Richmond real estate white hot
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Updated: November 04, 2009 9:54 AM
Residential property sales continued to steam along in Richmond, where October's figures were similar to the strong September and far outstripped the same month last year, according to the Real Estate Board of Greater Vancouver.
Compared to a year ago, single detached home sales were up 277 per cent, townhouse sales were up 300 per cent, and apartment sales were up 143 per cent.
The median selling prices were also up 10 per cent, six per cent, and 23 per cent respectively.
Compared to September, there was a marginal cooling off, as the number of detached houses sold dipped 3.7 per cent, to 185, townhouse sales dropped 7.5 per cent to 137, and condo sales fell 3.5 per cent to 222.
Regionally, strong demand has lead to a steady rise in home prices compared to last year, according to Scott Russell, president of the Real Estate Board of Greater Vancouver.
"While home prices have been rising in 2009, they have not eclipsed the peaks reached in early 2008," Russell said. "High confidence and low mortgage rates are continuing to drive the activity we're seeing in the housing market today."
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