In February, Richmond’s real estate market showed increased confidence, with rising home prices and new listings compared to January. The Bank of Canada’s decision to maintain a five percent key interest rate raised questions about future growth due to inflation concerns. The benchmark price for residential properties in Richmond rose to $1,173,100, with apartments leading the growth at $769,800, a 4.9% increase. Townhouses and single-family homes also saw modest rises. The number of homes for sale increased by 13%, aligning with Metro Vancouver’s trend of a 31% year-over-year rise in new listings.

Andrew Lis, Greater Vancouver Realtors director of economics, noted that while January saw a slower pace of new listings, February’s uptick offers buyers more options and helps balance the market as spring approaches. However, uncertainty looms over continued growth following the Bank of Canada’s decision to maintain the key interest rate at five percent due to inflation concerns.