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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Apartment Market in Greater Vancouver

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Apartment buildings
 
Economists give their opinions regarding real estate market in 2022. Most of them forecast the market would remain strong. However, CIBC believes overall residential sales will decline this year, though condo prices could rise

We discussed detached property and townhouse market in Greater Vancouver earlier. Now let’s look at apartment market. The table below lists benchmark price in January and percentage change in each area of Greater Vancouver at price decline order. Comparing benchmark price in 2021, benchmark prices in every area have significant increase.  The highest benchmark price is at West Vancouver $1,151,200, and lowest one is at North Delta $480,000. However, West Vancouver has the lowest percentage change in 1, 5 and 10 years. The numbers are marked in blue color. Surrey gets the highest percentage change at same time frame. The numbers are shown in yellow color. 

Apartment Market
For more information, please contact me at awang@macrealty.com

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