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Richmond Real Estate Market

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Richmond is an island city. It is made up of a number islands in the Fraser River delta. It is just one meter above sea level. It was prone to flooding, especially during high tide. Therefore, major islands are now surrounded by a system of dykes, which serve to protect the town. Also, since it occupies land in a river delta, the city has plenty of rich soil for agriculture. Richmond is a culturally unique community. As of 2021, the city has an estimated population of 209,937 people with 60 percent being immigrants, the highest proportion of immigrants in Canada. Majority of immigrants are Chinese. Richmond has been experiencing growth and change, transforming from a rural, local community to an international city with a balance of urban, suburban family and rural areas. The city is 20 minutes from downtown Vancouver and 25 minutes from US border. It’s the location of Vancouver’s international airport.  The SkyTrain, Canada Line, speeds up transit system and connects Richmond to other
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Living in Gastown

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Gastown has been designated a national historic site. It is in the downtown Vancouver east side,  adjacent to downtown Vancouver . You’ll see the old town of Vancouver with heritage brick buildings and historic character, Gastown is mix of contemporary fashion boutiques, tourist businesses, good gift shop for souvenirs, fine restaurants, bars, cafés, newly upscale housing and etc. The world-famous steam clock is in Gastown.  Also, waterfront station is steps away to Gastown. It’s Vancouver’s main transportation terminal from where you can catch the SkyTrain to almost anywhere or take SeaBus across Burrard Inlet to North Vancouver.  With everything Gastown provides, living in Gastown would be a great advantage. Now there is a very nice one bedroom and den apartment going on the market. It’s located at 55 Alexander Street, the most desirable street in Historic Gastown. The suite is in a winning heritage style building with great view of the harbour, mountains and downtown. Excellent int
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Apartment Market in Greater Vancouver

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    Economists give their opinions regarding real estate market in 2022. Most of them forecast the market would remain strong. However, CIBC believes overall residential sales will decline this year, though condo prices could rise We discussed detached property and townhouse market in Greater Vancouver earlier. Now let’s look at apartment market. The table below lists benchmark price in January and percentage change in each area of Greater Vancouver at price decline order. Comparing benchmark price in 2021, benchmark prices in every area have significant increase.  The highest benchmark price is at West Vancouver $1,151,200, and lowest one is at North Delta $480,000. However, West Vancouver has the lowest percentage change in 1, 5 and 10 years. The numbers are marked in blue color. Surrey gets the highest percentage change at same time frame. The numbers are shown in yellow color.  For more information, please contact me at awang@macrealty.com
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Townhouse Market in Greater Vancouver

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  Townhouses  What is a townhouse? A townhouse is a style of   multi-floor homes that share one or two walls with   adjacent neighbours. But they have their own   entrances. We often see townhouses lining the   streets in dense suburban and urban areas.   Comparing townhouses and detached houses,   townhouses have less space, less privacy, more   noise and maintenance fee. However, townhouses have some advantages over apartments, such as   they have their own entrances, yard spaces and   less expensive maintenance fee. Townhouses can   be a good alternative choice when people can’t   afford to buy a detached house and would like to   have more privacy than apartments. Let’s take a   look how the townhouse market is doing in Greater Vancouver. The table below shows the benchmark price in Jan.2022 and price change rates in past 10 years in each area of Greater Vancouver .  The listing is in price decreasing order. The data is from The Real Estate Board of Greater Vancouver and Fraser Va
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Detached Property Market in Greater Vancouver

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  Greater Vancouver, also known as Metro Vancouver, is a metropolitan area with a population 2,642,825 based on the 2021 census. Click here for the map and detail population in each sub-area. The city of Vancouver is its major urban center. The table below, from the Jan. statistic report, is a list of benchmark price and percentage changes in each sub-area of Greater Vancouver. The list is in decreasing price order. The table indicates that the highest benchmark price is in Vancouver West at  $3,445,400, and the Sunshine Coast is the lowest benchmark price at $900,000.  However, Vancouver West has the lowest percentage change in the 1,5 and 10 years range. The numbers with the yellow mark are the areas with the highest price changes.   If you would like to have information regarding townhouse or apartment market in Greater Vancouver, please click here or contact me at awang@macrealty.com
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Vancouver Real Estate Market

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  Vancouver is a major city in Western Canada with population of 662,248, based on the 2021 census. It has the highest population density in Canada. It is one of the most ethnically and linguistically diverse cities in Canada. According to the 2016 census, only 48.2% of its residents are European. The total visible minority population is 51.6%, of which Chinese is the largest one at 27%.  Vancouver is one of the most livable cities in Canada and in the world. Also, it is one of the most expensive cities in Canada and in the world. The table below are the benchmark price change in three categories: apartments, townhouses and detached properties. All three categories have had a significant increase in past 10 years: apartments 95%, townhouses 98% and detached properties 94%.  Making them more visible, let’s take a look trend of the market. See the figures below: Benchmark Price in Detached Properties Benchmark Price in Townhouses Benchmark Price in Apartments From these graphics, we can
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Residential Tenancy

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  Do you invest in real estate market? Do you own a property which you would like to rent it out? Here is some key points you need to know and follow. Otherwise, you may get yourself in trouble. Lease agreement Residential Tenancy Regulations from the Province of BC requires that a tenancy agreement must be in writing, signed and dated by both the property owner and tenant. Also, it requires some items be included. Making things easier, I suggest you download a standard form from Residential Tenancy website   It includes every necessary item. Type of tenancy Generally, a landlord and tenant have a fixed term to begin. When the term expires, if the landlord and the tenant don’t enter into a new agreement, and the tenant continues to stay, the original agreement is automatically renewed on a month to month tenancy. T enancy termination If   the tenant wants to end tenancy, at least one month notice has to be given. It's more complicated for the landlord to end tenancy. More deta
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