More homes are being built, while fewer are being sold in Richmond

The number of new homes being built in Richmond is on the rise, while the number of existing homes being sold is declining.

Construction started on 1,413 new houses, townhouses and condo units in the first 6 months of 2018, according to a quarterly report from Business in Richmond. That's 60% more starts than this time last year.

Richmond has the biggest growth of new homes in the region. Other areas in the Lower Mainland a showing a slow down.

The areas of Richmond seeing the most new development are Capstone, City Centre and the area around the Richmond Oval.

At the same time as this development boom, fewer exisitng homes are being put on the market. Only 1,810 homes were sold in Richmond from January to July this year. That's 27% less compared to last year.

Measures like the foreign buyer tax and tightened mortgage rules may be factors contributing to the slowdown.

Although the number of homes sold has decreased, prices they have sold for haven't changed dramatically. The average price of a detached home in Richmond sits at $1.98 million and the average selling price for a condo is $576,000.