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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Townhouse Market in Burnaby, BC

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Townhouses

Townhouses are a style of a multi-floor home that shares one to two walls with adjacent properties, but they have their own entrances. Comparing townhouses with detached houses, it does have some advantages. For example, townhouses generally provide recreational facilities, and people don’t have to worry about external home improvement and landscaping. Also, townhouses often sit in dense and convenient locations.

Now we take a look townhouse market in Burnaby. The figures below represent the market trend for each sub-area since 2015. Sub-areas are listed by price, in decreasing order.  The MLS HPI Benchmark Price is used. 


Townhouse benchmark Price Trend in burnaby

Townhouse Benchmark Price Trend in Burnaby East

Townhouse Benchmark Price Trend in Burnaby North

Townhouse Benchmark Price Trend in Burnaby South

Unlike detached properties,  the significant price increase happened about one year later, in 2016 and 2017, and was not consistent across all areas of Burnaby.  

The average price increase over the 7 year period for each part was: Burnaby North 87%, Burnaby South 91%, and Burnaby East 62%. The sub-area that saw the greatest price increase was Government Road at 110%. 

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

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