What Does the Richmond, B.C. Real Estate Market Look Like in 2021?

Richmond is a coastal city located at the mouth of the Fraser River in British Columbia, Canada. 

It forms the Regional District of Metro Vancouver alongside the neighbouring cities of Vancouver, Burnaby, New Westminster, and Delta.

Historically, the main industries sustaining Richmond and the surrounding areas were fishing and farming. But today, much of the land is built up. Real estate is hot, and with the Skytrain line running to the Vancouver International Airport as well as malls and other major destinations in the area, the population and housing market continue to boom.  

Richmond is home to the largest immigrant population in Canada, coming in at approximately 60%, with Asians making up half that number.

Real Estate in B.C. 

The year 2020 had a perceptible influence on B.C. real estate, especially in terms of what’s hot in the market. 

The most noticeable change appeared to be the large number of people moving out of the major cities and settling in suburban communities. This could be due to the increase in people who prefer to work from home and do not want to live in thickly populated communities. 

Living in the suburbs continues to be a popular choice for homeowners in the Lower Mainland.

Housing Trends in Richmond B.C.

Recently, Richmond’s northeastern area has undergone an enormous upswing in the real estate markets, with a growing number of luxury condominiums and high-rise buildings under construction.

Properties in southeastern Richmond are more reserved and designed for residential use. Attached townhomes, as well as semi and fully detached homes, are common here. 

If you are looking for a more affordable place or planning to live here temporarily, northwestern Richmond offers a nice variety of townhomes, luxury detached homes, and condos for sale. There are also condo-style apartments for rent guaranteed to turn short-term visitors into permanent residents.

Unlike Richmond’s northeast, residents in the southwestern side are treated to a visual spectacle of the imposing horizon outlined in a Pacific Ocean sunset.

Richmond B.C. is the Third-Hottest in Metro Vancouver’s Real Estate Markets

ReMax Canada reports that Richmond is currently the third hottest in the real estate markets in Metro Vancouver, next only to Burnaby (first) and Surrey (second). A major factor location-wise is its proximity to Vancouver, set apart by only a single bridge.

After months of quick and steady growth, there is currently a slight lull in real estate activity in Richmond. However, it is still doing better than last year at this time, as Real Estate Board of Greater Vancouver (REBGV) officials point out.

As of June 2021, Richmond Multiple Listing Service (MLS) stats showed an average house price of $1,077,551 in the last 28 days.

Buying or Selling a House in Richmond, B.C.? Call a Reliable Painting Contractor

A fresh coat of paint is essential if you’re planning on purchasing a new property. Not only can this allow you to design your style, but it will also increase the resale worth of your house.

As top-rated painting contractors in Richmond, B.C., we service all areas of Richmond, including 

Steveston, Broadmoor, Shellmont, Gilmore, Thompson, Seafair, Blundell, City Centre, and Brighouse.

If you need quality exterior and interior painting services in the Lower Mainland, call (778) 683-5397 or contact us online to discuss your preferences.

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