The Guide to the Richmond Real Estate Market
Get to Know Richmond Inside and Out
Richmond is a multicultural and geographically distinct community in the metro Vancouver area of Canada's west coast. The international airport for Metro Vancouver is located in the city, which is 20 minutes from downtown Vancouver and 25 minutes from the US border.
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Recent Richmond Real Estate Market Trends
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Early in 2022, the Richmond real estate market was skyrocketing, with single-family homes costing roughly $2.18 million. Single-family houses in Richmond are selling more quickly and are up 25% from last year, that will be on the one year progress report that will be presented to the city council. Along with townhouses, which had a benchmark price of $1.1 million, up 27% from a year earlier, and apartments, which were at approximately $828,000, prices for single-family homes were also rising.
The Trends We’ve Seen
Richmond’s real estate home prices have dropped in 2022 after rising in 2015 and 2020 by over $400,000 per home. The drop has been an indicator of the Richmond real estate market since the Bank of Canada increased interest rates by 0.5% in April.
Property Benchmark Price - Oct 2022 Report
- Detached House - $1,900,000
- Townhouse - $1,200,000
- Condo - $664,000
The Richmond Real Estate Market Divided into Its Neighbourhoods
Richmond’s population is made up of multiple areas that are primarily on the west side of the city. The industrial areas, by and large, make up most of the east side of the city. The population and high density neighbourhoods are split into several areas, including East Richmond, Sea Island/YVR, Thompson, City Centre, West Richmond, South Arm, and Steveston.
A more peaceful area of Richmond with plenty of new developments and residential areas. Parks, schools, and trails make up this neighbourhood. It is in the northwest corner of the city, and is very well located to reach all of Richmond. The City centre is closely located east of Thompson, where most of Richmond’s people live that are near the busy city scene. The Terra Nova Rural Park and Natural Area cover almost 2 kilometers of the western side of Richmond and have many trails and viewpoints of the Pacific Ocean.
Cambie road (different from Cambie St in Vancouver) runs from Aberdeen to the eastside of Richmond There are many parks, residential neighbourhoods, schools, and businesses in Cambie. West Cambie is a busy part of the city, with large high rises, casinos, hotels, and highways meshed in together. Lots of farmland and new developments on the eastside. You can easily access Vancouver with Knight street, Highway 99, or the Canada Line Skytrain.
Westminster highway and highway 91 come into the main city centre of Richmond, making up its downtown area. It has a lot of stores, schools, industrial, and residential areas. The city hall, and Richmond Hospital are in the City Centre. There are lots of high rises, condos, and business towers. There are the most parks in Richmond in the City Centre, as well as the Olympic Oval. The Canada Line splits at Brighouse to go to YVR and down to the terminus across the street from Richmond Centre, the largest shopping centre in Richmond.
The South Arm is a mix of residential, farmland, and industrial businesses. The International Buddhist Temple, an enormous building replicating Beijing's Forbidden City, is located in this area, which is well-known for its Asian influences. There are lots of new developments, shopping options, parks, and trails along the South Arm. Highway 99 crosses right through Richmond in the South Arm, and you can hop on to get to Vancouver and Delta in a flash. The south end of Richmond itself is flat rural farmland that runs along the south arm of the Fraser River.
One of the most touristy areas in Richmond, Steveston is a lively shopping area with multiple small residential communities. It’s right on the corner of the city with Garry Point park being the farthest tip you can go to for a lovely view of the ocean. The Steveston harbour covers the south coast, with many trails, shops and schools filling the residential area.
The flat terrain of Richmond stretches out for most of the city, with farmland and industrial businesses scattered throughout East Richmond. The most residential area of East Richmond is in Hamilton. You can easily access New Westminster, Vancouver by way of Knight street, and Delta via the Alex Fraser Bridge. There are parks along the north side on River road, and three golf courses.
International Airport
The Airport is located in this large sea-covered neighbourhood and makes up most of the island. It is a very busy part of town that has parks and a shopping centre, accessible by multiple bridges. You can easily get to YVR from Vancouver and Richmond by car, or the Canada Line Skytrain.
Get to know the Demographics in the Richmond Real Estate Market
Population
Richmond's population increased by 5.9% from 198,309 in the 2016 census to 209,937 in the Statistics Canada 2021 census. The median age of the populace was 43.6, with the average age of the people being 43.3. 13.3 percent of the population was under the age of 14, 20 percent was 65 or older, 2.4 percent was over the age of 85, and 66.7 percent was between the ages of 15 and 64.
Ethnicity
Richmond's cultural diversity: a snapshot of ethnic origins.
- Chinese: 47.8%
- Filipino: 7%
- English: 5.8%
- Hong Konger: 4.6%
- Scottish: 4.6%
The majority of Asians in North America live in Richmond, where almost 50% of individuals identify as Chinese. Nearly 75 percent of the population is of Asian heritage, the majority of whom arrived in the country in the late 1980s, primarily from Hong Kong, Taiwan, and Mainland China. Indian, Filipino, and Japanese Canadians are some of the other Asian Americans in Richmond. Japanese people have lived in Richmond's Steveston neighbourhood since the 1800s. Here is the fun fact information.
Annual Household Income
In households, total income refers to receipts from certain sources of all household members, before income taxes and deductions, during a specified reference period. Most houses have 1-2 people and around 75% of individuals are in the $10,000-$70,000 range. The average salary in Richmond is $34,125 per year or $17.50 per hour. Entry-level positions start at $31,200 per year, while most experienced workers make up to $46,185 per year.
The Lifestyles in Richmond
Each neighbourhood has one of the 145 parks that offer sports and recreational facilities. Pools, arenas, community centres, golf courses, running trails, and playing fields are a few of these attractions. As a result, Richmond is unquestionably one of Metro Vancouver's best communities for families with children.
Arts and Culture
The Steveston Salmon Festival is a yearly celebration on Canada Day in Steveston, Richmond. A parade and a sizable barbecued salmon sale are also part of this event, which is held in front of the Steveston Community Centre. Municipal, provincial, and federal officials from the area frequently attend this event, typically to take part in the march or to distribute Canadian flags. Since 2004 the Britannia Shipyard National Historic Site has hosted the Richmond Maritime Festival every August. It is a family-friendly celebration of the maritime history of the area with live music, ships, exhibitions, and demonstrations.
The Schools and Universities to Discover in Richmond
Post-Secondary School in Richmond
Trinity Western University, Sprott Shaw College, and Kwantlen Polytechnic University all have campuses in Richmond. A campus for aircraft technology is also operated by the British Columbia Institute of Technology nearby at Vancouver International Airport's Sea Island. A private school was established in 1991 as Richmond International High School and College.
Primary School
Richmond includes 38 primary schools, 10 senior schools, two late French immersion schools, three Montessori schools, and six early immersion schools. Richmond School District 38 is in charge of them. Additionally, the district has two IB programs, one at Richmond Secondary School and the other at Hugh Boyd Secondary School. The only elementary school in Richmond run by the Conseil scolaire francophone de la Colombie-Britannique is the École des Navigateurs.
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