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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A Measurement of Home Price Levels and Trends - Home Price Index

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Home Price Index (HPI) is designed to gauge changes in home prices. It is the most advanced and accurate tool to monitor home price LEVELS and TRENDS and excludes the extreme high-end and low-end properties. HPI reflects contributions made by various quantitative and qualitative housing features toward the home price, including:  

  • Number of rooms above the basement level
  • Number of bathrooms & half-bathrooms
  • Square footage for main living & basement areas
  • Whether it has a fireplace and /or finished basement
  • Lot size
  • The age of the property
  • Parking
  • How the home is heated
  • Foundation, flooring, siding & roofing types
  • Whether the property has waterfront or panoramic view
  • Whether the property has been sold previously ( newly constructed and previously unsold, or repeat sale)
  • Proximity to shopping, schools, hospitals, police stations, churches, sports centres, golf courses, parks, and transportation ( including the train station, railways, and airports)

Tracking home price trends allow us to see the bigger picture and understand how these trends affect the market value. HPI is more reliable and consistent way than average price and median price.

Average price are calculated by adding the dollar value of all sales in an area and dividing this number by the number of homes sold.

Median prices are calculated by listing all sales in an area from the lowest price to the highest price and choosing the midpoint.

The figure from The Canadian Real Estate Association below shows Benchmark price, average price and median price in an area. Benchmark price is determined by HPI. We can tell Benchmark price represents a trend more clearly. Average price and median price can fluctuate dramatically, making the housing market appear unstable. 

Comparison of HPI and Average Price and Median Price


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