It's Finally a Buyer's Market in Richmond. Here's What First-Time Buyers Need to Know Right Now

September 2026 Market Update: What Richmond and Burnaby Buyers and Sellers Need to Know

Mon, 05 Oct 2026 21:22:53 GMT

If you've been watching the market and feeling unsure about what to do next, you're not alone. The headlines are mixed, the numbers move every month, and a decision this big deserves clear information. Here's my plain-English read of the September 2026 numbers from Greater Vancouver REALTORS® (GVR), with a closer look at Richmond and Burnaby.

The Big Picture

Metro Vancouver recorded 1,717 sales in September, down 8.4% from the 1,875 sales a year ago and about 25% below the 10-year seasonal average of 2,289. New listings came in at 5,852, down 10.3% from last September. Active listings sit at 16,394: a little lower than a year ago, but still roughly 24% above the 10-year seasonal average.

The composite benchmark price is $1,075,900, down 5.5% from September 2025 and down about half a percent from August.

The number I watch most closely is the sales-to-active listings ratio, which landed at 10.9%. Historically, prices tend to face downward pressure when that ratio stays below 12% for a sustained stretch, and upward pressure when it runs above 20% for several months. We're in the first camp, which fits the gradual price drift we've been seeing all year.

Not Every Segment Is the Same

The 8.4% decline is almost entirely an apartment story. Detached and attached sales actually finished slightly ahead of last September. GVR's chief economist, Andrew Lis, points to end-users (people buying a place to live) driving the market while investor demand waits on better conditions.

Property type	Sept. sales	vs. Sept. 2025	Benchmark price	Price vs. Sept. 2025
Detached	575	+4.2%	$1,784,700	-7.3%
Townhouse (attached)	358	+0.6%	$1,016,700	-4.7%
Apartment	777	-18.6%	$682,500	-6.2%

Richmond

Richmond had a steadier month than the region as a whole. Sales were up year over year in every category: detached (65 vs. 55), townhouse (48 vs. 43), and apartment (110 vs. 93).

Townhouses: benchmark of $1,025,000, up 0.3% from August and down 2.3% from a year ago, holding up better than the regional townhouse figure of -4.7%.
Apartments: benchmark of $635,600, down 9.1% over the year.
Detached: benchmark of $1,871,100, down 8.5% over the year.

Burnaby

Burnaby's apartment segment is where the softness shows. Apartment sales were 121, compared with 175 a year earlier. Townhouse sales were 36 (vs. 43), and detached sales were essentially flat at 50 (vs. 49).

Townhouse benchmarks held reasonably well: Burnaby East at $857,900 (up 0.6% from August), Burnaby South at $942,100 (up 0.9%), and Burnaby North at $880,400 (down 0.9%). Apartment benchmarks are down between 5.5% and 8.3% over the year depending on the area.

What This Means for Buyers

You have more choice and more room to negotiate than you did a couple of years ago. Inventory is well above average, prices have eased, and for first-time buyers, apartments in particular offer a more accessible entry point than we've seen in a while.

If you're a condo owner thinking about moving up to a townhome, here's something worth knowing. In Richmond, the gap between the apartment benchmark and the townhouse benchmark is about $389,000 today. Townhouse prices have held up better than apartment prices, so that gap has widened a little over the past year. It doesn't mean the move can't work. It means the plan matters: your condo's value, your down payment, and your timing all need to be looked at together. Benchmarks are a guide, not a valuation of your specific home, so let's look at your actual numbers.

What This Means for Sellers

Pricing is everything right now. Buyers are informed, patient, and comparing carefully, so a price based on last year's sales or on the neighbour's asking price can leave a home sitting. Townhomes and detached homes are drawing steady end-user interest, while condo sellers will benefit most from sharp pricing, strong presentation, and realistic expectations. It's a market where good preparation shows.

The Bottom Line

This is a slower, more balanced market, and the story differs depending on property type and neighbourhood. That can feel stressful, but it also means there's real opportunity for buyers who are prepared and sellers who are well advised.

Whether you're buying your first place, thinking about moving from a condo to a townhome, or wondering what your home is worth today, I'm happy to walk through it with you. No pressure, just honest numbers. Reach out at nevillemak.ca.

The One Percent Rule for Pricing Your Richmond Condo This Fall. Get It Wrong and It Will Cost You.

Sat, 03 Oct 2026 00:10:53 GMT

If you own a condo in Richmond and you are thinking about selling it this fall to move up to a townhome, I want to talk to you about the single most important decision you will make in that entire process. It is not which townhome you buy. It is not the timing of your subjects or the length of your completion date. It is the price you put on your condo when you list it.

Industry data from September 2026 shows that homes priced within one percent of their eventual sale value are selling in an average of 22 days. Homes priced more than five percent above their market value are taking 71 days on average.

Read those two numbers side by side. Twenty-two days versus 71 days. That is not a small difference in outcome. That is the difference between a clean, controlled transaction where you move into your townhome on a timeline you chose and a drawn-out, stressful process where you are chasing the market down, reducing your price multiple times, and trying to write offers on townhomes while your condo is still sitting.

The Richmond condo market right now has 933 active listings with an absorption rate of 5.9 percent. Your buyer has options. They are comparing your unit against multiple other condos in your building, in your neighbourhood, and across the city. They have time to walk away and come back to something else. In that environment, a seller who prices their condo at exactly what the market will bear moves it in 22 days. A seller who prices five percent above that same number sits for 71 days, usually ends up selling for less than they would have at the right price from day one, and often watches the townhome they wanted get sold to someone else while they wait.

I have watched this play out too many times to stay quiet about it.

Here is what pricing correctly in the current Richmond condo market actually requires. You need recent comparable sales in your specific building and within a half kilometre radius, weighted by floor level, exposure, finishing quality, and strata fee structure. You need to understand what your competition looks like right now on MLS, not what it looked like three months ago when you first started thinking about selling. And you need to be honest with yourself about what your unit offers versus what is competing against it.

The average sold price for Richmond condos in the last 30 days is $675,736 with properties selling in 49 days. That 49 day average includes the sellers who priced correctly and sold in 22 days and the sellers who priced too high and are dragging the average up. The sellers in the first group are the ones who have already moved into their townhomes. The sellers in the second group are still on the market.

On the purchase side of the upsizing transaction, the picture is genuinely favourable right now. The composite benchmark price sits near $1.28 million, up modestly year-over-year but still below the 2022 peak. The attached home benchmark across Metro Vancouver is $1,028,800, down 4.4 percent year over year. Five year fixed mortgage rates are currently between 4.1 and 4.4 percent. The townhome you want has corrected from its peak and rates are workable. The only variable you fully control in the upsizing transaction is how you price your condo. Get that right and everything else becomes manageable. Get it wrong and you will spend the next two to three months watching a favourable market become less favourable while you sort it out.

In Richmond, the Hamilton and East Cambie neighbourhoods have already tightened into balanced market conditions with absorption rates of 13.6 and 12.9 percent respectively. The townhome product there is moving. If you are targeting those areas and your condo is priced correctly, you are in a position to be a serious buyer for a motivated townhome seller heading into October. If your condo is priced five percent above market, you are a spectator watching those opportunities close while you wait for an offer that may not come at the price you hoped for.

I price condos for sellers in Richmond and Burnaby every week. I know what the comparables look like, what buyers are actually paying, and what the gap is between aspirational pricing and market pricing in the current environment. If you are thinking about listing your condo this fall, that conversation should happen before you talk to anyone else. Reach out.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby

The Best Mortgage Rate Available in Vancouver Right Now Is 4.39 Percent. Here Is What First-Time Buyers in Richmond Need to Do With That.

Tue, 29 Sep 2026 17:41:33 GMT

As of September 25, 2026, the lowest available five year fixed mortgage rate in Vancouver is 4.39 percent. The Bank of Canada's overnight rate has stabilized in the low three percent range following two cuts earlier this year. And the fall market in Richmond is now fully open with buyers back from summer and listings moving.

I want to put that rate in context for you because I think it changes the monthly payment math in a way that more people need to hear plainly.

The average rent in Vancouver has decreased by 4.9 percent year-over-year to $2,686 per month. Think about what that means sitting next to a purchase number. At a 4.39 percent five year fixed rate on a 30 year amortization, a buyer purchasing a Richmond condo at the current average sold price of $675,736 with 10 percent down is looking at a monthly mortgage payment in the range of $3,050 to $3,150. Add strata fees of $400 to $600 depending on the building, and you are looking at total monthly housing costs of roughly $3,450 to $3,750 for a property you own and are building equity in every single month.

That gap between renting and owning in Richmond is smaller right now than it has been at any point since 2020. And the rent number is not going to stay at $2,686 indefinitely.

The Richmond condo market right now still reads as a buyer's market. 933 active listings. 5.9 percent absorption rate. 49 days average on market. Prices trending up 9 percent versus the 90-day average. You have selection, you have negotiating room, and you have time to do proper due diligence before committing. The depreciation report is mandatory now as of July 1, 2026. Subject offers are being accepted. All of that is still available to a prepared buyer in September 2026.

Homes priced within one percent of their eventual sale value are selling in an average of 22 days in this market.That tells you sellers are getting serious about pricing now that the fall market is open and they know they are competing for a buyer pool that has real options. For a first-time buyer, a motivated seller who has priced correctly and needs to move is exactly the counterparty you want across the table.

The neighbourhood picture in Richmond matters here because the rate environment affects different price points differently. Brighouse South remains the most accessible entry point in the city at an average sold price of $566,280 with only 30 days on market. For a buyer whose budget sits at or below $650,000, the combination of that price point and a 4.39 percent mortgage rate makes the monthly payment calculation the most achievable it has been in years. East Cambie at 12.9 percent absorption and Hamilton at 13.6 percent have already tightened into balanced conditions, which tells you that the more accessible neighbourhoods are the ones to move on first before the recovery radiates further.

There were 4,100 new listings in August 2026, down three percent from last year and 1.3 percent below the 10-year August average. Still, 15,798 homes remained for sale across Greater Vancouver, which is 26.2 percent above the 10-year August average. There is still genuine selection in this market. But new supply is slowing. The inventory that exists today is not being replenished at the same rate. That combination of high current inventory and slowing new supply is exactly the condition that precedes a tightening market.

The programs available to first-time buyers have not changed. The First Home Savings Account and RRSP Home Buyers Plan give you up to $100,000 in tax-sheltered savings for your down payment. The GST rebate on new builds under one million dollars saves you up to $50,000. The 30 year amortization for insured mortgages is still available.

4.39 percent. That is the number. That is today's best available rate in Vancouver. Put it next to $675,736 average sold price in Richmond, 933 condos available, and 5.9 percent absorption, and tell me honestly whether the conditions for buying your first place in this city are going to get meaningfully better than this.

I do not think they are. But I would love to sit down and walk through your specific numbers with you so you can make that call with real information rather than just a feeling.

Reach out.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby

Condos Are Recovering. Townhomes Are Still Under Pressure. Here Is Why That Is the Best Possible News for Upsizers in Richmond.

Fri, 25 Sep 2026 21:22:40 GMT

I want to talk about something this week that I think is the most important market dynamic for Richmond upsizers right now, and it is one that almost nobody is putting together in the way that I think it deserves.

Two things are happening in the Metro Vancouver market simultaneously. Condo markets are recovering. Seventy-five percent of townhome markets are still declining.

Read that again slowly because the implications for someone selling a condo to buy a townhome are significant.

If you own a condo in Richmond right now, you are sitting in a segment that is bouncing back. Sixty-seven percent of condo markets across Canada are currently rising, up from 50 percent just a month ago. In Richmond specifically, condo prices are trending up 9 percent versus the 90-day average. The buyers who sat out summer are coming back to the condo market first because it is the most accessible entry point in this city. Your asset is recovering.

At the same time, seventy-five percent of townhome markets nationally are still declining. Prices in that segment are still under pressure. The thing you want to buy has not found its floor yet in the way that condos have.

For an upsizer, that divergence is the most favourable possible configuration. You are selling into a recovering market and buying into one that is still correcting. Both sides of your transaction are moving in the direction that benefits you simultaneously. I have been doing this long enough to tell you that this kind of alignment does not happen often and it does not last long when it does.

Let me put some numbers around it so this feels concrete rather than abstract.

The Richmond condo market currently has 933 active listings with 55 sold in the last 30 days at an average sold price of $675,736, properties selling in 49 days, and an absorption rate of 5.9 percent. That is where you are selling from. Your condo has selection and demand returning to it.

The attached home benchmark across Metro Vancouver sits at $1,028,800 based on the August GVR data, down 4.4 percent year over year and essentially flat month over month. That is the townhome you are buying into. Still corrected. Still below peak. Still available with negotiating room.

In the city of Vancouver specifically, attached sales on the west side rose 12 percent month over month in August while East Vancouver fell almost 35 percent, showing how location-specific the recovery is becoming. Richmond and Burnaby townhomes are not in the frothy recovery category yet. The product you want is still available at prices that reflect the correction period we have been in, not the recovery period that is beginning.

In Richmond specifically, Hamilton and East Cambie have already moved into balanced market conditions with absorption rates of 13.6 and 12.9 percent respectively. But the broader Richmond townhome inventory remains well-stocked with 402 active listings across the city. There is still genuine selection in Hamilton, West Cambie, and the areas around Capstan Village. The window to find well-priced ground-oriented product with a garage and real square footage, while writing an offer with subjects and reasonable terms, is still open. It is just getting narrower.

The Burnaby picture is also worth noting here. The Edmonds and Metrotown corridors continue to offer townhome inventory that compares favourably to Richmond on a price-per-square-foot basis. If your commute patterns or school catchment preferences point you east, Burnaby may deliver more home for your money right now than a comparable Richmond address, and the same dynamic applies: condo recovering, townhome still under pressure, which means the spread between your sell and your buy is working in your favour in both cities.

Sellers who list in the last week of August and first two weeks of September routinely capture attention before the flood of fall inventory hits MLS, and the window for that timing is still partially open in late September. If you have been thinking about listing your condo and making the move, the combination of returning condo demand and continued townhome softness makes the next four to six weeks one of the most strategically favourable windows for an upsizing transaction that Richmond has seen in recent memory.

This is the kind of market alignment that I talk about when clients ask me to tell them honestly when the right time is. This is it. Not because I am trying to generate urgency. Because the data genuinely says so.

Reach out. Let's map out what your specific move looks like before both sides of this equation shift further.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby

Condos Are Recovering. Townhomes Are Still Under Pressure. Here Is Why That Is the Best Possible News for Upsizers in Richmond.

Tue, 22 Sep 2026 23:31:56 GMT

Two things are happening in the Metro Vancouver market simultaneously. Condo markets are recovering. Seventy-five percent of townhome markets are still declining.

Read that again slowly because the implications for someone selling a condo to buy a townhome are significant.

Let me put some numbers around it so this feels concrete rather than abstract.

Reach out. Let's map out what your specific move looks like before both sides of this equation shift further.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby

Hamilton and East Cambie Are No Longer Buyer's Markets. What That Means for Upsizers in Richmond Right Now.

Fri, 18 Sep 2026 20:55:42 GMT

I want to talk about something specific this week that I think upsizers in Richmond are not paying close enough attention to.

The neighbourhood-level data for Richmond condos and townhomes just shifted in a way that matters. While the city-wide Richmond condo market sits at a 5.9 percent absorption rate and is still technically in buyer's market territory, two specific neighbourhoods have already moved past that designation.

East Cambie sits at a 12.9 percent absorption rate. Hamilton is at 13.6 percent. Both of those numbers put them squarely in balanced market conditions by GVR's own framework, which defines balanced as the range where neither buyers nor sellers hold a clear advantage. East Cambie has 31 active listings with 4 sold in the last 30 days at an average price of $859,000 and 27 days on market. Hamilton has 66 active listings with 9 sold at an average of $1,069,867 and 63 days on market.

Why does this matter for upsizers specifically?

Because Hamilton and East Cambie are two of the most important neighbourhoods for anyone thinking about stepping up from a condo to a townhome in Richmond. These are the areas where the ground-oriented product that upsizers want, the newer builds with garages, EV charging, proper floor plans, and outdoor space, is concentrated. And these are the areas where the market is tightening first, moving out of buyer's territory and into balanced conditions while the rest of Richmond still appears soft on the surface.

This is exactly how real estate market recovery works. It does not happen all at once across an entire city. It starts in the most desirable and supply-constrained sub-markets and radiates outward. Hamilton and East Cambie are showing you where Richmond is heading before the headline numbers catch up.

The broader Richmond condo market that you are selling into as an upsizer still gives you real leverage. The city-wide condo market has 933 active listings with only 55 sold in the last 30 days at an average sold price of $675,736, properties sitting 49 days on average, and an absorption rate of 5.9 percent. Your buyer pool has options and you need to price your condo correctly to capture attention in that environment. Homes priced within one percent of their eventual sale value are selling in an average of 22 days in this market. Homes priced more than five percent above market value are taking 71 days on average and typically selling for less than they would have if they had been priced right from day one. That math is unforgiving and it is the most important thing I tell condo sellers right now.

But here is the thing about the upsizing math that changes when the neighbourhood you are buying into moves from buyer to balanced. The negotiating room compresses. The days on market shrinks. The sense of time pressure that gave you the upper hand as a buyer in Hamilton six months ago is diminishing. An absorption rate of 13.6 percent in Hamilton means that of every 100 townhomes listed, nearly 14 are selling each month. That is not a market where sellers are sitting and waiting for a low offer. That is a market where a well-priced townhome is being transacted within a reasonable timeline, which means you need to be ready to move when you find the right one.

The overall picture for a Richmond upsizer right now is still compelling. Richmond condo prices are trending up 9 percent versus the 90-day average, which means the equity position in your current place may be stronger than you assumed. The condo you are selling is still in a market that gives buyers choice and negotiating room. And the townhome you are stepping into is in the early stages of a tightening that, if the trajectory continues, will make conditions less favourable for buyers as fall progresses into winter.

The composite benchmark price sits near $1.28 million, up modestly year-over-year but still below the 2022 peak. Detached home average price increased by 2.6 percent year-over-year. Attached home average price decreased by 3.5 percent year-over-year to $1.18 million. The townhome segment still has room to run on the upside from a value perspective. You are not buying at a recovered price. You are buying at a price that reflects a meaningful discount from the 2022 peak while the segments around it are starting to move.

If you have been thinking about the move from your Richmond condo to a townhome and you have been watching Hamilton or East Cambie specifically, the data is telling you to stop watching and start acting. I can show you what is available, what the strata documents look like on the buildings I would and would not recommend, and what a competitive offer looks like in a balanced market. Reach out.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby

Richmond Condo Prices Are Trending Up 9 Percent. First-Time Buyers, the Window Is Getting Narrower.

Tue, 15 Sep 2026 23:02:59 GMT

I want to start this week with a number that I do not think is getting nearly enough attention.

Richmond condo prices are trending up 9 percent compared to the 90-day average.

Not year over year. Not some forward projection. The current 30-day average sold price against the 90-day average is showing a 9 percent upward trend right now in September 2026. That is the sharpest short-term price movement I have seen in this segment all year and it is happening while the broader market narrative is still focused on buyer's market conditions and elevated inventory.

Let me give you the full picture so this makes sense. Richmond currently has 933 active condo listings with 55 sold in the last 30 days at an average sold price of $675,736. Properties are selling in 49 days on average and the absorption rate sits at 5.9 percent. By definition, this is still a buyer's market. There is more supply than demand, buyers have greater choice and negotiating power, and prices may still be flexible. That is true. But the 9 percent upward price trend sitting underneath those conditions is telling you something important about where the market is heading.

What this data is showing is a classic early-stage recovery pattern. The overall market conditions still look like a buyer's market on the surface metrics. Days on market elevated. Absorption rate below the 15 percent threshold for a balanced market. Plenty of active listings. But the actual prices being achieved on the properties that are selling are moving meaningfully higher than they were 90 days ago. That divergence between static market condition labels and moving price data is exactly what happens when demand starts returning before the inventory overhang has fully cleared.

Five year fixed mortgage rates are now hovering between 4.1 and 4.4 percent, and that combination has brought buyers who spent the past two years on the sidelines back into the conversation. Those buyers are landing first in the most accessible segments of the market, which in Metro Vancouver means condos and specifically condos along the Canada Line corridor in Richmond where transit access and long-term resale demand are consistently strong.

I want to look at the neighbourhood breakdown because it tells a more specific story than the city-wide numbers. Brighouse leads Richmond condo activity with 530 active listings, 27 sold in the last 30 days, an absorption rate of 5.1 percent, and an average sold price of $798,470. East Cambie is showing a 12.9 percent absorption rate, which puts it in balanced market territory, with an average sold price of $859,000. Hamilton is at 13.6 percent absorption, also balanced, at an average of $1,069,867.

That neighbourhood-level data matters enormously for a first-time buyer trying to understand where value exists right now. Brighouse South has 131 active listings with only 5 sold in 30 days and an average price of $566,280. That is the most accessible price point in Richmond right now with the most selection. For a first-time buyer whose budget sits under $650,000, Brighouse South is where I would be looking hardest right now before the 9 percent price trend pushes those entry-level units out of reach.

The fall market is fully open. The buyers who sat out summer are back. And the data is telling you that the properties being transacted right now are selling at meaningfully higher prices than they were three months ago even though the listing inventory has not dramatically changed. That is demand returning before supply has shrunk. That is the last comfortable window before this market starts to feel competitive again.

The programs available to you as a first-time buyer have not changed. The First Home Savings Account and RRSP Home Buyers Plan still give you access to up to $100,000 in tax-sheltered savings for your down payment. The 30 year amortization for insured mortgages is still available. The GST rebate on new builds under one million dollars still saves you up to $50,000.

What has changed is the price trend. And a 9 percent upward move in 90 days is not something you can afford to ignore if you have been planning to buy in Richmond.

If you want to understand what your specific buying power looks like right now and which buildings and neighbourhoods make the most sense for your situation, reach out. I am here.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby

Townhomes Were the Only Segment That Grew in August. Here Is What That Tells Upsizers in Richmond and Burnaby.

Fri, 11 Sep 2026 17:42:47 GMT

The GVR August 2026 numbers released September 2nd contained one detail that stood out from everything else in the report and I want to make sure upsizers in Richmond and Burnaby are paying attention to it.

Attached homes, meaning townhouses and row homes, were the only property type in Metro Vancouver to post a year-over-year sales gain in August 2026. 412 sales, up 0.7 percent from 409 the same month last year. Every other segment declined. Detached fell 3.1 percent. Apartments fell 6.8 percent. In a month where the overall market continued its downward trend to close the summer, townhomes held and grew.

That is not a coincidence. That is a signal.

The sales-to-active listings ratio for the attached segment in August sits at 15.1 percent. For context, the ratio for detached is 9.6 percent and the ratio for apartments is 13.7 percent. The townhome segment at 15.1 percent is the most active, most in-demand part of the Metro Vancouver market right now. It is approaching the 20 percent threshold where GVR's own historical data shows upward price pressure beginning to build. We are not there yet. But the townhome benchmark of $1,028,800, down just 4.4 percent year over year and only 0.2 percent from July, is already showing price stability that the other segments have not achieved.

In August 2026, the only segment to grow was attached homes, with 412 sales, up 0.7 percent from 409. Detached fell 3.1 percent. Apartment sales fell 6.8 percent. For anyone who has been watching this market and wondering when the townhome segment would start to separate from the broader softness, that separation is visible in the August data.

Here is what this means practically for a condo owner in Richmond or Burnaby thinking about upsizing.

The condo you are selling is still in a market where buyers have options. The apartment benchmark across Metro Vancouver in August 2026 came in at $758,896 on average sold price, with the overall composite benchmark at $1,081,900, representing a 5.6 percent yearly decrease. The apartment sales-to-active ratio of 13.7 percent tells you there is still negotiating room on your condo sale, but it is less distressed than the headlines suggest. Buyers are there. They are just being careful. Pricing correctly and presenting well matters enormously in this environment.

The townhome you are stepping into is the part of the market that is tightening fastest. A sales-to-active ratio of 15.1 percent, a benchmark of $1,028,800, and year-over-year sales growth when everything around it is declining tells you where demand is concentrated. Buyers who have been sitting out the market are coming back first to the segment that offers ground-oriented living, real square footage, a garage, and the kind of daily life improvement that a condo simply cannot provide. That is the Richmond and Burnaby townhome buyer. And there are more of them in September than there were in August.

Active listings across Metro Vancouver in August 2026 totalled 15,798, a 2.7 percent decrease compared to August 2025, while new listings of 4,100 came in 3 percent below last year as well. Both the numerator and denominator of this market are moving in the same direction. Active listings are falling. New supply is slowing. The inventory overhang that has kept buyers in control is beginning to draw down.

For an upsizer, the sequencing of that draw-down matters. The townhome segment will tighten first because it is already the most in-demand. The condo segment will follow as buyers re-enter the market and work their way up from the most accessible entry point. Understanding where your sale sits in that sequence and where your purchase sits is the kind of market-level thinking that shapes whether you end up with the best possible outcome or a mediocre one.

In Richmond, the Hamilton and West Cambie townhome inventory I am watching most closely right now has seen meaningful movement in the last three weeks. Burnaby's Edmonds corridor has seen similar activity. The sellers who are sitting at 45 days on market heading into mid-September are the ones creating the best negotiating opportunities right now, before the fall market fully accelerates.

If you are ready to map out what the upsizing move looks like for your specific situation, I want to have that conversation with you. I work in Richmond and Burnaby every single day and the picture I have of this market is current and specific. Reach out.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby

Townhomes Were the Only Segment That Grew in August. Here Is What That Tells Upsizers in Richmond and Burnaby.

Tue, 08 Sep 2026 21:31:07 GMT

That is not a coincidence. That is a signal.

Here is what this means practically for a condo owner in Richmond or Burnaby thinking about upsizing.

The condo you are selling is still in a market where buyers have options.The apartment benchmark across Metro Vancouver in August 2026 came in at $758,896 on average sold price, with the overall composite benchmark at $1,081,900, representing a 5.6 percent yearly decrease. The apartment sales-to-active ratio of 13.7 percent tells you there is still negotiating room on your condo sale, but it is less distressed than the headlines suggest. Buyers are there. They are just being careful. Pricing correctly and presenting well matters enormously in this environment.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby

The Fall Market in Richmond Is Reactivating. For Upsizers, Here Is Why the Next Eight Weeks Matter.

Fri, 04 Sep 2026 19:08:14 GMT

As of August 23, 2026, something has quietly shifted in the Greater Vancouver market that I think every Richmond and Burnaby condo owner thinking about upsizing needs to understand.

Buyer confidence has returned. Interest rates have stabilized after the Bank of Canada's extended cutting cycle. And inventory in key neighbourhoods is thinning heading into the traditional September rebound. That combination is what a market inflection point looks like before it becomes obvious to everyone. And right now, Richmond is sitting right in the middle of one.

Let me give you the specific numbers.

Richmond currently has 402 active townhome listings with a median asking price of $1.1 million. The average sold price across all Richmond property types is $950,000, down 19 percent from August 2025. The condo segment has 942 active listings with a median asking price of $668,000. Both sides of the upsizing equation are meaningfully corrected from their peaks and sitting at the most accessible price points we have seen in this city in several years.

Here is what the inflection point means for you practically.

Active listings across Greater Vancouver are down roughly nine percent from the July 2025 peak. That inventory is drawing down. At the same time, analysts tracking the market are noting that buyers who sat out 2024 and 2025 are now watching and worrying about missing another cycle. That fear of missing out is not at 2021 levels but it is beginning to build, and it concentrates first in the most accessible and in-demand segments. In Richmond and Burnaby, that means the townhome segment specifically.

The data on Burnaby is worth noting here. Burnaby North and South are showing townhome demand that is exceptional, with benchmark prices up 5.2 percent year over year in that segment. That is not a buyer's market figure. That is a segment where supply and demand are rebalancing faster than the broader narrative suggests. If you have been watching Burnaby townhomes as part of your upsizing search and you have been waiting for conditions to get better, the data is telling you that window may have already shifted in that sub-market.

For Richmond specifically, the fall market brings a dynamic that most people underestimate. September through mid-November is historically when the widest selection of townhomes is available in the city for the year. Sellers who wanted to be done before summer listed in spring. Sellers who were watching the market through summer are now listing for the fall push. And buyers who have been waiting come back at the same time. That overlap of fresh inventory and returning buyer interest creates a window where you can find well-priced product and still negotiate sensibly, as long as you are not competing against a wave of buyers who all had the same idea a month later.

The financial picture for a Richmond upsizer right now is more manageable than most people assume before we actually sit down and model it. Median condo asking price of $668,000 on the sell side. Median townhome asking price of $1.1 million on the buy side. That is a gap of roughly $432,000. Depending on your down payment, the equity you have built in your current condo, and what your mortgage looks like at current rates of approximately 4.15 to 4.45 percent on a five year fixed, the monthly payment difference between where you are and where you want to be is often in the range of $800 to $1,400 a month for an additional 600 to 800 square feet of living space, a garage, outdoor space, and the ability to actually live the way you want to live. For a lot of families and couples in Richmond who have been feeling the squeeze of condo living, that number is worth taking seriously.

The mechanics of the transition still matter enormously. Pricing your condo correctly from day one. Having your financing in order before you start making offers on townhomes. Understanding what the strata documents look like on the place you want to buy. Knowing which Hamilton or West Cambie buildings have well-managed stratas and which ones come with deferred maintenance surprises. That is where having someone who works in this market every day makes a real difference.

The next eight weeks in Richmond are worth paying attention to. If you are ready to have a real conversation about what your move looks like, reach out.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby

The Fall Market in Richmond Is Reactivating. For Upsizers, Here Is Why the Next Eight Weeks Matter.

Tue, 01 Sep 2026 17:34:34 GMT

As of August 23, 2026, something has quietly shifted in the Greater Vancouver market that I think every Richmond and Burnaby condo owner thinking about upsizing needs to understand.

Let me give you the specific numbers.

Here is what the inflection point means for you practically.

The data on Burnaby is worth noting here. <cite index="22-1">Burnaby North and South are showing townhome demand that is exceptional, with benchmark prices up 5.2 percent year over year in that segment.</cite> That is not a buyer's market figure. That is a segment where supply and demand are rebalancing faster than the broader narrative suggests. If you have been watching Burnaby townhomes as part of your upsizing search and you have been waiting for conditions to get better, the data is telling you that window may have already shifted in that sub-market.

The next eight weeks in Richmond are worth paying attention to. If you are ready to have a real conversation about what your move looks like, reach out.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby

Should You Make Your Upsizing Move Before Fall? Here Is What the Data Is Actually Saying.

Fri, 28 Aug 2026 20:48:12 GMT

I want to talk about timing today because I think a lot of Richmond and Burnaby condo owners who have been considering the move up to a townhome are about to face a decision point that is worth thinking through carefully.

The fall real estate market in Metro Vancouver typically reactivates in September. Listings pick up. Buyers who spent August on the sidelines come back. The energy in the market shifts noticeably from the quieter summer pace. And this year, there is a specific dynamic layered on top of that seasonal pattern that I think changes the calculus for upsizers in a meaningful way.

CMHC's 2026 housing market outlook projects that buyers will act ahead of expected higher mortgage rates in 2027. Let me be clear about what that means in practice. If that projection is accurate, the fall of 2026 is going to see a wave of demand from people who have been sitting on the fence, who have watched the market stabilize, who have seen rates hold steady at manageable levels, and who have decided that waiting any longer carries more risk than acting. That demand coming back into the market simultaneously is what shifts conditions from buyer-friendly to something more competitive.

We are already seeing early signals of this. Realtors across the Greater Vancouver region are reporting multiple offer situations returning on well-priced properties under $1.8 million.Burnaby North and South are showing townhome demand that is exceptional, with benchmark prices up 5.2 percent year over year in that segment. These are not widespread market-wide conditions yet. But they are appearing in the exact segments and locations that Richmond and Burnaby upsizers are shopping in.

Here is the picture as I see it from where I sit in this market every day.

The Richmond market right now still has 2,059 active listings with an absorption rate of 5.4 percent and an average sold price of $1,136,078. Properties are selling in 40 days on average. That is still a buyer's market by definition. The townhome segment specifically has 403 active listings, an absorption rate of 8.7 percent, and an average sold price of $1,025,442, with homes selling in 33 days. Prices in the townhome segment are already up 1.3 percent from the 90-day average.

If you are selling a condo to buy a townhome, the question is not just about the market for the thing you are buying. It is about the market for the thing you are selling. Right now the condo segment is soft. Apartment sales across Metro Vancouver fell 17.8 percent year over year in July, the steepest decline of any property type. If CMHC's 2027 rate projection brings buyers back into the market in September and October, that softness in the apartment segment is one of the first things that changes. The buyers who have been sitting out the condo market come back first because condos are the most accessible entry point for people who have been waiting on the sidelines.

What that means for you as an upsizer is that your condo may be easier to sell in October than it is today, but the townhome you are trying to buy may also be more competitive in October than it is today. The two sides of your transaction do not necessarily move in your favour at the same time.

This is the nuance that I think most people miss when they think about timing. It is not just about when the market is best for buyers. It is about the window where the condo you are selling and the townhome you are buying are both in conditions that work for your transition simultaneously. That window exists right now and the data suggests it may begin to close as fall approaches.

I am not telling you to panic. Upsizing is a significant decision and it needs to make sense for your life, your finances, and your timeline. What I am saying is that if you have been planning to make this move and you have been waiting for a reason to start the process, the combination of current market conditions and the forward-looking rate environment is a reasonable reason to start now rather than in three months.

Properties that are sitting past 30 days on a properly-priced listing currently mean room to negotiate three to seven percent off the list price. On a $1.1 million townhome, that negotiating room is $33,000 to $77,000. That is the kind of number that changes what your transition looks like financially.

If you want to sit down and map out what your upsizing move looks like from start to finish before the fall market kicks in, reach out. I work in Richmond and Burnaby every day and I can give you a clear, honest picture of where you stand.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby

Apartment Sales Just Had Their Steepest Drop of Any Property Type. Here Is Why That Is Actually Good News for First-Time Buyers in Richmond.

Wed, 26 Aug 2026 17:26:21 GMT

The July 2026 GVR numbers contained a statistic that sounds alarming if you read it without context. Apartment sales across Metro Vancouver fell 17.8 percent year over year in July. The steepest decline of any property type in the region. And the composite benchmark price dropped to $1,088,800, down 6.2 percent from a year ago, the sharpest annual decline among Canada's largest markets.

I want to explain why, if you are a first-time buyer looking at condos in Richmond, this number is not something to run away from. It is something to run toward.

When apartment sales fall faster than any other segment, it means one specific thing. Sellers in the condo market are competing harder for a smaller pool of active buyers. They know their competition is not just the unit down the hall but every other condo in the building, every other building on the block, and every comparable project within a ten minute walk of the Canada Line. In that environment, sellers become realistic. Pricing gets sharper. Subject offers get accepted. Possession date flexibility comes back to the table. The experience of buying a condo in Richmond right now is genuinely different from what it was in 2021 or 2022, and different in every way that matters to a buyer.

The Richmond condo market right now has an absorption rate of 5.4 percent with 2,059 active listings across all property types and an average sold price of $1,136,078. Prices are trending up 4.2 percent compared to the 90-day average, which tells you the floor is forming even as the year-over-year numbers still show decline. That divergence between the short term trend and the long term comparison is one of the clearest signals a market can give you about where things are heading.

Now here is the piece that I think changes the conversation for anyone who has been watching and waiting.

CMHC released their 2026 housing market outlook and it contains something that deserves your full attention. They are forecasting that buyers will act ahead of expected higher mortgage rates in 2027. That is not a headline. That is a structural warning about the timeline of this window. If mortgage rates move higher in 2027, the affordability that exists right now, five year fixed rates in the low to mid four percent range, the 30 year amortization for insured mortgages, the combination of government programs that makes a first purchase in Richmond achievable, all of that gets harder. Not impossible. But harder.

I am not going to tell you that rates are definitely going up in 2027. Nobody can tell you that with certainty. What I will tell you is that the people at CMHC who spend their careers modeling the Canadian housing market are projecting it, and that projection is already beginning to shape buyer behaviour in a way that will become more visible as fall approaches and the September market reopens.

In Richmond specifically, the Canada Line corridor remains where I would be focused as a first-time buyer. The Capstan Village story I wrote about a few weeks ago is still unfolding. Brighouse, Lansdowne, and Aberdeen give you the kind of transit walkability that holds resale value over time in a way that more car-dependent areas simply do not. The buildings coming online in West Cambie have EV charging, modern layouts, and strata councils starting with clean slates and fully funded reserves, which matters enormously now that depreciation reports are mandatory.

The combination of a soft apartment market and a forward-looking rate environment is, in my read, the clearest signal this market has given first-time buyers in Richmond since the correction began. The softness is still here. The affordability tools are still here. The negotiating room is still here. What is changing is the timeline for how long all three of those things exist simultaneously.

If you have been thinking about your first place in Richmond and you are not sure what your numbers actually look like, that is the conversation I want to have with you. Reach out.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby

Sales Lost Momentum in July. Here Is the Honest Read for Upsizers in Richmond and Burnaby.

Fri, 21 Aug 2026 22:34:25 GMT

The GVR released their July 2026 numbers on August 4th and the headline was blunt. Home sales across Metro Vancouver fell nearly ten percent relative to July last year, erasing the ten percent gain we saw in June that had everyone talking about a potential market shift. The GVR's own language for it was direct: sales lost brief momentum.

I want to give you my honest read of what that means if you are a condo owner in Richmond or Burnaby thinking about upsizing to a townhome, because I think the interpretation matters as much as the number itself.

One month does not make a trend. June's broad gains across all housing types were genuinely notable and Andrew Lis at GVR was right to flag them as a potential early signal of a shift. July pulling back does not erase that signal. What it tells you is that the recovery, if that is what we are seeing, is not going to be a straight line upward. It is going to look like what every real estate recovery in this market has looked like historically: two steps forward, one step back, slow and uneven until the momentum becomes undeniable. We are somewhere in the early stages of that sequence right now.

What has not changed despite the July pullback is more important than what has.

The August 2026 Vancouver real estate market analysis notes that this is one of the most favourable move-up markets Greater Vancouver has seen in nearly a decade, with inventory up, rates meaningfully lower than two years ago, and sellers of larger homes increasingly negotiable. The composite benchmark across Metro Vancouver sits at $1,099,100, down six percent from a year ago. The townhome benchmark is $1,046,200. The condo benchmark is $695,200. Both sides of your upsizing transaction have corrected from their peak. The price gap between condos and townhomes has compressed meaningfully since 2022.

In Richmond specifically, the market conditions that have made this a favourable environment for move-up buyers remain intact. The overall absorption rate sits at 5.4 percent. The townhome segment specifically has an 8.7 percent absorption rate with 403 active listings and an average sold price of $1,025,442, selling in 33 days. That is the most active segment in the city and it has been consistently so for several months now. One slow July in the overall market does not change what is happening in this specific segment.

The average list-to-sale price ratio in Metro Vancouver for July 2026 came in at around 96.8 percent, meaning sellers are accepting offers roughly 3.2 percent below their asking price on average. That negotiating room is real and it exists right now across Richmond and Burnaby townhomes. For an upsizer buying in the $1 million to $1.2 million range, a 3 percent negotiation off asking price is $30,000 to $36,000 of real money that goes directly toward your transition costs, your renovations, or simply staying in a stronger financial position after the move.

The other thing I want to name directly is what the August market environment looks like on the ground for motivated buyers. August is traditionally one of the quieter months for buyer activity. Families are wrapping up summer. Back to school is approaching. The urgency that characterizes spring and fall markets is absent. That means sellers who have been sitting on the market through July are increasingly motivated as August progresses, and the competition from other buyers is lighter than it will be in September when the fall market traditionally reactivates.

Analysts tracking the Vancouver market are noting that buyers who act between now and spring 2027 are likely to look back on this period as one of the more favourable entry points before the next round of potential rate changes pulls sidelined demand back into the market and shifts leverage back toward sellers. I am not going to put a date on when that happens because nobody can. But the logic of that argument is sound and it aligns with what I am seeing in Richmond and Burnaby week to week.

If you have been watching this market from the sidelines and one slow July headline has you thinking the moment has passed, I want to be direct with you. It has not. The conditions that make this a good time to move up are structural, not monthly. They are about the relationship between where prices are, where rates are, and how much inventory sellers are competing against. None of those three things changed materially in July.

If you are ready to have a real conversation about what the move looks like for your specific situation, I am here for it.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby

Every Strata Building in Richmond Must Now Have a Depreciation Report. Here Is Why That Changes Everything for First-Time Buyers.

Tue, 18 Aug 2026 19:36:36 GMT

There is a regulatory change that came into effect in BC on July 1, 2026 that I think every first-time buyer looking at condos in Richmond needs to understand. It is not getting nearly enough attention and it directly affects the quality of the decision you are making when you buy a strata property here.

As of July 1, 2026, every strata corporation in Metro Vancouver with five or more units must have a current depreciation report on file. Not optional. Not subject to a vote. Mandatory. The provision that previously allowed three quarters of owners to vote to defer or waive their depreciation report is completely gone. Any building that either has no depreciation report at all, or has one dated before December 31, 2020, was required to obtain a new one by this deadline.

For first-time buyers, this is genuinely good news. Let me explain why.

A depreciation report is a detailed assessment of everything a strata corporation is responsible for maintaining, from the roof and elevator to the plumbing, electrical systems, parking structure, and building envelope. It forecasts major repair and replacement costs over a 30 year horizon and evaluates whether the contingency reserve fund is adequately funded to cover those costs. It is, in essence, the financial health check of the building you are thinking about buying into.

Before this rule change, the old opt-out provision meant that poorly managed buildings with things to hide could and did avoid getting updated reports by simply voting to defer them year after year. Buyers could find themselves reviewing a depreciation report from 2015 on a building where major systems had aged considerably since then. That gap in information was genuinely risky and buyers often had no way of knowing how outdated the picture they were looking at actually was.

That loophole is now closed. When you submit an offer on a Richmond condo today, the Form B information certificate that must be provided to you is required to include the most recent depreciation report. If the building does not have one, or has one that predates December 31, 2020, the strata is now in violation of BC law. That is information you and your realtor need to know before you remove subjects.

What should you be looking for when you actually read the depreciation report? A few things matter most. First, the funding model. A well-run strata is contributing enough to its contingency reserve fund each month to cover the repair timeline outlined in the report without requiring a special levy. If the report shows a roof replacement needed in four years and the reserve fund has $40,000 when the projected cost is $400,000, you are looking at a building where every owner, including you if you buy, will likely face a significant special levy in the near future. Second, look at the age and condition ratings of the major building components. An elevator that is rated at end of life, plumbing that has already exceeded its expected service period, or a parking structure with waterproofing issues are all flags that go beyond the monthly strata fee you see in the listing. Third, check whether the report is current. Under the new rules, reports must be updated on a five year cycle. A report from 2022 is still valid. A report from 2019 is not and the building should have a newer one in hand now.

In the current Richmond market, where you have real time to do this due diligence, where subjects are being accepted as a standard part of offers, and where 40 days on market gives you the space to actually read and understand what you are buying into, this regulatory change is a genuine gift to first-time buyers. You now have access to a more complete and legally mandated picture of building health than buyers at any point in the last decade.

I read depreciation reports with my clients as part of every purchase process. It is one of the most important things I do. If you want to understand what to look for and how to assess a building's financial health before you commit, that is exactly the kind of conversation I am here for.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby

The Summer Slowdown Is Real. But the Inventory Story Is What Upsizers Should Actually Be Watching.

Fri, 14 Aug 2026 22:50:12 GMT

Every August in this market, the same thing happens. Volume drops. Listings sit a little longer. People go on holiday. And the narrative shifts to one of those recurring "quiet summer" stories that real estate commentators lean on every year when the data slows down.

The July 2026 GVR numbers fit that template on the surface. Residential sales across Greater Vancouver came in at 2,061, down 9.8 percent from July 2025. A slow month, by any read. But I want to talk about the detail underneath that headline, because for upsizers in Richmond who have been watching and waiting, it changes the picture in a way that matters.

Total inventory across Metro Vancouver continued to fall year over year in July. That is not a summer seasonality story. That is a structural shift in the supply picture that has been building quietly for several months. And when you combine falling inventory with a sales rate that, even at its current reduced pace, is gradually absorbing what is available, you get a market that is tightening from underneath while everyone is focused on the slow summer headline.

For a condo owner in Richmond thinking about upsizing to a townhome, here is what that means practically.

The Richmond townhouse market has 403 active listings with an absorption rate of 8.7 percent and an average sold price of $1,025,442. Properties in this segment are selling in 33 days on average and prices are already up 1.3 percent from the 90-day average. I wrote about this a few weeks ago and the picture has not changed. Townhouses are the most active segment in Richmond right now, and they are the segment where inventory is tightest relative to demand. As the broader inventory picture continues to tighten across the region, the townhouse segment is likely to feel that first.

On the condo side, the median home price in Richmond sits at $860,000 across all property types, down just 1.1 percent from a year ago. The apartment benchmark across Greater Vancouver is $695,200. These are not the collapsing prices that some buyers have been waiting for. The correction happened. It was real and meaningful. But the floor has largely formed and the market is showing early signs of stabilization rather than continued decline. If you bought your condo before 2022, your equity is almost certainly in better shape than the current narrative suggests.

The summer slowdown actually creates a specific tactical opportunity for upsizers that I want to name directly. When volume is lower and buyers are distracted by holidays and back-to-school planning, motivated sellers are more willing to deal. The townhome seller who has been on the market for 45 days heading into late August is thinking about the fall market and what it means to relist in September. That mindset creates negotiating room that you would not have in a higher-volume environment. August and early September is quietly one of the better times of year to make a move as a buyer.

The composite benchmark price across Metro Vancouver sits at $1,099,100, down six percent from a year ago. The townhome benchmark is $1,046,200, down five percent. The condo benchmark is $695,200, down 7.1 percent. Both sides of the upsizing equation have corrected. The spread between where you are and where you want to be is as manageable as it has been in several years.

I work in Richmond and Burnaby every day and I have a clear picture of what is available right now, what is priced well, and what the negotiating landscape looks like building by building and street by street. If you have been thinking about making the move from a condo to a townhome and you have been waiting for a reason to act, the combination of falling inventory, a motivated seller environment, and prices that have already corrected is about as clear a signal as this market gives.

Let's sit down and look at your numbers. I think you might be closer than you think.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby

Inventory Is Starting to Fall Across Metro Vancouver. Here Is What First-Time Buyers in Richmond Need to Do.

Wed, 12 Aug 2026 17:04:17 GMT

The GVR just released their July 2026 numbers and there is a detail buried in the headline that I think first-time buyers in Richmond need to understand right now.

Sales across Greater Vancouver came in at 2,061 in July, down 9.8 percent from the same month last year. That is the number everyone is running with. Slow summer. Quiet market. Take your time. And on the surface, that reading makes sense.

But here is what the headline misses. Total inventory across Metro Vancouver is continuing to fall year over year. That means the pool of available homes is getting smaller, not larger, even as sales volumes remain below historical averages. Think about what that combination means. Fewer sales and falling inventory at the same time. The supply that has been keeping this market firmly in buyer's territory for the better part of two years is starting to draw down. Quietly. Without much fanfare. But it is happening.

In Richmond specifically, the numbers tell a similar story. The market still has 2,059 active listings and an absorption rate of 5.4 percent. The average sold price sits at $1,136,078 with homes selling in 40 days. By definition, this is still a buyer's market and you still have the conditions that have made the last 18 months so favourable for buyers who were prepared to act. Subject offers. Negotiating room. Time to review strata documents properly before committing. All of that is still available to you right now.

What is changing is the direction. And direction is everything in real estate.

The median home price in Richmond sits at $860,000 across all property types, down just 1.1 percent from a year ago according to the latest Zealty data. That is a remarkably small decline for a market that has been in buyer's territory for as long as this one has. It tells you that Richmond is holding its value better than the narrative suggests, and that the correction the market went through was more of a healthy reset than a structural collapse.

For a first-time buyer looking at condos specifically, the apartment benchmark across Greater Vancouver sits at $695,200. Richmond prices are trending up 4.2 percent compared to the 90-day average. The entry-level product that exists along the Canada Line corridor in Brighouse, Lansdowne, and now Capstan Village is still accessible at price points that, combined with the government programs available to first-time buyers, make genuine homeownership in Richmond achievable for people who have done the preparation work.

Here is what I tell every first-time buyer I am working with right now. The question is never whether this is the perfect moment in the market cycle. Perfect moments do not exist and nobody rings a bell when they arrive. The question is whether the conditions are favourable enough that a prepared buyer can make a sound decision. Right now they are. Prices have corrected. Rates are workable. Programs are stacked in your favour. Inventory is still elevated but falling. The window where all of those things are true simultaneously is not permanent.

The programs worth knowing about have not changed but they are worth repeating. The First Home Savings Account and RRSP Home Buyers Plan combined give you access to up to $100,000 in tax sheltered savings for your down payment. The federal GST rebate on new builds under one million dollars can save you up to $50,000. The 30 year amortization for insured mortgages has been available since late 2024. And five year fixed rates are still sitting in the low to mid four percent range, which is a long way from the environment buyers were navigating two years ago.

If you have been watching this market and you feel like you might be getting close to ready, I would genuinely encourage you to have a conversation before you feel like you have missed something. That is a much better place to be than scrambling after the window has closed.

Reach out anytime. I am here.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby

There Is a Lot of Hidden Inventory in the Richmond Market Right Now. Here Is What Upsizers Need to Understand.

Fri, 07 Aug 2026 21:44:50 GMT

I want to talk about something that does not show up in the standard market stats but that I think matters quite a bit for anyone who owns a condo in Richmond and is thinking about making the move to a townhome.

There is a concept in real estate called shadow inventory. It refers to properties that are not yet listed on the MLS but are coming. Unsold developer units that are sitting in completed or near-completed buildings waiting to be released. Owners who have been thinking about selling but have been waiting to see if the market improves before listing. Investors who bought presales years ago that are now completing, and who need to decide whether to hold or sell into a market that has shifted significantly from where they expected it to be when they signed.

In Richmond right now, that shadow inventory is real and it is worth understanding before you make your move. Active resale condo inventory in Richmond has nearly doubled in 24 months, rising from 472 listings in January 2024 to 938 listings as of late 2025, and the market entered 2026 with the expectation of continuing absorption. The presale market has 66 active developments in Richmond ranging from completion dates in 2026 through to 2029. As those buildings complete and units hit the market, either as resales or developer releases, they add to the supply picture that buyers are navigating.

For a condo owner who is selling to upsize, understanding this dynamic is important for two reasons. First, it tells you something about pricing your condo correctly when you list. This is not a market where you can afford to be aggressive on asking price and wait for a buyer to come to you. Richmond's overall absorption rate sits at 5.4 percent with 111 sales in the last 30 days against 2,059 active listings. The buyers are there but they have options. Pricing sharp and presenting well is not optional in this environment. It is the difference between a 40-day sale and a 90-day one.

Second, and more importantly for upsizers, the shadow inventory picture actually works in your favour on the purchase side. The townhome market in Richmond right now has 403 active listings with an absorption rate of 8.7 percent and an average sold price of $1,025,442. That is the most active segment in the city. But the presence of broader inventory overhang in the condo segment means that sellers of townhomes, particularly those who are also trying to move up or move on, are acutely aware of the market they are selling into. That awareness translates into negotiating room for you as the buyer. Sellers who understand that their next purchase is also happening in a buyer's market tend to be more reasonable on price and conditions than sellers who feel like they are the only ones making concessions.

The townhome you are stepping into has also corrected from its peak. The GVR benchmark for attached homes across Greater Vancouver sits at $1,046,200, down five percent from June 2025. You are not buying high. You are buying in a market where prices have adjusted and where, as I mentioned last week, the average sold price for Richmond townhouses is already showing a 1.3 percent uptick from the 90-day average. The floor is forming in the townhome segment.

The mechanics of the upsizing transition are worth thinking through carefully in this environment. When you list your condo, you want to have your financing in order on the purchase side before you are under contract on the sale side, because the bridge between the two transactions needs to be mapped out clearly. The good news is that five year fixed rates in the low to mid four percent range make that math more workable than it was in 2023. And the 30 year amortization option for new construction purchases gives upsizers who are buying a newer townhome some additional monthly payment flexibility that was not available 18 months ago.

Hamilton and West Cambie continue to be the neighbourhoods I focus on most for upsizer clients in Richmond. Newer builds, modern layouts, EV charging, well-funded stratas. Steveston for those who want the lifestyle and have the budget for the premium it commands. The Capstan corridor for anyone who wants new construction with Canada Line access at a price point below the established stations.

If you have been sitting on the upsizing decision and the shadow inventory story feels complicated, that is exactly why having someone who knows this market deeply in your corner makes a difference. I work in Richmond every day. I know what is sitting in pipeline and what is actively selling. That context changes how you approach both sides of your transaction.

Let's talk.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby

Why Capstan Village Is the Most Interesting Neighbourhood in Richmond for First-Time Buyers Right Now

Tue, 04 Aug 2026 22:41:20 GMT

I want to talk about something specific this week because I think there is a neighbourhood story playing out in Richmond that most people buying their first place are not paying enough attention to.

Capstan Village.

If you have been watching the Richmond condo market at all, you have probably seen listings in this area pop up more frequently over the last year or so. There is a reason for that. The Capstan Canada Line station opened in late 2024 and it has been quietly transforming a stretch of central Richmond that was, for a long time, an afterthought for buyers focused on Brighouse or Lansdowne. Now it is genuinely worth a serious look, and for first-time buyers specifically, the timing could not be better.

Here is the market context first. Richmond currently has 2,059 active listings across all property types with 111 sales in the last 30 days, an average sold price of $1,136,078, and an absorption rate of 5.4 percent. Properties are selling in an average of 40 days. That is a buyer's market by any definition. Across Greater Vancouver, the apartment benchmark sits at $695,200, down 7.1 percent from June 2025. Prices have corrected. Selection is high. The conditions for a first-time buyer who knows what they are looking for are about as good as this market gets.

Now back to Capstan. The new Canada Line station puts you directly on the transit network connecting Richmond to downtown Vancouver, YVR, and the broader Metro Vancouver system. That access fundamentally changes what it means to live in this part of Richmond. The walkability score has improved dramatically for anyone whose life takes them along the Canada Line corridor. And crucially, the new builds that have come online in Capstan Village in the last 18 to 24 months are some of the most thoughtfully designed product I have seen come to market in Richmond in a while. Modern layouts that actually reflect how people live today. EV charging infrastructure built into the parkade rather than retrofitted. Strata councils that are starting fresh with new buildings and fully funded contingency reserves rather than playing catch-up on decades of deferred maintenance.

The presale market in Richmond right now has 66 active developments ranging from the $500,000 range upward, with six developments currently offering buyer incentives and units completing between 2026 and 2029. If you are a first-time buyer who qualifies for the federal GST rebate on new builds under one million dollars, the savings on a presale purchase in this price range can be up to $50,000. That is real money and it is available right now.

I want to be honest about what Capstan Village is and is not. It is not Steveston. It does not have that village feel and the waterfront walks and the historic character that make Steveston genuinely special. It is a new neighbourhood that is still building its identity. But what it does have is direct Canada Line access, new building stock with modern amenities, and pricing that is meaningfully more accessible than the established Canada Line stops at Brighouse and Lansdowne. For a first-time buyer who is prioritizing transit access, building quality, and long-term value growth as the neighbourhood matures, that combination is compelling.

Five year fixed mortgage rates are sitting in the mid four percent range right now, and the 30 year amortization for first-time buyers purchasing newly built homes remains in effect, lowering monthly payments meaningfully. The stress test is still a reality, as it always is, but the qualifying rate is substantially more manageable than it was 18 months ago.

If you are a first-time buyer in Richmond and you have not looked seriously at what Capstan Village offers right now, I think it is worth your time. I am happy to walk you through what is available, what I would and would not buy in this area, and what the strata landscape looks like in the newer buildings there. That is the kind of conversation that takes an hour and can save you a lot of second-guessing later.

Reach out whenever you are ready.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby

The Richmond Townhouse Market Is Moving Faster Than You Think. Here Is What Upsizers Need to Know.

Fri, 31 Jul 2026 22:18:38 GMT

Something in the Richmond townhouse numbers caught my attention this week and I want to walk you through it because I think it changes the calculus for anyone who has been sitting on the upsizing decision.

The absorption rate for townhouses in Richmond right now is 8.7 percent. That number might not mean much to you on its own so let me give you the context. The absorption rate for Richmond as a whole, across all property types, sits at 5.4 percent. The absorption rate for detached houses specifically is 4.7 percent. The townhouse segment at 8.7 percent is the most active part of the Richmond market right now by a significant margin. It means that of the 403 active townhouse listings in the city, 35 sold in the last 30 days. Homes in this segment are selling in an average of 33 days, faster than the overall Richmond market average of 40 days.

For anyone thinking about upsizing, here is what that tells you. The townhouse buyers are already back. They are not waiting for a clearer signal. They are acting now, in this market, at these prices, and the inventory is starting to move as a result. The average sold price for Richmond townhouses right now is $1,025,442, which is up 1.3 percent compared to the 90-day average. In the same market where overall prices have been correcting, townhouses in Richmond are already showing price stabilization and early upward movement.

I want to be straight with you about what this means. You are not in a panic situation. The absorption rate at 8.7 percent is still technically buyer's market territory. You still have negotiating room. You can still write an offer with subjects, take the time to review the strata documents properly, and avoid the pressure of competing against multiple offers on the same property. But if you have been planning to upsize and you have been waiting for the townhouse segment to find its floor before you move, the data is telling you that floor may already be forming.

On the condo side, which is the other half of your transaction as a move-up buyer, the picture is still very much in your favour as a seller. Richmond overall has 2,059 active listings and an absorption rate of 5.4 percent, meaning the condo segment specifically is softer than townhouses. If you own a condo in Richmond and you are selling into this market, your buyer pool is patient and rate-conscious, which means pricing correctly and presenting well matters enormously. But the buyers are there. Condos that are priced right and well-maintained are selling in 40 days on average across the city.

The spread between what you are selling and what you are buying is the number that actually matters for upsizers. Right now the condo benchmark across Greater Vancouver sits at $695,200 and the townhouse benchmark sits at $1,046,200 based on the GVR June 2026 data. That is a gap of roughly $351,000. Depending on how much equity you have built up in your condo, your down payment on the townhouse, and what your mortgage looks like at current rates in the low to mid four percent range, the monthly carrying cost of making this move is often more manageable than people assume before we sit down and actually model it out.

What I tell every upsizer I work with is this. The decision is never just about the market timing. It is also about where you are in your life. If you have been living in a one or two bedroom condo in Richmond and you are feeling the squeeze, whether that is a growing family, a need for a proper home office, a desire for a garage, or just wanting to feel like your home actually fits your life, that quality of life improvement does not wait for a perfect market. The best time to make that move is when the numbers work for you personally and the market conditions are reasonably favourable. Right now, both of those things are true.

The townhome product available in Richmond at the moment is genuinely good. Hamilton and West Cambie have newer builds with EV charging, modern floor plans, and well-funded stratas. Steveston has tighter supply but exceptional long-term value. The areas around Brighouse and Capstan Village have townhome options that keep you connected to the Canada Line while giving you the square footage and outdoor space that makes the daily difference.

If you are ready to have a real conversation about what the move from your condo to a Richmond townhome looks like for your specific situation, I am here for that conversation. Let's look at the numbers together.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby

Richmond Condo Prices Are Trending Up 4.2 Percent. Here Is What First-Time Buyers Need to Do Right Now.

Tue, 28 Jul 2026 21:45:37 GMT

I want to share something with you that I have been watching quietly over the last few weeks, because I think it changes the conversation for first-time buyers in Richmond in a meaningful way.

Richmond home prices are trending up 4.2 percent compared to the 90-day average. That is not a headline you have been reading anywhere. The broader narrative has been all about a buyer's market and falling prices, and that narrative is still largely true. But underneath it, something is starting to shift in Richmond specifically. The market here is waking up before most people realize it.

Let me give you the full picture so you can make sense of that number. Richmond currently has 2,059 active listings and an absorption rate of 5.4 percent, which means only about five in every hundred listed properties sell each month. Homes are averaging 40 days on market. By any traditional measure, this is still a buyer's market and buyers still have negotiating room. But that 4.2 percent price trend upward over the last 90 days tells you that demand is quietly returning. The people who waited for the clearest possible signal that the bottom was in are now the people competing against each other for the same listings.

Across Greater Vancouver, the GVR June 2026 data released July 3rd confirmed that all housing types posted year-over-year sales gains in the same month for the first time in recent years. GVR chief economist Andrew Lis described it as a rare occurrence and a potential early sign of a broader market shift. The apartment benchmark across the region sits at $695,200, down 7.1 percent from a year ago. But the direction of travel is changing and Richmond is one of the markets where that change is most visible right now.

Here is what this means practically for a first-time buyer who has been on the fence.

The programs that make buying more accessible have not changed. The First Home Savings Account, the RRSP Home Buyers Plan giving you access to up to $100,000 in tax-sheltered savings for your down payment, the federal GST rebate on new builds under one million dollars, the 30 year amortization for insured mortgages introduced at the end of 2024. All of that is still on the table. What is changing is the competitive environment. Six months ago you could take your time, write an offer well below asking, and expect a response. That window is narrowing in Richmond as prices start to find their floor and tick upward.

The Canada Line corridor remains the part of Richmond I would have any first-time buyer focused on. Brighouse, Lansdowne, and Aberdeen give you transit walkability that changes your daily life and supports resale demand that is among the most consistent in the city. There is still real product available in the $580,000 to $720,000 range depending on building age, size, and floor level. A prepared buyer with financing in order and a clear sense of what they are looking for can still move decisively in this market. But the window where you can be completely leisurely about it is getting shorter.

I am not going to tell you that prices are about to spike or that you need to panic buy this week. That is not how I operate. What I will tell you is that the data in Richmond right now is pointing in one direction and first-time buyers who have been waiting for a signal are looking at one. The question is whether they are paying attention.

If you want to sit down and figure out what your actual buying power looks like in Richmond right now, what neighbourhoods make sense for your situation, and what buildings I would and would not recommend based on what I know about their stratas and long-term value, let's talk. That conversation costs you nothing and might be the most useful hour you spend this summer.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby

You Have Been Sitting on Condo Equity in Richmond. Here Is What I Would Do With It Right Now.

Fri, 24 Jul 2026 18:45:37 GMT

I want to be direct with you today because I think there are a lot of Richmond condo owners who are sitting on a decision they have been putting off for too long, and the market right now is actually set up quite well for them to act.

If you bought a condo in Richmond before 2021, you are almost certainly sitting on meaningful equity. Even if you bought in 2021 or 2022 near the peak, the picture is more nuanced than you might think. Yes, apartment prices in Richmond are down 4.7 percent year over year according to the latest GVR sub-area data. But here is what people miss when they fixate on that number. The townhome you want to move into has also come down. The GVR June 2026 benchmark for attached homes across Metro Vancouver sits at $1,046,200, down five percent from a year ago. You are not selling a corrected asset to buy something at full price. Both sides of your transaction have moved in the same direction.

Richmond right now has 2,059 active listings and an absorption rate of 5.4 percent. Properties are selling in an average of 40 days. That is a buyer's market in every meaningful sense of the word, and it applies to the townhome you are buying just as much as it applies to the condo you are selling. The negotiating room exists on both ends.

Here is what the upsizer transition actually looks like when we sit down and map it out. You take the equity in your current condo, whether that is $150,000 or $400,000 depending on when you bought and what you put down, and you understand exactly what that gets you as a down payment on a townhome in Richmond or Burnaby. You look at what your new mortgage payment is going to be at current rates, which are sitting in the mid four percent range for a five year fixed. You factor in what the strata fees look like at the townhome level, which are typically lower than in a high-rise condo because there are fewer shared amenities to maintain. And you look at what you are gaining in terms of square footage, a garage, outdoor space, and the kind of daily living environment that a condo simply cannot give you.

The townhome inventory in Richmond right now is genuinely worth exploring. There are 432 active townhouse listings across the city. Hamilton and West Cambie have newer product with modern floor plans, EV charging, and well-funded stratas. Steveston has tighter supply and stronger long-term value retention because new development there is limited. The areas around Brighouse and Capstan Village have townhome product that keeps you connected to the Canada Line while giving you the ground-oriented living that makes the biggest difference when you actually experience it day to day.

Burnaby is part of this conversation too. I cover both markets and I will always tell you where the better value is for your specific situation rather than defaulting to Richmond because that is the familiar name. The Edmonds and South Burnaby corridors have townhome inventory right now that compares very favourably on a price per square foot basis, with SkyTrain access and school catchments that work well for families.

The GVR chief economist Andrew Lis noted in the June 2026 release that broad gains across all housing types in the same month was a rare occurrence and could be an early signal of a shift in market conditions. That does not mean prices are about to spike. But it does mean that the sustained buyer's market conditions that have made the last eighteen months such a favourable environment for move-up buyers may not be permanent. The sales-to-active listings ratio across Metro Vancouver moved from 13.1 percent in May to 14.6 percent in June. The direction matters even when the numbers are still in buyer territory.

I am not here to pressure anyone. But if you have been thinking about making this move and the thing holding you back is uncertainty about the process, the timing, or what your numbers actually look like, that is exactly the conversation I want to have with you. I work in Richmond and Burnaby every single day. I know this market the way you know your own neighbourhood. And I genuinely believe that for the right buyer, right now is a moment worth taking seriously.

Reach out. Let's look at your equity, your options, and what the move actually looks like for you specifically.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby

There Are 953 Condos for Sale in Richmond Right Now. Here Is How to Find the Right One.

Tue, 21 Jul 2026 23:32:06 GMT

I want to talk to you like a friend who happens to know this market inside and out, because I think that is exactly what first-time buyers in Richmond need right now and are not always getting.

There are 953 active condo listings in Richmond as of this week. The average asking price sits at $754,075. The city has 2,059 total active listings across all property types, with homes selling in an average of 40 days and an absorption rate of 5.4 percent. If those numbers feel abstract, let me translate them into something that actually means something to you.

An absorption rate of 5.4 percent means that for every 100 condos available in Richmond right now, only about five are selling each month. That is a slow market by any measure. And in a slow market, the buyer has the power. Full stop.

What that means practically is that you are not rushing into anything. You are not writing an offer the same day you walk through a unit because someone else is lined up behind you. You have the time to look at five or six buildings, compare their strata financials, read the depreciation reports, ask hard questions about upcoming special levies, and make a decision that you genuinely feel good about. That kind of process was essentially impossible in 2021 and 2022. Right now it is completely normal and sellers expect it.

The GVR June 2026 data backs this up at the regional level too. The apartment benchmark across Greater Vancouver is $695,200, down 7.1 percent from a year ago. Richmond specifically saw apartment prices down 4.7 percent year over year according to the mid-2026 GVR sub-area breakdown. You are entering a market where prices have corrected meaningfully from their peak and where the inventory gives you real choice.

Now let me tell you what I actually think about buying a condo in Richmond specifically, because I am not just throwing statistics at you. I live and work in this city. I know which buildings have well-run stratas and which ones are struggling. I know which Canada Line corridors are going to hold their value better over the next decade because of what is coming in terms of density and development. I know which blocks in Brighouse are walkable in a way that genuinely changes your day, and which ones look good on a map but feel disconnected when you actually live there.

The $754,000 average asking price across Richmond condos is a starting point, not the ceiling. There is real product in the $580,000 to $680,000 range for buyers who are willing to look at slightly older buildings or smaller floor plans, and a lot of those buildings have better bones than the shiny new towers that come with $700 a month strata fees and a depreciation report that has never been tested. Knowing the difference between those two categories of building is something I can actually help with.

For first-time buyers who are eligible for the First Home Savings Account, the RRSP Home Buyers Plan, the federal GST rebate on new builds, and the 30 year insured amortization that has been available since late 2024, the financial picture is more accessible than the headlines suggest. The stress test is still a reality and strata fees need to be factored in carefully. But for a buyer who is prepared and has the right guidance, Richmond in July 2026 is one of the most navigable markets this city has seen in years.

I am not the realtor who is going to tell you to buy now because the market is about to explode. I am the realtor who is going to sit down with you, look at your actual numbers, walk you through the buildings that make sense, and make sure you understand exactly what you are getting into before you sign anything. That is what I would want from someone helping me make the biggest financial decision of my life.

If you are thinking about buying your first place in Richmond, I would love to talk. No obligation. Just an honest conversation about what is realistic for you right now.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby

Townhome Sales Just Jumped 11 Percent in Metro Vancouver. Here Is What That Means If You Are Thinking About Upsizing

Fri, 10 Jul 2026 15:56:08 GMT

The GVR June 2026 data landed on July 3rd and the number that jumped out at me most for upsizers was not the headline sales figure. It was the attached home segment specifically.

Townhome sales across Metro Vancouver came in at 527 units in June 2026, up 11.4 percent from the same month last year. That is the strongest year-over-year gain of any housing type in the region. It happened in the same month that the overall market finally posted broad gains across every segment for the first time in recent years. And it happened while the townhome benchmark price stayed essentially flat month over month, sitting at $1,046,200 for June 2026, down five percent from a year ago but barely moving from May.

What that combination tells me is that buyers who want ground-oriented living, real square footage, a garage, and outdoor space have started coming back to this segment in a meaningful way. They are buying at prices that are still well below last year. But they are buying. The attached segment also has the highest sales-to-active listings ratio of any housing type in the region right now, at 17.8 percent, compared to 15.5 percent for apartments and 12 percent for detached. That means the townhome segment is actually the tightest part of this market right now. Not tight enough to create bidding wars, but tight enough that the window of having maximum selection and a relaxed negotiating environment is worth taking seriously rather than assuming it is permanent.

For anyone sitting in a Richmond or Burnaby condo right now and thinking about making the move up, this data deserves your attention.

Let me address the thing that I know holds a lot of upsizers back, which is the feeling that your condo has lost value and you are somehow selling at a loss. I understand that feeling. But here is what the numbers actually say. The apartment benchmark is $695,200, down 7.1 percent year over year. The townhome benchmark is $1,046,200, down 5 percent year over year. The spread between what you are selling and what you are buying into has both come down. You are not selling a corrected asset and buying something at full price. You are operating in a market where the correction has touched both sides of your transaction, and in many cases the gap between your condo value and your townhome entry point is more manageable than it would have been at the peak.

The days on market for townhomes across Metro Vancouver was 35 days in June based on the GVR data. In the Fraser Valley, it was 33 days. Homes are moving. Not frantically, but steadily. That tells you there is genuine end-user demand in this segment, families who need the space, people who have been patient and are now acting.

In Richmond, the townhome inventory I would have you focused on right now is concentrated in Hamilton, West Cambie, and the newer builds coming out of the East Richmond area. These are ground-oriented homes with private garages, proper outdoor space, and floor plans that are genuinely designed for how families live today. If you have been living in a one or two bedroom condo and you are starting to feel the squeeze, the difference in daily quality of life when you move into a three bedroom townhome with a garage and a patio is something that is hard to overstate.

In Burnaby, the Edmonds and Metrotown corridors continue to offer compelling value in this segment. There are newer townhome builds there with EV charging infrastructure, well-run stratas, and SkyTrain access that is comparable to or better than much of Richmond. If your life or your commute takes you east, Burnaby may actually deliver more home for your money right now.

Here is the honest read of where this market is heading. Andrew Lis at GVR specifically noted that new listings are coming to market at a slower pace than last year, which means the standing inventory is no longer climbing and may be showing early signs of reversing. Prices have not moved much yet because the inventory has been big enough to absorb the demand. But when that inventory starts shrinking and demand continues to come back, prices follow. That sequence has happened in this market before.

You do not need to panic. But if you have been waiting for a clear signal that the townhome market is finding its floor, June 2026 is giving you one.

If you want to understand what your equity looks like right now and what you can realistically step into in Richmond or Burnaby this summer, let's have that conversation.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby

What the Rate Hold Means If You Are Thinking About Upsizing to a Townhome in Richmond or Burnaby

Fri, 19 Jun 2026 21:58:32 GMT

The Bank of Canada held its overnight rate at 2.25 percent on June 10th for the fifth time in a row. For people who own a condo right now and have been watching and waiting to make the move up to a townhome in Richmond or Burnaby, I want to walk through what that actually means for your situation.

The short version is this. Rate stability is good for move-up buyers. Here is why.

When rates are moving around, the uncertainty cuts both ways. As a seller, you are not sure what your buyer pool looks like. As a buyer, you are not sure what you can actually qualify for month to month. When the Bank holds steady for five decisions in a row and most analysts are calling 2.25 percent the floor for 2026, both sides of your transaction get clearer. You know what you can afford on the purchase. And the buyers coming to look at your condo know what they can afford too. Deals get done when people can plan.

The GVR numbers from May tell a story that I think is genuinely good for upsizers right now. The benchmark price for a townhome across Greater Vancouver sits at $1,048,200, down 5.1 percent year over year. The benchmark for a condo apartment is $697,800, down 7.9 percent year over year. What that means in practical terms is that condos have softened more than townhomes. If you own a condo, yes your asset has come down in value from its peak. But the townhome you are stepping into has also come down, and it has come down by a bit less. You are not selling at a loss just to buy at full price somewhere else. The spread between where you are and where you want to be is often much more reasonable than people assume before we sit down and actually look at the numbers together.

The other thing I would flag for anyone who has been on the fence about timing is the month over month movement in townhomes. While apartments continued to drift lower in May, the GVR townhome benchmark ticked up 0.5 percent from April. That is a small move but it is a direction. It tells you that ground oriented housing with real square footage, garages, and outdoor space is starting to attract buyers back before the broader market has recovered. If you are waiting for the bottom before you buy, you may already be looking at it in the townhome segment.

In Richmond, the inventory picture gives upsizers real options right now. Hamilton and West Cambie have newer townhome builds with modern finishes, EV charging, and layouts that actually work for a family or anyone needing a proper home office. Steveston is a completely different feel, more of a lifestyle purchase, with tight supply and strong long-term value. The areas near Bridgeport and East Richmond offer newer product at slightly more accessible price points if the premium Steveston neighbourhoods are stretching your budget.

Burnaby is worth a serious look alongside Richmond, and I say that as someone who knows both markets well. The Edmonds corridor and the areas around Metrotown have solid townhome inventory right now, excellent SkyTrain access, and in some cases better value per square foot than comparable Richmond product. If your commute takes you east or north, or if the school catchment in South Burnaby works for your family, it may actually be the smarter fit. I would rather find you the right home than push you toward the wrong neighbourhood just because it is more familiar.

The financial mechanics of the transition are what I spend the most time on with upsizer clients, because they are where people feel the most uncertainty. The question is never just about the price of the townhome. It is about how you sequence the sale of your condo and the purchase of the new place. What does bridge financing look like if the dates overlap? How do strata fees at the townhome level affect your monthly budget versus where you are now? What does a mortgage at current rates mean for your payment on the difference between what you net and what you are paying? These are all questions with real answers. You just need to map them out before you start shopping rather than while you are already emotionally attached to a specific unit.

The overall Metro Vancouver market remains quiet by historical standards. Total sales in May came in at 2,150, which is 26.6 percent below the 10 year seasonal average. Sellers know that. The negotiating room is real. The conditions that define a strong buyer's market, more selection, longer days on market, motivated sellers, are all present right now across Richmond and Burnaby townhomes.

If you have been thinking about making this move and want to understand what your numbers actually look like, reach out. I work in Richmond and Burnaby every day and I am happy to walk through the whole picture with you from where your condo equity sits today to what you can realistically step into this summer.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby

What the Rate Hold Means If You Are Thinking About Upsizing to a Townhome in Richmond or Burnaby

Mon, 15 Jun 2026 21:16:40 GMT

The short version is this. Rate stability is good for move-up buyers. Here is why.

Neville Mak, REALTOR® The Real Brokerage 778-688-6667 | nevillemakre@gmail.com | nevillemak.ca Serving Richmond and Burnaby