Richmond
Connected to the mainland through New Westminster, Richmond is spread across 15 islands that are nestled in the estuary of the Fraser River and the Georgia Strait. Its largest island, Lulu Island, is home to the majority of residents. It sits alongside Sea Island, the site of the Vancouver International Airport, as well as the villages of Burkeville and Steveston.
With a population of more than 224,000, Richmond is the fourth-largest city in B.C. Many residents of Richmond commute to downtown Vancouver by car or the SkyTrain’s Canada Line.
Much like its neighbouring cities, Richmond takes pride in its green lifestyle. It has an extensive 145 park system, 73 kilometres of walking trails and 60 kilometres of cycling trails. These parks are home to annual festivals, including the Steveston Salmon Festival, Richmond Maritime Festival and the Richmond Night Market.
The cities’ future real estate outlook
As of March 2022, the benchmark price of a home in Burnaby was $1,245,600, with the highest year-over-year growth seen in Burnaby East, at 25%. Meanwhile, the benchmark price in New Westminster reached $846,000 (up 23% year-over-year), and in Richmond—the most expensive of the three cities— it was $1,249,500 (up 20%).
“Although benchmark home prices are high, the growth month-over-month is slowing,” says Casey Archibald, a local real estate agent. At the time of the interview, the three cities were seeing monthly price growth of around 3% to 4%, similar to surrounding areas. “Burnaby East is still experiencing the most growth, sitting at 4% month-over-month, but this is much more reasonable and expected growth compared to this time last year.”
Archibald believes rising mortgage rates will likely continue to impact the market. “As [interest rates] continue to rise, I think we’ll see a trend in more stable price growth in these cities.”
The top three neighbourhoods in Burnaby, New Westminster and Richmond
1—Glenbrooke North, New Westminster
Located in New Westminster, Glenbrooke North is a tight-knit community bounded by Queen’s Park to the north and by 6th Street to the south. The benchmark price of a home was $938,744 in December 2021, pointing to steady growth: home prices were 10% higher than they were one year earlier, 20% higher than three years earlier and 33% higher than five years earlier. That growth contributed to Glenbrooke North’s impressive value score of 5 out of 5. And with an economics score of 5 out of 5, it’s not surprising it earned the number one spot on our list.
Glenbrooke North offers a number of amenities within walking distance, including the Royal Square Mall, grocery stores and drug stores. There’s also the popular and beautifully manicured Queen’s Park, featuring a petting zoo, playgrounds and an arena. Residents enjoy easy access to transit and the SkyTrain, which make it possible to live in the area and work in downtown Vancouver. However, Glenbrooke North has an accessibility score of 0.5 out of 5 due to a lack of infrastructure. While there are three schools in the area, it isn’t a neighbourhood with an abundance of children. Only 31% of households have kids.
