The Real Estate Board of Greater Vancouver says B.C.'s hottest housing market is in Richmond, where the benchmark price of a detached home has reached nearly $1.1-million.
February detached home sales rose in the Vancouver suburb 54.9 per cent over January, with the median price reaching a record $1.03-million. "They're purchasing anywhere and everywhere in Richmond right now," said board president Jake Moldowna.
Moldowna says he's never seen so much activity in a concentrated area in his 34 years in real estate, and attributed the boost to offshore investment from mainland China.
Chinese investors have also shown enthusiasm for Vancouver's west side, he added.
In the past four months, the benchmark price of a detached home went up by more than $190,000 in Richmond, reaching $1,099,679. In west side Vancouver, the price jumped by roughly $220,000 to reach $1,850,072.
By comparison, the benchmark price of detached homes across Greater Vancouver increased by $51,000 since November.
In Richmond, 251 detached homes sold in February; 242 sold in Vancouver's west side. No other Lower Mainland region broke 200.
