April 2, 202
Home buyers and sellers adjust their activities in March amid challenging circumstances
Metro Vancouver’s* housing market saw steady home buyer demand to begin March and a levelling off of activity as the month went on and concerns about the COVID-19 outbreak intensified.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,524 in March 2020, a 46.1 per cent increase from the 1,727 sales recorded in March 2019, and a 17.4 per cent increase from the 2,150 homes sold in February 2020.
Last month’s sales were 19.9 per cent below the 10-year March sales average.
“The first two weeks of the month were the busiest days of the year for our region with heightened demand and multiple offers becoming more common,” Ashley Smith, REBGV president said, “Like other aspects of our lives, this changed as concerns over the COVID-19 situation in our province grew.”
Daily residential sales on the region’s MLS® were 138 on average in the first ten business days of the month. In the final ten business days of the month, the daily average declined to 93 sales.
“Many of the sales recorded in March were in process before the provincial government declared a state of emergency. We’ll need more time to pass to fully understand the impact that the pandemic is having on the housing market,” Smith said.
“In recent weeks, REALTORS® have been working to help and guide their clients through this uncertain period. Many people have understandably chosen to put their home buying or selling plans on hold for now. Other people have more urgent housing needs and we’re trying to work with them to address these needs in the safest and most responsible way possible.”
There were 4,436 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2020. This represents a 10.4 per cent decrease compared to the 4,949 homes listed in March 2019 and a 10.8 per cent increase compared to February 2020 when 4,002 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,606, a 24.8 per cent decrease compared to March 2019 (12,774) and a 4.5 per cent increase compared to February 2020 (9,195).
“Realtors were named among the province’s list of essential services last week,” Smith said. “This means that we have a responsibility to do what we can to help residents meet their housing and shelter needs while strictly following the most up-to-date public health orders and physical distancing requirements from our health officials and government agencies.”
For all property types, the sales-to-active listings ratio for March 2020 is 26.3 per cent. By property type, the ratio is 21.1 per cent for detached homes, 33 per cent for townhomes, and 28.9 per cent for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,033,700. This represents a 2.1 per cent increase over March 2019, and a 1.3 per cent increase compared to February 2020.
Sales of detached homes in March 2020 reached 852, a 61.1 per cent increase from the 529 detached sales recorded in March 2019. The benchmark price for detached properties is $1,450,700. This represents a 0.7 per cent increase from March 2019, and a 1.2 per cent increase compared to February 2020.
Sales of apartment homes reached 1,179 in March 2020, a 35.1 per cent increase compared to the 873 sales in March 2019. The benchmark price of an apartment property is $687,000. This represents a 2.9 per cent increase from March 2019, and a 1.4 per cent increase compared to February 2020.
Attached home sales in March 2020 totalled 493, a 51.7 per cent increase compared to the 325 sales in March 2019. The benchmark price of an attached unit is $791,800. This represents a 2.5 per cent increase from March 2019, and a 0.9 per cent increase compared to February 2020.
Fiorella --Richmond’s Newest Boutique Community
Living at Fiorella opens your eyes to all the delights of Richmond City Centre. Away from the hustle and bustle of arterial thoroughfares, this boutique community’s unique location offers a rich lifestyle with both energy and tranquillity, where you can enjoy the spirit of urban Richmond or retreat to a beautiful green space. Fiorella is located at the crossroads of convenience, culture, recreation, and community.
2 bedroom homes at Fiorella are priced from $679,900.
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Design that Inspires a Community
The brand-new Aberdeen Park punctuates an urban setting with swathes of green and peaceful water features; it also inspired the name Fiorella, which means refreshing little flowers in Italian. A patterned façade of contrasting materials rises above a lush public plaza, designed to bring people together. This collection of air-conditioned apartments and townhomes is thoughtfully crafted with features and finishes that make urban living a pleasurable and easy-going experience. Open layouts and large windows circulate light and air, enhancing the spaciousness.
- Keep cool in the warmer months with an air-cooling system
- Over-height custom kitchen cabinetry is complemented by sleek polished chrome pulls and under-cabinet lighting
- Enjoy the everyday luxury of integrated brand-name appliances
- Master bedroom ensuites feature hotel-inspired lighting, a convenient medicine cabinet and a frameless glass shower with bench seating
- Resort-inspired residents-only health amenities include a large fitness studio, a social lounge, a beautiful podium and more
- An on-site resident manager takes care of the fine details
This is a sample of the floorplans available in this community. For an accurate list of available homes, please contact our sales team.
1 Bedroom, 1 Bathroom
678 sq. ft. (approx)Download PDF
2 Bedroom, 1 Bathroom
695 sq. ft. (approx)Download PDF
2 Bedroom, 2 Bathroom
896 sq. ft. (approx)Download PDF
2 Bedroom, 2 Bathroom
898 sq. ft. (approx)Download PDF
3 Bedroom, 2 Bathroom
1,235 sq. ft. (approx)Download PDF
2 Bedroom + Flex, 2.5 Bathroom
1,370 sq. ft. (approx)Download PDF
3 Bedroom, 3.5 Bathroom
1,608 sq. ft. (approx)Download PDF
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A Walkable Neighbourhood
There’s no need for a car when you live at Fiorella. Everything you need is at your doorstep. Take a morning stroll for a coffee, pick up groceries steps away, or walk down the street to the Aberdeen Park. You can even enjoy the treasures of the Richmond Night Market and entertainment at River Rock Show Theatre in minutes via the soon-to-complete Canada Line Capstan Station. There are also extensive bus and road networks that will quickly connect you to surrounding communities.
Richmond continues to morph into a world-class city. Discover a neighbourhood that is a destination, with a variety of restaurants, schools, and shopping centres, including Aberdeen Centre and Central at Garden City. Well-rounded urban living at its best.
Polygon Fiorella Homes Ltd.
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- Opulent design by award-winning Cristina Oberti Interior Design
- Stylish European cabinetry and modern Miele kitchens
- Quartz countertops for entertaining
- Quartz kitchen islands feature stylish detailing and waterfall edge
- Integrated LED lighting
- Bosch ENERGY STAR® certified front load washer and dryer
- Expansive windows and over-height ceilings up to 9’-0” in upper level homes
- Air-conditioning in all homes
Unmatched Services and Amenities including:
- A refined level of assistance for maximum ease of comfort, convenience and access to the world's most exclusive brands and experiences
Paramount Club - Your exclusive, unforgettable Full-Service Private Club
- Chef Kitchen with Private Dining
- Whisky and Wine Tasting Room
- Entertaining and Party Lounge
- Outdoor Entertaining Lounge
- Movie Screening Room
- McLaren Racing Simulator Room
- Guest Suite for Visitors
Paramount Spa and Wellness Centre
- Immersive Steam room and Sauna
- Elite Performance Fitness Centre
- Multipurpose exercise room for Ballet, Yoga and other activities
- Outdoor relaxation lounge, a haven to rejuvenate and re-energize with calming water features
International Business and Learning Centre
- Large boardroom and stylish meeting rooms with full A/V systems for global communication
- Multipurpose soundproof pods for focus work or music practice
- Children’s Learning and Play Room with library
- Children’s education theatre with soft seating
Paramount Gardens and Sky Terraces
- Your own private retreat
- The lushly landscaped courtyard, designed by acclaimed landscape design firm, PWL Partnership
- Children’s outdoor play area to promote a sense of wonder in nature
- Tranquil water features
- Gathering with friends and family
- Shared terrace urban gardens