Courtesy of Lynn Sakai-Boden

Richmond Market Report for February 2025

Benchmark Price

$733,800 apartment DOWN 2.2% year-to-year

$2,139,000 detached DOWN 1.7% year-to-year

178 SOLD LISTINGS

30.0% SALES TO NEW LISTING RATIO

595 NEW LISTINGS

41 98

detached

apartment

February brings balance to Metro Vancouver’s housing market

Vancouver, March 4, 2025 – “After the rush of new listings in January, home sales and new listings in February were closer to historical averages, which has positioned the overall market in balanced conditions,” Andrew Lis, GVR’s director of economics and data analytics said. “With a potential Bank of Canada rate cut on the table for mid-March, homebuyers may find slightly improved borrowing conditions while enjoying the largest selection of homes on the market since prepandemic times.” The total number of properties currently listed for sale on the MLS ® system in Metro Vancouver is 12,744. The MLS ® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,169,100.

This represents a 1.1 per cent decrease over February 2024 and a 0.3 per cent decrease compared to January 2025. Sales of detached homes in February 2025 reached 477. The benchmark price for a detached home is $2,006,100. Sales of apartment homes reached 976 in February 2025. The benchmark price of an apartment home is $747,500. Attached home sales in February 2025 totalled 359. The benchmark price of a townhouse is $1,087,100. Statistics reflect market activity in February 2025 | Source: Greater Vancouver REALTORS ® (GVR) | Market values stated are of the benchmark of Richmond. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

Lynn Sakai-Boden Personal Real Estate Corporation Cell: 604-218-4800 Lynn@LynnsDreamHomes.com www.LynnsDreamHomes.com

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