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

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

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

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

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

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

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

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

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

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

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

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