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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Canadian Major Centres Rental Market in 2021

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Canada Mortgage and Hosing Corporation has just released a rental market report for major centres across Canada in 2021. The map below shows where major areas are located.

Canada Map

The table below has detailed information on vacancy rate and average rents in these centres in 2021. Rental Condo Apts represents condominium apartment market, and Apts in the RMS is about purpose built rental market.

Canada overview rental market vacancy rate: 3.1% in purpose built rental market and 1.8% in condominium apartment market. The average two-bedroom rent: $1,167 in purpose built rental market and $1,771 in condominium apartment market.

Also, Vancouver is the most expensive rental market in both categories across Canada. The average two bedroom rent reaches $2,498 in rental condominium apartments and $1,824 in purpose built apartments.

Average rents and vacancy rates in both primary and secondary rental market.
If you would like to have more information regarding rental market, please click here or contact me at awang@macrealty.com


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