Changing Richmond Neighborhoods

April 13, 2008

richmond-house.jpgRichmond neighborhoods are fast changing as a result of rapid new developments in Richmond City spurred by a strong economy, low interest rates environment and many new immigrants choosing to live in Richmond.

The shortage of new building lots for housing has resulted in old neighborhoods being transformed with smaller older homes being torn down and replaced by larger new homes. The above picture is a typical street scene of many Richmond neighborhoods. Over the years, a typical old detached house in Richmond selling at around $300,000 in early 2000, gaining values to reach $500,000 in 2005 and recent transactions were showing prices around $650,000 to $700,000. Email me for info on great holding properties for long term investment and price appreciation.

townhouse420.jpgNew homes in old neighborhoods

In turn, a new Richmond detached home that could be bought at $800,000 in the year 2000 is being priced and sold at over $1,500,000. It is not uncommon to see new detached houses in sought-after West Richmond locations being sold at prices around $1,800,000.

For the average family in Richmond, starting from scratch and not having any home equity built up from owing another home, buying a detached home in Richmond is out of reach. According to a recent CMHC housing report released in April 2008, it was high-lighted that 60% of all Greater Vancouver’s property transactions were by repeat buyers, trading up market.

Property prices will only go up as more people are drawn to Richmond and settle down with their family here. Richmond has all the modern shopping amenities, public parks, super-markets and ethnic retail shops catering to any resident wanting to live in Richmond.

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