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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Freehold and Leasehold Ownership

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When we look for a property, we often see the words “ Freehold” or “Leasehold”. These words represent types of ownership. Let’s go through the terms together.

Freehold

Base on the Real Estate Council of British Columbia’s definition, “ freehold” means the owner of the freehold interest has full use and control of the land and the buildings on it, subject to any rights of the Crown, local land-use bylaw, and any other restrictions in place at the time of purchase.

Why are Crown, local land-use bylaws mentioned? In Canada, the Crown ( ie: Federal or Provincial government) is the only absolute owner of land. When we speak of “ownership” of a real property, it’s about a right to possess and use land for a period time. Freehold ownership has a right to possess and use land for an unlimited time.

Leasehold

Leasehold ownership has a right to possess and use land for a limited period of time.

Leasehold properties have a lease term of at least 50 years,  but are frequently for a period of 99 years. Regardless of the length of the original term, you will only be able to purchase the remaining portion. The shorter the remaining portion, the less people will be willing to pay for the leasehold properties. The document “ Ground Lease ( Head Lease)” set out the terms and conditions upon which the developer has leased the land.  

If you would like to have more information regarding ownership, please click here or contact me at awang@macrealty.com   


Location: Vancouver, Canada

Comments

  1. AliiiiiJanuary 21, 2022 at 10:27 PM

    Live and learn����

    ReplyDelete
    Replies
    1. Amy WangJanuary 21, 2022 at 11:41 PM

      Learning is a life time process. More we learn, better our life would be.

      Delete

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