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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January Real Estate Market Report for Burnaby, BC

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Market Trend

The Real Estate Board of Great Vancouver just released it's market report for January. Inventory has decreased significantly throughout Metro Vancouver as compared to the market in January 2021. The percentage decrease in each part of Burnaby is:  Burnaby North:  detached properties 14.8%, townhouses 57.9%, condominiums 51.6%. Burnaby South: detached properties 35.9%,  townhouses 69%, condominiums 52.1%. Burnaby East: detached properties 48%, townhouses 25%, condominiums 70.6%. The table below shows the actual numbers in each area. 

Numbers of Active Listings

MLS HPI price shows an increasing trend compared to the  previous month, and to the same month in the previous year. The price details are shown in the table below. 

Benchmark Price Trend

It’s clear that it's a strong seller's market in each type of properties across all 3 parts of Burnaby.  See the figures below.  

Sale-to-Active Ratio
Burnaby North (Data from The Real Estate Board of Great Vancouver)

Burnaby South (Data from The Real Estate Board of Great Vancouver)

Sale-to-Active Ratio
Burnaby East (Data from The Real Estate Board of Great Vancouver)

If you wold like to have more information about Burnaby market, please click here or contact me at awang@macrealty.com

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