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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Townhouse Market in Greater Vancouver

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Townhouses
Townhouses

 What is a townhouse? A townhouse is a style of   multi-floor homes that share one or two walls with   adjacent neighbours. But they have their own   entrances. We often see townhouses lining the   streets in dense suburban and urban areas.  Comparing townhouses and detached houses,   townhouses have less space, less privacy, more   noise and maintenance fee. However, townhouses have some advantages over apartments, such as   they have their own entrances, yard spaces and   less expensive maintenance fee. Townhouses can   be a good alternative choice when people can’t   afford to buy a detached house and would like to   have more privacy than apartments. Let’s take a   look how the townhouse market is doing in Greater Vancouver.

The table below shows the benchmark price in Jan.2022 and price change rates in past 10 years in each area of Greater Vancouver.  The listing is in price decreasing order. The data is from The Real Estate Board of Greater Vancouver and Fraser Valley Real Estate Board. The benchmark price in Whistler is on the top and its 10 year price change rate is the highest one too at 205.2%. The numbers with the blue mark are the lowest change rate and yellow ones are in the highest change rate.

Townhouse Market
If you would like to learn detached and apartment market in Greater Vancouver, please click here or contact me at awang@macrealty.com


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