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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Simple Real Estate Market Analysis

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Before people think about buying or selling properties, the first thing people would like to know is how the market is doing? It would give people an idea whether they should do something in the real estate market. We often hear about “buyer’s market or seller’s market”. What data would indicate a market’s feature?

Buyer’s market: At present rate of sales, if the available inventory will be sold out over 7 months, it’s buyer’s market. Also, we can use sale to active listings ratio. If the ratio is less than 12%, it’s buyer’s market.

Seller’s market: At present rate of sales, if the available inventory will be sold out less than 5 months, it’s seller’s market or sale to active listings ratio on or over 20%.

Balanced Market: There is between 5-7 months’ worth supply or sale to active listings ratio is between 12-19%.

Also, another term can help to explain a   market – Days on Market.  This is the  number of days between the listing date and  the date a contract is entered into. It represents how quickly or slowly a property sold. This data can guide how people price a property. The longer the “days on market” number, the less attractive the listing price has been. Conversely, few to even one day on market is a clear indication of pricing to attract the market


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