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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Burnaby Real Estate Market

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Map of Burnaby

Burnaby is located next to Vancouver. It’s the third largest city in British Columbia with a population of over 230,000. Based on the 2016 Canadian census, 34.6% of the population is European Canadian. The largest minority group is Chinese with 33.9%.

The popular places in Burnaby are Metrotown which is the third largest shopping mall in Canada, and Burnaby Mountain for its view and parkland. Simon Fraser University (SFU), which is consistently ranked as Canada's top comprehensive university, is located on the top of Burnaby Mountain. Also, The British Columbia Institute of Technology (BCIT) is located in Burnaby. 

Burnaby adjacent areas include North Vancouver, Vancouver, Richmond, New Westminster, Coquitlam and Port Moody. We take a look the real estate market in these areas. Two figures below show residential composite MLS HPI Benchmark Price Trend in each area in past 17 years. Comparing these 7 areas, Burnaby real estate market is less expensive.  

Burnaby, North Vancouver, Vancouver, Richmond
Burnaby, North Vancouver, Vancouver, Richmond

Burnaby, New Westminster, Coquitlam, Port Moody
Burnaby, New Westminster, Coquitlam, Port Moody

Looking at Burnaby itself, two figures below represent Condominiums, townhouses and detached properties Home Price Index (HPI)  trend in past 10 years. 

Burnaby Property HPI
Residential, Detached, Townhouse, Condominium (2011-2016)

Burnaby HPI 2017-2021
Residential, Detached, Townhouse, Condominium (2017-2021)

If you would like to learn more detail market in Burnaby,  they are available here.  Also, you can contact me at awang@macrealty.com 






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