first $500,000 of the home's value.

A partial exemption is available for qualifying homes valued between $835,000 and $860,000.

That can make a meaningful difference for someone purchasing a Richmond condo.

There are eligibility requirements, so don't assume that simply being a first-time buyer automatically qualifies you for every exemption. Your lawyer, notary or mortgage professional can help determine what applies to your particular purchase.

What About Mortgage Insurance?

If you're purchasing an eligible home with less than 20% down, you'll generally need mortgage default insurance.

One important distinction is that the insurance premium is typically added to your mortgage rather than requiring you to come up with the entire premium in cash at closing.

However, it still increases the amount you're borrowing.

This is why it's worth comparing scenarios.

Sometimes putting more money down can significantly reduce your mortgage and insurance costs. Other times, keeping additional cash available for renovations, emergencies or other expenses may make more sense.

There's no one-size-fits-all answer.

Other Closing Costs You Should Budget For

Your down payment and Property Transfer Tax are the big ones, but they're not the only expenses.

Depending on the property and your situation, you may also need to budget for:

Lawyer or notary fees
You'll need someone to handle the legal transfer of the property and mortgage documents.

Home inspection
I always recommend having a professional inspection performed on any property you plan to purchase. It's a relatively inexpensive cost for peace of mind.

Appraisal
Your lender may require an appraisal of the property.

Strata documents
If you're buying a Richmond condo or townhouse, reviewing the strata's financials, minutes, depreciation report and other documents is extremely important.

Property tax adjustments
Depending on when you complete your purchase, you may owe the seller for a portion of property taxes they've already paid.

Moving expenses
Movers, storage, furniture and all the little expenses associated with moving can add up quickly.

Immediate repairs or renovations
Even if the home is move-in ready, it's a good idea to have some money left over after completion.

So, How Much Cash Should You Actually Have?

Let's use a hypothetical $650,000 Richmond condo.

Your minimum down payment would be approximately:

$40,000

Property Transfer Tax would normally be approximately:

$11,000

Then you'll need to account for legal fees, inspection costs, adjustments and other closing expenses.

So you shouldn't approach a $650,000 purchase thinking:

"I have $40,000, so I'm ready to buy."

I'd much rather see buyers go into a purchase with some breathing room.

And if you're a qualifying first-time home buyer, your Property Transfer Tax could potentially be substantially reduced, which changes the calculation.

Having a Down Payment Doesn't Necessarily Mean You Can Afford the Home

This is probably the most important point.

There are really two different questions:

1. How much cash do I need to buy the home?

and

2. How expensive of a home can I actually afford?

They're not the same thing.

You might have $100,000 sitting in the bank for a down payment, but your income may not qualify you for a $1.2 million mortgage.

On the other hand, someone with a high household income might easily qualify for the mortgage but hasn't saved enough for the down payment and closing costs.

That's why I recommend talking to a mortgage professional before you seriously start looking at homes.

Knowing your actual purchasing power makes the entire home search much easier.

Don't Spend Every Dollar on Your Down Payment

Just because you can put every dollar you have toward your home doesn't necessarily mean you should.

After buying, you may suddenly need money for:

• Furniture

• Appliances

• Repairs

• Renovations

• Strata fees

• Moving

• Property taxes

• Home insurance

• Unexpected expenses

Homeownership is much more enjoyable when an unexpected repair doesn't completely drain your bank account.

I generally encourage buyers to think about their total financial picture, rather than simply trying to maximize their purchase price.

Start With a Budget, Not a Listing

It's easy to start browsing listings online and fall in love with a home before knowing whether the numbers work.

I recommend doing it the other way around.

Figure out:

How much cash do you have available?

How much do you want to put down?

What mortgage can you comfortably afford each month?

How much money do you want left over after the purchase?

Once we know those numbers, we can start looking at what your budget can realistically buy in Richmond.

And you might be surprised by the options available.

Thinking About Buying a Home in Richmond?

Whether you're looking for your first Richmond condo, moving into a townhouse, or searching for a detached family home, understanding the numbers before you begin can make the buying process much less stressful.

I've helped buyers navigate Richmond's real estate market through different neighbourhoods, property types and price ranges, and I'm always happy to help you understand what your budget might realistically get you.

If you're thinking about buying a home in Richmond, let's chat.

We can talk about your budget, what you're looking for, and which Richmond neighbourhoods and properties may be the best fit for you.

Selling your home is one of the biggest financial decisions you'll ever make. Whether you're moving to a larger home, downsizing, relocating, or simply ready for a change, having the right plan can help you maximize your sale price while minimizing stress.

As a Richmond REALTOR®, I've helped homeowners navigate every stage of the selling process. This guide will walk you through what to expect, how to prepare, and the steps you can take to achieve the best possible outcome.

Step 1: Understand Your Home's Value

One of the first questions every homeowner asks is:

"How much is my home worth?"

While online home value estimators and BC Assessment can provide a rough starting point, they rarely reflect current market conditions.

Your home's true market value depends on factors such as:

• Recent sales of similar homes

• Current buyer demand

• Your neighbourhood

• Lot size

• Renovations and upgrades

• Floor plan

• School catchment

• Condition of the property

• Market timing

A professional Comparative Market Analysis (CMA) looks at all of these factors to determine a realistic listing price.

Step 2: Decide When to Sell

Many homeowners ask whether they should wait for spring or list immediately.

The best time to sell is when it aligns with your personal goals and the market conditions—not just the season. While spring is traditionally the busiest time for real estate, it also brings the most competition. Listing sooner may mean your home stands out to motivated buyers with fewer comparable properties available. If waiting allows you to better prepare your home or capitalize on changing market conditions, that can also be the right decision. Every situation is different, so I always recommend looking at current inventory, buyer demand, and your goals before deciding. The right strategy is what delivers the best result for you, not simply following the calendar.

Step 3: Prepare Your Home

First impressions matter.

Buyers often form an opinion within the first few minutes of walking through a home.

Some simple improvements can make a significant difference:

Declutter

Remove excess furniture and personal items to make rooms feel larger.

Deep Clean

Pay special attention to:

• Kitchens

• Bathrooms

• Windows

• Flooring

• Baseboards

Complete Minor Repairs

Fix things buyers notice:

• Leaky faucets

• Burnt-out light bulbs

• Loose handles

• Squeaky doors

• Damaged caulking

Improve Curb Appeal

Fresh landscaping, clean walkways, and a welcoming front entrance help create a positive first impression.

Step 4: Consider Staging

Staging isn't about making your home look expensive—it's about helping buyers imagine themselves living there.

Professional staging can:

• Make rooms appear larger

• Highlight your home's best features

• Improve online photos

• Help buyers connect emotionally

• Increase buyer interest

Even partial staging can make a meaningful impact.

Step 5: Professional Photography Matters

Today, nearly every buyer begins their home search online.

Your listing photos are often your first showing.

Professional photography, drone images (when appropriate), floor plans, and video tours help your home stand out and encourage more buyers to schedule a viewing.

Step 6: Pricing Your Home Correctly

Many sellers believe pricing higher leaves room for negotiation.

In reality, overpriced homes often:

• Stay on the market longer

• Receive fewer showings

• Become "stale" listings

• Require price reductions

• Ultimately sell for less

A well-priced home creates more interest, which can generate stronger offers and, in some cases, multiple offers.

Step 7: Marketing Your Home

Selling a home today involves much more than placing it on MLS®.

An effective marketing strategy may include:

• Professional photography

• Video walkthroughs

• Social media advertising

• MLS® exposure

• REALTOR® networking

• Open houses

• Digital marketing

• Targeted online advertising

The goal is simple: maximize exposure to qualified buyers.

Step 8: Showings

Keeping your home show-ready can feel challenging, especially for busy families.

A few simple habits can help:

• Make beds each morning

• Store away personal items

• Keep countertops clear

• Open blinds for natural light

• Turn on lights before showings

• Secure valuables

Giving buyers space allows them to explore comfortably and envision themselves living in the home.

Step 9: Reviewing Offers

Price is important—but it isn't everything.

When reviewing offers, consider:

• Purchase price

• Deposit amount

• Subject conditions

• Financing

• Completion date

• Possession date

• Included items

• Flexibility

The strongest offer isn't always the highest offer.

Step 10: Subject Removal

Once an offer is accepted, buyers may need time to complete their due diligence.

Common subject conditions include:

• Financing approval

• Home inspection

• Reviewing strata documents

• Property disclosure review

• Title search review

• Home insurance quotes

Once all subjects are removed, the contract becomes firm and binding.

Step 11: Prepare for Moving Day

Before possession day:

• Book movers early

• Transfer utilities

• Update your mailing address

• Arrange cleaning

• Gather appliance manuals and keys

• Leave garage door openers

• Organize warranties

Planning ahead makes moving much less stressful.

Frequently Asked Questions

How long does it take to sell a home in Richmond?

It depends on current market conditions, pricing, and property type. Some homes sell within days, while others may take several weeks.

Do I need to renovate before selling?

Not always. Often, small cosmetic improvements provide a better return than expensive renovations.

Should I accept the first offer?

Sometimes the first offer is the strongest. Every offer should be evaluated based on price, conditions, timing, and overall strength.

How much are closing costs when selling?

Typical seller costs may include REALTOR® commissions, legal fees, mortgage discharge fees (if applicable), and moving expenses.

What is the best month to sell?

There isn't a single best month. Market conditions, inventory levels, and buyer demand change throughout the year.

Thinking About Selling?

Every home—and every homeowner—is different.

If you're considering selling your Richmond home, I'd be happy to provide a complimentary, no-obligation home evaluation and explain what your property could be worth in today's market.

Whether you're planning to sell this month or simply thinking ahead, having accurate information is the best place to start.

Feel free to reach out anytime—I'd love to help you take the next step with confidence.

Buying your first home is one of the most exciting milestones in life. It can also feel overwhelming, especially in a market like Richmond where there’s a lot to learn before you start.

The good news? A little preparation goes a long way. Here are five things I wish every first-time buyer knew before they started their search.

1. Understand the BC Property Transfer Tax — and Whether You Qualify for an Exemption

When you purchase a home in BC, you are required to pay a Property Transfer Tax (PTT). The general rate is 1% on the first $200,000 and 2% on the remainder up to $2,000,000.

The good news for first-time buyers is that there is an exemption available if you qualify. To be eligible, the property must be your principal residence, you must be a Canadian citizen or permanent resident, and you must have lived in BC for at least 12 consecutive months before your purchase date. The home must have a fair market value of $835,000 or less to receive the full exemption, with a partial exemption available for homes valued between $835,000 and $860,000. The exemption applies to the first $500,000 of the purchase price, which means eligible first-time buyers can save up to $8,000.

2. Know How Much You Actually Need Saved

Many first-time buyers focus on the down payment and forget about closing costs — and that can lead to some unpleasant surprises.

In addition to your down payment (a minimum of 5% for homes under $500,000 in Canada), you should plan for legal fees, home inspection costs, property tax adjustments, and moving expenses. A general rule of thumb is to budget an additional 1.5% to 4% of the purchase price for closing costs. Knowing your full number upfront helps you set realistic expectations and avoid stress later.

3. Get Pre-Approved Before You Start Looking at Homes

This one is more important than many buyers realize. A mortgage pre-approval tells you exactly how much a lender is willing to lend you, which means you can shop with confidence and make offers when you find the right home. Without a pre-approval, you risk falling in love with a home that isn’t within your budget — or losing out to another buyer who came prepared. In Richmond’s market, being ready to move quickly can make all the difference.

4. Working with a Buyer’s Agent Costs You Nothing

One of the most common misconceptions I hear from first-time buyers is that working with a realtor will cost them money. In BC, the seller typically pays the commission for both agents involved in a transaction. What this means for you as a buyer is that you get professional guidance, negotiation support, and someone looking out for your best interests — at no cost to you. There is really no reason not to have representation when buying a home.

5. Understand Strata Living Before You Buy a Condo or Townhouse

A large portion of Richmond’s housing market is made up of strata properties — condos, townhouses, and some detached homes that are part of a strata corporation. If you’re considering one of these, there are a few things you need to understand.

Every strata has monthly fees that cover shared expenses like building maintenance and insurance. You’ll also want to review the strata documents carefully, including the minutes from recent meetings, the financial statements, and the depreciation report. The depreciation report in particular tells you the current condition of the building and whether any major expenses are coming up. Understanding what you’re getting into before you make an offer can save you from a costly surprise down the road.

Final Thoughts

Buying your first home in Richmond is an incredible step, and going in informed makes the whole process so much smoother. If you have questions about any of these topics or want to talk through what buying in Richmond looks like for your situation, I’d love to help.

If you've spent any time in Richmond, you've probably heard people talk about Steveston. It's one of those places that seems to have a way of drawing people back.

I should know. I grew up in Steveston, and after graduating high school, many of my friends moved away. Some headed downtown, some moved to other parts of BC, and others started new chapters elsewhere. But something interesting happened as we got older.

As people got married and started raising families, many of them came back.

Today, it's incredible to see so many of the people I grew up with raising their own children in the same neighbourhood, attending the same schools, and playing in the same parks we enjoyed growing up. There's a reason Steveston continues to be one of Richmond's most sought-after communities.

Here are five reasons why so many people love calling Steveston home.

1. A True Sense of Community

One of the things that makes Steveston special is the strong sense of community.

In a world where many kids spend their time indoors, it's still common to see children riding bikes, playing street hockey, running through the neighbourhood, and knocking on their friends' doors to see if they can come out and play.

Neighbours know each other here. Local business owners know their customers. There is a genuine small-town feel that can be hard to find in larger cities.

Steveston is also home to many community events throughout the year, including:

• Richmond Maritime Festival

• Steveston Salmon Festival

• Dragon Boat events

• Santa Claus Parade

• Steveston Beer & Wine Festival

These events bring residents together and help create the strong community spirit that Steveston is known for.

With a brand-new community centre currently in development, the neighbourhood continues to invest in bringing people together for generations to come.

And of course, let's not forget the incredible local restaurants, cafés, bakeries, and family-owned businesses that make Steveston Village such a vibrant place to spend time.

2. Beautiful Waterfront Living and Walkability

Few neighbourhoods in Richmond offer the same combination of walkability and waterfront scenery as Steveston.

Whether you enjoy walking, jogging, cycling, scootering, or simply taking in the view, Steveston's waterfront boardwalk is one of the most enjoyable places to spend an afternoon.

Residents love:

• The scenic waterfront boardwalk

• Extensive bike paths

• Access to Richmond's dyke trail system

• Easy connections to Terra Nova and the west dyke

• Waterfront cycling routes stretching east toward Ironwood

And then there are the sunsets.

Locals know that some of the best sunsets in Richmond can be found right here along the waterfront.

Add in beautiful green spaces like Garry Point Park, and it's easy to understand why outdoor enthusiasts love living in Steveston.

3. Rich History and Unique Character

Unlike many newer neighbourhoods, Steveston has a rich history that gives it a unique charm and character.

Originally established as a fishing community with strong Japanese and European influences, Steveston's roots remain visible throughout the village today.

Historic buildings, heritage homes, fishing docks, and local landmarks all contribute to a sense of place that feels different from anywhere else in Richmond.

Steveston's unique atmosphere has even attracted film and television productions over the years. If parts of the village seem familiar, there's a good chance you've seen them on screen before.

This blend of history and character helps preserve the neighbourhood's identity while making it one of the most distinctive communities in Metro Vancouver.

4. A Diverse and Welcoming Community

Steveston is home to residents from many different backgrounds, cultures, and walks of life.

This diversity contributes to the welcoming and inclusive atmosphere that so many residents appreciate.

Families from around the world have chosen to make Steveston home, creating a community where different cultures, traditions, and experiences come together.

The result is a neighbourhood that feels friendly, vibrant, and connected while still maintaining the strong sense of community that makes Steveston special.

5. An Incredible Place to Raise a Family

For many residents, this is the biggest reason of all.

Steveston is an exceptionally family-friendly neighbourhood.

Parents appreciate the walkability, safety, parks, recreational facilities, and strong schools that make daily life easier and more enjoyable.

Some of the family-friendly amenities include:

• Multiple playgrounds and parks

• Water parks and splash areas

• Outdoor swimming facilities

• Tennis courts

• Hockey and lacrosse facilities

• Baseball diamonds

• Ice cream shops and family-friendly restaurants

• Extensive walking and cycling paths

Families also benefit from access to excellent schools, including:

• Westwind Elementary

• Homma Elementary

• Diefenbaker Elementary

• McKinney Elementary

• Lord Byng Elementary

• McMath Secondary

• Steveston-London Secondary

Combined with the area's parks, pathways, and strong community spirit, it's easy to see why so many families choose to stay for the long term.

Final Thoughts

I've been fortunate to watch Steveston evolve over the years while still maintaining the qualities that make it so special.

What stands out most to me isn't just the waterfront, the parks, or the restaurants. It's seeing so many familiar faces return to raise their own families here.

There's something special about watching your childhood friends bring their kids to the same schools, parks, sports fields, and community events that shaped your own childhood.

Steveston offers a rare combination of community, character, natural beauty, and family-friendly living that can be difficult to find elsewhere.

It's not just one of Richmond's most desirable neighbourhoods—it's a place that many people are proud to call home.

If you're considering buying or selling a home in Steveston, I'd be happy to help you learn more about what makes this community so special.

Photo Credit: Desy Cheng

Home Buyer Competition Intensifies Across Metro Vancouver’s Housing Market

Competition amongst home buyers is putting upward pressure on home prices across Metro Vancouver’s* housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,727 in February 2021, a 73.3 per cent increase from the 2,150 sales recorded in February 2020, and a 56 per cent increase from the 2,389 homes sold in January 2021.

Last month’s sales were 42.8 per cent above the 10-year February sales average.

“Metro Vancouver’s housing market is experiencing seller’s market conditions. The supply of listings for sale isn’t keeping up with the demand we’re seeing,” Colette Gerber, REBGV Chair said. “Competition amongst home buyers is causing multiple offer situations and upward pressure on prices.

“This is particularly true in the townhome market where demand is outstripping the available supply. Conditions differ depending on location and property type so it’s important to work with your local REALTOR® to develop strategies to meet your needs.”

There were 5,048 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2021. This represents a 26.1 per cent increase compared to the 4,002 homes listed in February 2020 and a 12.7 per cent increase compared to January 2021 when 4,480 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,358, a 9.1 per cent decrease compared to February 2020 (9,195) and a 0.6 per cent increase compared to January 2021 (8,306). This is 21.2 per cent below the February 10-year average for new listings.

For all property types, the sales-to-active listings ratio for February 2021 is 44.6 per cent. By property type, the ratio is 41.8 per cent for detached homes, 61.8 per cent for townhomes, and 41.7 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Low interest rates remain a key driver in today’s market. We’re seeing steady numbers of first-time home buyers and move-up buyers entering the market,” Gerber said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,084,000. This represents a 6.8 per cent increase over February 2020 and a 2.6 per cent increase compared to January 2021.

Less populated communities within the region continue to experience the largest year-over-year price increases across all property types. Examples, according to the MLS HPI®. include Bowen Island (34.4 per cent increase), the Sunshine Coast (32.7 per cent increase), West Vancouver (16.1 per cent increase) Maple Ridge (14.8 per cent increase) and Ladner (13.7 per cent increase).

Sales of detached homes in Metro Vancouver reached 1,231 in February 2021, a 79.7 per cent increase from the 685 detached sales recorded in February 2020. The benchmark price for a detached home is $1,621,200. This represents a 13.7 per cent increase from February 2020 and a 2.8 per cent increase compared to January 2021.

Sales of apartment homes reached 1,759 in February 2021, a 65.8 per cent increase compared to the 1,061 sales in February 2020. The benchmark price of an apartment is $697,500. This represents a 2.5 per cent increase from February 2020 and a 2.5 per cent increase compared to January 2021.

Attached home sales in February 2021 totalled 737, an 82.4 per cent increase compared to the 404 sales in February 2020. The benchmark price of an attached home is $839,800. This represents a 7.2 per cent increase from February 2020 and a 2.9 per cent increase compared to January 2021.

Download the February 2021 stats package

Home Sales and Listings Down Amid COVID-19, New Tools and Practices Emerge to Help Buyers and Sellers Adapt

While Metro Vancouver home sale and listing activity remains limited by the COVID-19 situation, REALTORS® across the region are fast adopting new tools and practices to help advise and serve their clients in a responsible way.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,109 in April 2020, a 39.4 per cent decrease from the 1,829 sales recorded in April 2019, and a 56.1 per cent decrease from the 2,524 homes sold in March 2020.

Last month’s sales were 62.7 per cent below the 10-year April sales average and was the lowest total for the month since 1982.

“Predictably, the number of home sales and listings declined in April given the physical distancing measures in place,” Colette Gerber, REBGV’s president-elect said. “People are, however, adapting. They’re working with their Realtors to get information, advice and to explore their options so that they’re best positioned in the market during and after this pandemic.”

Realtors have been named an essential service by the provincial government to help the home buying and selling community meet their housing needs during the pandemic.

“We’re seeing more innovation in today’s market, with Realtors using different technology to showcase homes virtually, assess neighbourhood amenities with their clients and handle paperwork electronically,” Gerber said.

There were 2,313 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April. This represents a 59.7 per cent decrease compared to the 5,742 homes listed in April 2019 and a 47.9 per cent decrease compared to March 2020 when 4,436 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,389, a 34.6 per cent decrease compared to April 2019 (14,357) and a 2.3 per cent decrease compared to March 2020 (9,606).

For all property types, the sales-to-active listings ratio for April 2020 is 11.8 per cent. By property type, the ratio is 10 per cent for detached homes, 14.7 per cent for townhomes, and 12.4 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,036,000. This represents a 2.5 per cent increase over April 2019 and a 0.2 per cent increase compared to March 2020.

“Home prices have held relatively steady in our region since the COVID-19 situation worsened in March,” Gerber said. 

Sales of detached homes in April 2020 reached 388, a 33.8 per cent decrease from the 586 detached sales recorded in April 2019. The benchmark price for detached properties is $1,462,100. This represents a 2.3 per cent increase from April 2019 and a 0.8 per cent increase compared to March 2020.

Sales of apartment homes reached 503 in April 2020, a 43.2 per cent decrease compared to the 885 sales in April 2019. The benchmark price of an apartment property is $685,500. This represents a 2.7 per cent increase from April 2019 and a 0.2 per cent decrease compared to March 2020.

Attached home sales in April 2020 totalled 218, a 39.1 per cent decrease compared to the 358 sales in April 2019. The benchmark price of an attached home is $796,800. This represents a 2.8 per cent increase from April 2019 and a 0.6 per cent increase compared to March 2020.

Download the April 2020 stats package

I am so grateful to have achieved the Top 100 Western Canada! (I ranked #52) I would like to take a moment to thank all my clients, managing broker and the incredible administrative staff here at RE/MAX Westcoast, I wouldn't have been able to achieve this without your support and referrals. I am truly thankful for those who have put your trust in me over the years. And I am eager to be a part of your real estate goals and share that success. However, I realize that we are in crazy times right now and my thoughts are with you and your families - the most important thing is that you all are staying safe and healthy. Now more than ever, we can all appreciate just how small the world truly is, and the importance of coming together to protect our local and global community in times of great need. I am here to help you in any way that I can. Please do not hesitate to reach out to me (doesn't have to be real estate related). I hope you and your families stay healthy and I appreciate your support in keeping our communities safe during these unprecedented times.