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

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