Richmond
Linked to the mainland by way of New Westminster, Richmond is unfold throughout 15 islands which are nestled within the estuary of the Fraser River and the Georgia Strait. Its largest island, Lulu Island, is dwelling to the vast majority of residents. It sits alongside Sea Island, the location of the Vancouver Worldwide Airport, in addition to the villages of Burkeville and Steveston.
With a inhabitants of greater than 224,000, Richmond is the fourth-largest metropolis in B.C. Many residents of Richmond commute to downtown Vancouver by automobile or the SkyTrain’s Canada Line.
Very like its neighbouring cities, Richmond takes delight in its inexperienced way of life. It has an intensive 145 park system, 73 kilometres of strolling trails and 60 kilometres of biking trails. These parks are dwelling to annual festivals, together with the Steveston Salmon Competition, Richmond Maritime Competition and the Richmond Night time Market.
The cities’ future actual property outlook
As of March 2022, the benchmark worth of a house in Burnaby was $1,245,600, with the very best year-over-year development seen in Burnaby East, at 25%. In the meantime, the benchmark worth in New Westminster reached $846,000 (up 23% year-over-year), and in Richmond—the costliest of the three cities— it was $1,249,500 (up 20%).
“Though benchmark dwelling costs are excessive, the expansion month-over-month is slowing,” says Casey Archibald, a neighborhood actual property agent. On the time of the interview, the three cities have been seeing month-to-month worth development of round 3% to 4%, just like surrounding areas. “Burnaby East remains to be experiencing probably the most development, sitting at 4% month-over-month, however that is way more cheap and anticipated development in comparison with this time final yr.”
Archibald believes rising mortgage charges will seemingly proceed to affect the market. “As [interest rates] proceed to rise, I believe we’ll see a development in additional secure worth development in these cities.”
The highest three neighbourhoods in Burnaby, New Westminster and Richmond
1—Glenbrooke North, New Westminster
Situated in New Westminster, Glenbrooke North is a tight-knit group bounded by Queen’s Park to the north and by sixth Road to the south. The benchmark worth of a house was $938,744 in December 2021, pointing to regular development: dwelling costs have been 10% greater than they have been one yr earlier, 20% greater than three years earlier and 33% greater than 5 years earlier. That development contributed to Glenbrooke North’s spectacular worth rating of 5 out of 5. And with an economics rating of 5 out of 5, it’s not shocking it earned the primary spot on our listing.
Glenbrooke North gives quite a lot of facilities inside strolling distance, together with the Royal Sq. Mall, grocery shops and drug shops. There’s additionally the favored and superbly manicured Queen’s Park, that includes a petting zoo, playgrounds and an area. Residents get pleasure from easy accessibility to transit and the SkyTrain, which make it attainable to reside within the space and work in downtown Vancouver. Nevertheless, Glenbrooke North has an accessibility rating of 0.5 out of 5 resulting from a scarcity of infrastructure. Whereas there are three faculties within the space, it isn’t a neighbourhood with an abundance of youngsters. Solely 31% of households have children.