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

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