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

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