There was a slight dip in single-family home prices in the third quarter of 2022 compared to the previous quarter, while home sales plummeted 50 per cent compared to a year ago.
The Home Price Index for single-family homes in the third quarter of 2022 in Richmond was about $2.08 million, which is 6.7 per cent higher than the same time period in 2021, but down from $2.16 million in the second quarter of this year, according to financial documents compiled by the City of Richmond.
Townhouse properties rose more than 10 per cent compared to a year ago, with an average price of about $1 million. But, again, this is lower than what they cost in the second quarter of 2022, namely, on average about $1.1 million.
This seems to be the trend for the price of apartments as well, which also dropped in the third quarter of 2022. The Home Price Index for an apartment in Richmond was $703,900 in the third quarter of 2022, down from $746,200 in the second quarter of this year.
The Bank of Canada has been raising interest rates since March to cool inflation, which some analysts say will affect the real estate market.
The last increase was on Dec. 7, when interest rates rose to 4.25 per cent. At the beginning of 2022, the Bank of Canada interest rate was 0.25 per cent.
