Market saturation is when the supply of products or services outweighs the demand. Understand what market saturation means for your investment properties.
Richmond Home Price
Canada’s national median home listing price this month is $290,900, which means that Richmond is in the top 20% for Canada.
While the median for British Columbia is $519,000 , which means that Richmond’s median price is $998,000 considerably better than the rest of the province.
How big are the houses being sold in Richmond? This month there are 5 one bedroom 46 two bedroom 222 three bedroom 146 four bedroom 61 five bedroom homes on the market.
According to our stats, Richmond is the neighbourhood that has the 7th most properties available to real estate investors in British Columbia.
It’s never an exact art, but to try to forecast how property is going to appreciate in Richmond for investors, it’s important to look at data like:
It’s always hard to tell what property prices will do over the coming months, but over the last three months the properties available for purchase in Richmond have dried up which would tend to indicate that demand is higher than the supply of new properties.
Across the nation CREW lists data for 1054 neighbourhoods, and this month Richmond is number 47 putting it ahead of most neighbourhoods .
In Aug the median listed house price of $479,444 in Richmond was an impressive compared to the rest of British Columbia.
In province, the most common property on the listings this month has 2 bedrooms, in this neighbourhood it’s 2.
According to our stats, Richmond is the neighbourhood that has the 4th most properties available to real estate investors in British Columbia.
When we look at the data we have, it can help with trying to establish whether or not Richmond is a good investment target.
Over the last three months in Richmond, housing stock available seems to be falling – this could mean that homes values might increase faster.
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