Richmond, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $1,585,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Apartment
| Median price | $750,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 3.0% |
| Stock on market | 1.5% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $1,200,000 |
| 3 bedrooms | $1,585,000 |
| 4 bedrooms | $1,850,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $650,000 |
| 2 bedrooms | $750,000 |
| 3 bedrooms | $900,000 |
Demographics
| Current Population (2024) | 230,000 |
| Previous Population (2019) | 225,000 |
| Population Change | 2.2% |
| Total Private Dwellings | 85,000 |
| Occupied Private Dwellings | 78,000 |
| Population Density (per km²) | 2.7 |
| Land Area (km²) | 129.0 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Richmond, British Columbia, is characterized by a steady increase in property values. With a median house price of $1,585,000 that has observed a 2.5% year-over-year growth, the market is showing signs of moderate but consistent appreciation. Similarly, the median apartment price stands at $750,000 with a slightly higher growth trend at 3% year-over-year. This demonstrates a robust and stable market for both houses and apartments within the region.
The population of Richmond is approximately 230,000 and is experiencing a healthy growth rate of 2.2%. This demographic expansion contributes to the demand for housing and can be seen as a positive driver for the real estate market.
Investment Opportunities and Potential
Rising property values indicate that Richmond is an attractive location for real estate investors looking for capital gains. The city’s robust population growth further bolsters the potential for rental investments as there is a continuous influx of individuals needing housing. The stronger appreciation rate for apartments suggests that investing in this segment might offer slightly higher returns compared to single-family homes.
The strategic position of Richmond, with its proximity to Vancouver and the U.S. border, along with the presence of the Vancouver International Airport, adds to its appeal to both domestic and international investors. Commercial real estate also offers opportunities due to Richmond’s thriving economic environment and status as a transportation hub.
Future Market Outlook
The outlook for Richmond’s real estate market remains optimistic. Given the steady growth in property values coupled with ongoing population increases, demand for housing is expected to remain high. Infrastructure developments and economic expansion within the city will likely continue to attract residents and investors alike.
However, potential investors should also be mindful of broader economic factors such as interest rates and regulations that could impact borrowing costs and investment returns. Careful consideration of these variables will be key when projecting long-term property value appreciation and rental market dynamics.
