Richmond, BC

Canadians are cautiously optimistic that the real estate market in Canada may be insulated from the decline in house prices in the US. The table below summarized Richmond's 2006 and 2007 home sales as reported by the Real Estate Board of Greater Vancouver:

Housing analysts expect the 2008 Greater Vancouver housing market to remain positive, projecting price further gain of 5% to 8% for the year. Others are cautious that the US downturn will eventually spread to Canada.

Absorption Rate. The health of the Greater Vancouver housing market and the sale and pricing trend for Richmond can be best monitored by tracking the "absorption rate". This is a measure of the supply and demand for housing. It is expressed in months to sell all the units currently listed for sale on the MLS system. It helps both buyers and sellers understand what’s going on in the market.

When listings take a long time to sell, prices will drop. When there is not much supply, buyers are willing to pay more, prices will rise.

Taking the total active listings divide by the sale for the month (or average monthly sale), the absorption rate can be determined. According to generally accepted figure, 6 months supply is considered a balanced housing market. Over 6 months supply represents a buyer’s market, and under 6 a seller’s market.

You can click here to view Richmond's recent housing market activities and price trend for February, 2008.

#86 6880 Lucas Rd, Richmond Just Sold!

View here for similar Richmond townhouses available for sale.

General description:

This townhouse complex is around 30 years old. There are in total 101 units consisted of 2-level 3 bedroom homes ranging in built-up area between 1,400 to 1,605 square feet living area. The townhouse units have different floor plans; most units are with 1 full bath and 2 half-bath, while some larger 3 bedroom units may have 2 full baths and 1 half-bath. The parking arrangement is one covered front car porch and there are extra open parkings available in the complex. The property tax for 2007 is from around $1,667 to $1,809 and the monthly maintenance is from $216 to $244 a month.

This townhouse complex is located in the very desirable Woodwards area of Richmond. The amenities include a recreation center, outdoor pool, sauna and steam room.

Location:

Access to these 2 townhouse complexes are from Gilbert Road and Francis Road. Both elementary and secondary schools are within a short walk from this strata complex. The townhouses are close to the Minuro Tracks and Park, Aquatic Centre, Ice Skating Ring, the Richmond main library and Richmond Centre Shopping Mall.

Price history: 2005 - $260,000/$285,000, 2006 - $320,000/$345,000 and 2007 - $355,000/$380,000. Recent sales of comparable townhouses were priced in the $400,000 to $445,000 range.

Contact James Wong 604-721-4817 for more information.

More Richmond townhouses in this neighborhood can be viewed here.

Condo living is the most likely choice for most young first time home buyers. The main reason if because of affordability and for some people it is a lifestyle choice. Most people are realistic that buying a condo is a stepping stone for them to own their first homes. They know that a condo will be good enough for them to live and have a small young family for the first few years. They are hoping that by the time they need to move to a larger home, they will have enough equity to do so.

Condo Location

This is one of the most important considerations when buying a condo. In areas like Vancouver, Burnaby, Richmond, New Westminster and Surrey, many home buyers and investors prefer buying condos within a short walk from the Rapid Transit or Sky Train system. Condos around the Sky Train stations are found to have better price appreciation, higher rent and easier to rent out. The ease of transportation enables the tenants or owners of such condo units to forgo owning their cars.

The monthly saving in forgoing car ownership is as much as $500 to $900 a month if the car is leased or a car loan is required to be repaid ($200 - $500 a month) . Car insurance, gas and repairs and maintenance will cost another $300 to $400 a month. This monthly saving can be translated into money that a home buyer can use to afford a larger and higher price condo. Based on the prevailing interest rate around 6.0% and 25 year amortization, the saving on $500 to $900 can support an extra mortgage loan of $78,000 to $140,000.

Floor Plan, Furnishing and Amenities

Most new condo units are built and installed with the most contemporary kitchen equipment, modern bath/shower fixtures and trendy wood/carpet flooring. Most condos do differ in their floor plans and the functionality of the condo layouts. A good or not so good floor plan is one critical area that affect how easy or difficult your condo unit can be sold when you are selling your unit some years later.

If you are looking for a local Realtor to help you with your search for a Richmond condos, your can contact James Wong 604-721-4817.

There are 2 time periods of the year that are good for listing and selling your homes. Historically, early spring and mid-summer are the most active period and best time for sellers listing their properties for sale. These time periods co-incide with better weather conditions and homebuyers planning to make a move before the new school term starts in September.

Conversely, Autumn being perceived as slower months with less buying and selling activities may prove to be the best time for homebuyers to buy their homes. At this time with relatively less activities, sellers are more likely to reduce their listing prices or more willing to negotiate on their prices. Autumn is also the time period when there are more listings and a wider selection of properties to choose from.

So, if you are planning to make a move as a homebuyer, you should seriously consider contacting your local Realtor and check out what you can get within your price budget. You will be pleasantly surprised that buying a home in Autumn is less stressful as you will have more time to carefully consider your selections. You may find your perfect ideal home that you have been looking for.

If you need a local Richmond or South Vancouver Realtor to check out the active listings for you, kindly contact James Wong 604-721-4817.

What to look for when choosing a Richmond Realtor?

Working with a Richmond Realtor buying or selling your home is a partnership. You need to ensure that your Realtor has the local real estate knowledge and experience to help you with your real estate needs. Find a Realtor you feel comfortable working with, and who is able to promptly communicate with you on all matters relating to your home buying or selling needs.

Get referral from your friends or relatives

You may want to check with your friends or relatives who had previous dealing with their Realtors. You may also check online to find out the Realtors who are active in your local market. Most home buyers and sellers are actively using the internet to research for market information, you can find out who are marketing themselves actively online. Alternatively, you find out the active Realtors using your local real estate papers.

Buying a home through your Richmond Realtor

After a few meetings with your realtor, you will know whether you are comfortable working with this realtor. Real estate is about location and you when buying a Richmond home, work with a Richmond Realtor who has good local real estate knowledge and the experience to help you. Your Realtor can guide you through the home buying process, and help you find the home you like.

Selling Your Home

Similarly, when you are selling yoyur Richmond home, you should interview a few Richmond Realtors before engaging one to sell your home. You should make sure your Richmond Realtor is agreeable to release you from the MLS contract if you are not happy with his service. Otherwise, you may be be prohibited from listing your home for sale by another Realtor for a period of 60 days.

You can contact your Richmond Realtor James Wong at 604-721-4817 for a discussion on your home buying or selling needs.

View Richmond homes listed for sale on MLS here.