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 Sub-areas – Vancouver Heights, Capitol Hill and Willingdon Heights

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Map of sub-areas in Burnaby

When you look at the video above, you would agree that all the facilities people would like to have are there. Anyone could find something he/she needs. It’s Confederation Park which is in between Vancouver Heights and Capitol Hill areas, one block from Hastings Street where a lot of grocery stores, restaurants and commercial services are located. It’s within walking distance for people who live on the east side of Vancouver heights, the west side of Capitol Hill, or north-east of Willingdon Heights. Also, it’s only about a10 minute drive to downtown Vancouver from these areas. Besides, more living options are provided, including; single detached houses, duplexes, townhouses and newer condominiums or apartments.

Do you agree it’s a good choice to live near by Confederation Park? Let’s take a look the real estate market in these areas. The charts below show the market trend in Vancouver Heights, Capitol Hill and Willingdon Heights. MLS HPI price is used.

Sub-areas detached market comparison


sub-areas townhouse market

Sub-areas condo market comparison

Comparing detached properties in the three sub-areas with Burnaby, Vancouver Heights and Capitol Hill are comparable with Burnaby, but Willingdon Heights is lower. Townhouses in all three sub-areas are higher than Burnaby. Willingdon Heights is the highest one. However, condominiums in all three sub-areas are lower than Burnaby. Capitol Hill is the lowest one.

Also, two more things should be mentioned. First, the North Shore and Burrard Inlet are on the north side of Vancouver Heights. Some properties in this area have very nice mountain or water views. Second, a lot of properties on Capitol Hill have a stunning view of the city, as well as mountain and water views.

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






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