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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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Detached Property Market in Greater Vancouver

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  Greater Vancouver, also known as Metro Vancouver, is a metropolitan area with a population 2,642,825 based on the 2021 census. Click here for the map and detail population in each sub-area. The city of Vancouver is its major urban center. The table below, from the Jan. statistic report, is a list of benchmark price and percentage changes in each sub-area of Greater Vancouver. The list is in decreasing price order. The table indicates that the highest benchmark price is in Vancouver West at  $3,445,400, and the Sunshine Coast is the lowest benchmark price at $900,000.  However, Vancouver West has the lowest percentage change in the 1,5 and 10 years range. The numbers with the yellow mark are the areas with the highest price changes.   If you would like to have information regarding townhouse or apartment market in Greater Vancouver, please click here or contact me at awang@macrealty.com
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Vancouver Real Estate Market

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  Vancouver is a major city in Western Canada with population of 662,248, based on the 2021 census. It has the highest population density in Canada. It is one of the most ethnically and linguistically diverse cities in Canada. According to the 2016 census, only 48.2% of its residents are European. The total visible minority population is 51.6%, of which Chinese is the largest one at 27%.  Vancouver is one of the most livable cities in Canada and in the world. Also, it is one of the most expensive cities in Canada and in the world. The table below are the benchmark price change in three categories: apartments, townhouses and detached properties. All three categories have had a significant increase in past 10 years: apartments 95%, townhouses 98% and detached properties 94%.  Making them more visible, let’s take a look trend of the market. See the figures below: Benchmark Price in Detached Properties Benchmark Price in Townhouses Benchmark Price in Apartments From these graphics, we can
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Residential Tenancy

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  Do you invest in real estate market? Do you own a property which you would like to rent it out? Here is some key points you need to know and follow. Otherwise, you may get yourself in trouble. Lease agreement Residential Tenancy Regulations from the Province of BC requires that a tenancy agreement must be in writing, signed and dated by both the property owner and tenant. Also, it requires some items be included. Making things easier, I suggest you download a standard form from Residential Tenancy website   It includes every necessary item. Type of tenancy Generally, a landlord and tenant have a fixed term to begin. When the term expires, if the landlord and the tenant don’t enter into a new agreement, and the tenant continues to stay, the original agreement is automatically renewed on a month to month tenancy. T enancy termination If   the tenant wants to end tenancy, at least one month notice has to be given. It's more complicated for the landlord to end tenancy. More deta
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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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