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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Detached Property Market in Burnaby, BC

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Today we look at the detached property market within the different areas in Burnaby, BC. Burnaby is divided into three parts; Burnaby North, Burnaby South and Burnaby East. Each part has a number of sub-areas. The figures below show the market trend for each sub-area since 2015. Sub-areas are organized by price, in decreasing order.  The MLS HPI Benchmark Price is used. 

The Detached Property Benchmark Price Trend in Burnaby South

Detached Property Benchmark Price Trend in Burnaby North

Detached Property Benchmark Price Trend in Burnaby East

When you look at data, a number of things stand out. The first thing is the significant price increase in both 2015 and 2016. The price then stabilizes for a couple of years before rising again in 2020. The other thing to notice is that this trend is consistent across all three parts of Burnaby. 

In addition, the average price increase over the 7 year period for each part was: Burnaby North 52%, Burnaby South 54%, and Burnaby East 70%. The sub-area that saw the greatest price increase was Greentree Village at 84% ( from $628,100 in 2015 to $1,156,400 in 2021)

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










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