Neighbourhood Spotlight: Richmond, Vancouver

If you’re looking for a home in Richmond, BC, here’s a snapshot of what it’s like to live in this neighbourhood.

By Emily Southey | 2 minute read

What makes Richmond so attractive to buyers? Richmond is extremely multicultural, which means that it appeals to immigrants and locals from a wide range of backgrounds. The Vancouver suburb is known for its population of immigrants, with 60% of the population having been born elsewhere. 

Data indicates that 50% of the city’s population identifies as Chinese. This diverse population has led to a vibrant cultural scene that includes all types of restaurants, festivals, and shops. Just take the Golden Village as an example. This commercial district in Richmond is made up of a multitude of Asian eateries and storefronts. From lifestyle to new developments, here’s everything you need to know about living in Richmond.
 

The Lifestyle 

Beyond the area’s multiculturalism, Richmond is also conveniently located on the Sky Train line. Home to Vancouver International Airport, the largest airport in the province, it’s just 20 minutes from downtown Vancouver. This means that residents of Richmond benefit from the convenience of living here and close proximity to Vancouver’s core without having to live in the hustle and bustle of a big city.

Residents of Richmond enjoy a quieter, more family-friendly environment. Richmond is known for its top-notch schools (it is part of Richmond School District No. 38), as well as its many parks, like Minoru Park, Garden Point Park, McDonald Beach Park, and Iona Beach Regional Park. Richmond also encompasses the picturesque fishing village of Steveston, which is known for its delicious seafood, pier, and harbour boardwalk. It’s no wonder that it has a booming housing market and has remained a desirable place to live for so long.

Property Market Info  

Richmond’s property market has remained strong and stable for quite some time, and experts project that the housing market will only continue to rise in the long term. 

Types of Dwellings  

Although Richmond is considered a suburb of Vancouver, it has become increasingly urban as well as increasingly desirable, which is why you will see many new developments and properties popping up. While the market may once have been solely made up of detached homes, there is an increasing number of condominiums being built, as well as many townhomes. That said, the majority of properties up for sale in Richmond are still single-family homes.

New Developments   

It’s worth noting that with an annual growth rate of 17%, it won’t come as a surprise that there are a large number of new developments in the works in this Metro Vancouver city. Currently, the average amount of time that a new home stays on the market is just 30 days, with the average price of a detached home sitting at $925,233.

Many of the new developments in Richmond are high-rise condominiums and townhouses, in part to appeal to both foreign investors and the growing population of young professionals who are buying here. New construction homes being built here are largely two and three-bedroom properties, which is larger than many other new construction homes in the province.