Richmond Real Estate Market Report

Blog by Arnold Shuchat | September 18th, 2014

Time for an observation.  Over the last month and a half, it has been increasingly more difficult to find single family homes under the $1 Mill mark.  I have noticed multiple offers on most of the listings that I have toured on behalf of buyers.  Look to see old product come on the market in neighbourhoods like North Steveston, Southarm, Saunders and Boyd Park as the older generation who missed the highs of 2011 seek to grab the only chance they have had since then to ride a market wave.  If it is listed now, and priced properly, it will sell.

Look for long time residents of Richmond to start to cash out and head for retirement condos in Vancouver or outside the Lower Mainland. Another observation:  I haven't seen or heard from the market bears lately.  I suspect as the market churns ahead and reaches for previous heights, they shall return to predict another "bubble".  

Well, as I said in late 2010, if you have a couple of properties and are approaching a personal reitrement of sorts, consider taking profits on some of them.  It has been a good ride, and it has taken 3.5 years to come back to almost where we were.  Do you have another 3-5 years to wait?  Do you want to take a chance?  In the end, it is a sum of money that you need on retirement which has to be predictable, not bricks and mortar.