GVA Housing Climate: Focus on Richmond, BC

Last week, we gave a brief overview of the current housing climate in the Greater Vancouver Area. Similar to what we are seeing in Toronto, the Greater Vancouver Area is experiencing strong housing prices with the average being $1,285,414. This is compared to Toronto’s average price of $1,026,703.

Why are prices in major cities, such as the Greater Vancouver Area at this level? Together, we are going to investigate this question by examining some of the popular Vancouver neighborhoods to determine what sets this area apart from other, less expensive cities. Today, we are going to start this analysis with Richmond, British Columbia.

Richmond is located just south of the City of Vancouver. The average house price in Richmond, British Columbia is a whopping $1,342,185 as of January 2024, beating the average house price of the entire Greater Vancouver Area. The current population of the area is around 230,584 people as of July 2023. The average age is 43.3 and there is a higher female to male ratio. The most predominant ethnic group in the region is Chinese, with 54.6% of the total population consisting of ethnically Chinese residents. The next most common minority ethnic group in the region is South Asian, with 7.4% of the population consisting of South Asian residents. This ethnic information can be found on The City of Richmond’s website which uses data from Statistics Canada.

Another interesting characteristic of the city involves immigration. The main country of origin for immigrants to Richmond is China, with 52% of Richmond residents moving in from China. Other popular countries of origin are the Philippines at 12%, India at 7%, and Hong Kong at 8%. We can also look at the languages of the city. This refers to the language most spoken at home. English takes the top spot with 46.1% of the population speaking the language at home. The second and third most common languages are very close, with 17.7% speaking Mandarin and 17.5% speaking Cantonese.

We can also look through specific housing data provided by the City of Richmond. This gives insight into the type of properties people are occupying. The most common property type in Richmond is a single-detached house. The City states that there are 24,435 units of this property type, consisting of 30.1% of the total proportion of property types. The next most common is low-rise apartments, referring to apartments with less than 5 storeys. 18,590 units of this property type exist in Richmond, with 22.9% of the total property types being of this type. Then follows townhouses, high-rise apartments, duplexes, semi-detached homes, respectively. The least common property type in the city is a moveable dwelling, with only 45 of these property types existing in the city, making up 0.1% of the total property type share.

The breakdown of income can also add to the bigger picture. The data will include the proportion of individuals aged 15 and over, before tax. The highest income range in the city is $20k-29k, making up 16.7% of the population. Those earning under $10k are not far behind, consisting of 14% of the population. Those earning over $100k are standing strong at 8.4% of the population. The total median income of the city before tax is $34,000. The household income, however, is where things look different. The highest percentage of the population resides in the $100-124k range. While there is no specific data available, the home price to income ratio would suggest that current residents have called Richmond home for a long time. People come and stay. That is further supported by the data referencing the most common language used at home. Despite a significant percentage of residents coming from Mainland China and Hong Kong, people have converted over time to use English at home.

What kinds of jobs do the people of Richmond have? The City of Richmond reports that the most common sector in the city is the sales and service sector, with almost 30% of the population working here. Other common occupations are in the business and finance sector, as well as the trades. The City of Richmond also reports that a large proportion of residents, over 60% of those who are working, stay in the city to work compared to those who leave. There are also a large number of people, close to 50,000, from outside the city come to Richmond to work.

Whether it is home or just a place to visit, Richmond is a great place. The premium price confirms that. While food and shopping can be at the center of any visit (combine both at the Aberdeen center), there are many historical sites. The Village of Steveston featuring the Gulf of Georgia Cannery is a historic treasure. The area has also been used as the filming location for several movies and TV shows. See if you can spot where they shot Power Rangers, Deadpool, or even War for the Planet of Apes (really). They also filmed the X-Files there until the producers moved location and then got promptly cancelled. Perhaps to cleanse their karma, the X-Files crew can visit the International Buddhist (Guan-Yin) Temple, considered one of the most authentic in North America. Built in the Chinese Imperial style and inspired by the structure of the Forbidden City, a visit is a must. There is the Dumpling Trail, my kind of exercise, and many, many other sites and attractions.

Next week we’ll continue our GVA tour and travel to the City of Surrey. Please join us.