RICHMOND/SOUTH DELTA

The Richmond/South Delta market area will have a ‘Yellow Light’ status after recording 145 total sales in the Fourth Quarter of 2022, a decrease of 61 percent from the previous quarter. Sales continue to be a mix of investors and end users with a heavier focus on end users in South Delta. The majority of sales have been driven by the High Rise sector as it accounted for 79 percent of all total sales. Whereas the Low Rise and Townhome sector saw significant decreases in sales activity as it dropped by 93 and 63 percent, respectively, when compared to the Third Quarter of 2022. There has been one High Rise project launch that released 143 units onto the market and 12 percent of those units have been absorbed. The overall absorption rate in the Fourth Quarter of 2022 reached 13 percent with the Low Rise sector achieving the highest absorption rate of 17 percent.

Market Highlights

One Park by Grand Long recorded the strongest concrete condominium sales of 19 units amongst the three buildings that have been released

Polygon’s Townhome development in Ladner, Westhampton, quietly launched in late November and recorded 27 sales of the 34 initially released units at an average value of $590 per square foot

Parc Portofino, a stacked Townhome project by Dava Developments, recorded 15 sales over Q42022 after three consecutive quarters of no sales; the overall price per square foot value increased by $29 and the majority of recent purchasers have been noted as first-time buyers and downsizers from central Richmond areas

There are six completed High Rise condominium projects equating to 293 move-in-ready homes, which accounts for 40 percent of the 721 unsold inventory in this sector

Shape’s Richmond Centre development is anticipated to launch its Penthouse collection in early 2023

**Note: The greater variation in Active Sales Price Range is the result of the achievable sale value differential between comparable product in Richmond and South Delta