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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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Condominium Market in Vancouver West, BC

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  We discussed condominium market in Vancouver East . Now let’s look at the situation in Vancouver West. Generally, all markets in west side of Vancouver are higher than east side.   The figure below is condominium benchmark price trend in Vancouver, Vancouver West and Vancouver East since 2005. The price in Vancouver West is much higher. The benchmark price and percentage change in each sub-area in Jan.2022 are listed below. The yellow marks are the highest percentage change, while blue ones are the lowest change. You will notice market in Coal Harbour has been low performance in past 5 years. South Granville has increased strongly in past 10 years. Downtown Vancouver got the highest increase in Jan.2022. However, Kitsilano has the biggest percentage decrease in Jan.2022.  If you would like to take a look sub-area map, click here .  For more market in Vancouver, please click here or contact me at awang@macrealty.com
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Condominium Market in Vancouver East, BC

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  The figure below represents condominium market  by MLS HPI Price in Vancouver, Vancouver West  and Vancouver East. Vancouver East is lower than  Vancouver West. Now we break down Vancouver  East to sub-areas and take a look how each sub- area does in the market. The table below lists MLS  HPI prices in each sub-area. The listing is in  decreasing benchmark price order. The table above shows the different areas, with the benchmark price, and the percentage change in value over 1 month, and 1, 5, and 10 years. You will notice that the percentage price change for one month is not consistent. Some areas show an increase (Victoria at 1.3%), while others show a decrease (Knight at -2.37%). However, for the 1, 5, and 10 year time frame, the benchmark prices have all gone up, some quite a bit. As an example, over 1 year, South Vancouver benchmark price increased by 22.45%. Over 5 years, Victoria benchmark price increased 51.69%. Over 10 years, Hastings benchmark price went up 154%. If you w
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Canadian Major Centres Rental Market in 2021

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Canada Mortgage and Hosing Corporation has just released a rental market report for major centres across Canada in 2021. The map below shows where major areas are located. The table below has detailed information on vacancy rate and average rents in these centres in 2021. Rental Condo Apts represents condominium apartment market, and Apts in the RMS is about purpose built rental market. Canada overview rental market vacancy rate: 3.1% in purpose built rental market and 1.8% in condominium apartment market. The average two-bedroom rent: $1,167 in purpose built rental market and $1,771 in condominium apartment market. Also, Vancouver is the most expensive rental market in both categories across Canada. The average two bedroom rent reaches $2,498 in rental condominium apartments and $1,824 in purpose built apartments. If you would like to have more information regarding rental market, please click here or contact me at awang@macrealty.com
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Duplexes in Burnaby, BC

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  Traditional Duplex A duplex house is two living units attached to each other. Two units are attached side by side in most situation. The shared wall is a common property. The modern style duplex makes the shared wall much smaller than it used to be which is an advantage for owners. It gives owners more flexibility regarding renovations and makes the unit more private.  Modern Duplex The real estate market in Great Vancouver reached an all-time high in 2021. Detached houses become very expensive. A ½ duplex can be a good alternative choice. It’s more affordable. You may be able to get a ½ duplex under $1 million. If you can afford over $1.7 million, you have more choices to get a very nice size and newer ½ duplex, especially in Sperling-Duthie or Upper Deer Lake areas.   The tables below are  the lists of sold duplexes with price under 1 million and over 1.7 million in 2021.  Duplexes Sold under 1M in Burnaby in 2021 Duplexes Sold over 1.7M in Burnaby in 2021 What is your opinion? Wou
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Burnaby Sub-areas – Vancouver Heights, Capitol Hill and Willingdon Heights

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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. Comparing detached properties i
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Townhouses and Condominiums in the Area of Simon Fraser University, Burnaby, BC

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  Simon Fraser University (SFU) is a public research university in British Columbia, Canada. The main campus is located on Burnaby Mountain, which is a 12 minute drive from downtown Vancouver. It is consistently ranked as Canada’s top comprehensive university. In MacLean’s 2022 rankings, the university placed first in their comprehensive university category. There are more than 30,000 undergraduate and postgraduate students with more than 1,000 academic staff. UniverCity is an urban community on the top of Burnaby Mountain, next to Simon Fraser University. The development of the community began in early 2000. Condominiums and townhouses have been built since then. Now the main commercial area is on University High Street with restaurants, stores and Nester’s Market. University Highlands Elementary School along with child-care facilities accommodate families in the area. The residents in UniverCity have access to the SFU facilities including the art gallery, aquatic center, library, hea
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Bungalow Style Properties in Brentwood Park, Burnaby, BC

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  Brentwood Park is a very interesting area. New modern high rise buildings are on the south side, and single family houses are located in the middle and north side. A lot of them are bungalow style built in the 1950’s.  They are well maintained, and the size of each lot is large with nice spaces between houses. The whole area is quiet and neat.  It is a very convenient area. Hastings Street is on the north side which is commercial area. Brentwood center is located on the south side. The SkyTrain and freeway are near by. Also, Holy Cross Elementary School is in this area, and ranked #1 in the Province.  Burnaby Hospital is only a few minutes driving distance. The table above lists detached property MLS HPI price in each sub-area of Burnaby since 2015. The price in Brentwood Park is in the middle level in All Burnaby sub-areas.  Also, some pictures in a short video would give some visual ideas with the area. You may like it.  If you would like to know more detail market in Burnaby, plea
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