Richmond, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $1,200,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 1.0% |
Apartment
| Median price | $700,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.5% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $900,000 |
| 3 bedrooms | $1,200,000 |
| 4 bedrooms | $1,500,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $650,000 |
| 2 bedrooms | $750,000 |
| 3 bedrooms | $850,000 |
Demographics
| Current Population (2024) | 210,000 |
| Previous Population (2019) | 205,000 |
| Population Change | 2.4% |
| Total Private Dwellings | 80,000 |
| Occupied Private Dwellings | 78,000 |
| Population Density (per km²) | 2.6 |
| Land Area (km²) | 129.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Richmond, British Columbia, demonstrates steady growth with the median house price currently standing at $1,200,000, reflecting a year-over-year increase of 4%. The apartment sector is also showing upward momentum albeit at a slightly more modest pace, with the median apartment price at $700,000 and a year-over-year trend of 2.5%. These figures indicate a robust market that is attracting sustained interest from buyers. The city’s population has reached approximately 210,000 residents, growing at a rate of 2.4%, further driving demand for housing in the area.
Investment Opportunities and Potential
Richmond’s real estate market presents significant investment opportunities due to its consistent growth patterns. The continuous increase in population suggests a lasting demand for residential properties. Investors can find value in purchasing single-family homes, which are appreciating at 4% annually. Apartments offer a more accessible entry point into the market and are likely to benefit from rental demand due to their affordability relative to detached homes. With the ongoing population growth, rental properties are expected to maintain strong occupancy rates, leading to stable rental income streams for investors.
Future Market Outlook
The outlook for Richmond’s real estate market remains positive. The sustained population growth will likely keep the demand for housing high. In addition to local factors, broader economic trends such as interest rates and regional employment opportunities will influence the future trajectory of property values. Given the current trends and assuming stable economic conditions persist, moderate but steady price appreciation in both housing and apartment sectors can be anticipated. However, prospective investors and homeowners should monitor key economic indicators and local development plans that may impact the market dynamics in Richmond.
