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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Vancouver Real Estate Market

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Map of Vancouver

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%. 

Market Price Change

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 Detached Properties

Benchmark Price in Townhouses
Benchmark Price in Townhouses

Benchmark Price in Apartments
Benchmark Price in Apartments

From these graphics, we can tell detached properties have two significant increases in price. They happened in 2015-2016 and 2020 -2021. Townhouses had peak increases in 2016-2017 and 2021. Apartments’ peak increase was in 2016-2017. For more information, please click here or contact me at awang@macrealty.com



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