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

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