‘Intense’ price drops coming to Vancouver housing market next year: RBC

 Homes prices to drop in B.C. more than any other province amid rate hikes, according to bank

Homes prices to drop in B.C. more than any other province amid rate hikes, according to bank

Metro Vancouver’s housing market may have met its match.

The Bank of Canada has hiked its key rate twice in 2022, bringing the rate to 1 per cent after sitting at historical lows amid the pandemic.

This rapid rise in the overnight rate, which influences prime rates at banks, could be enough to induce an “intense” drop in housing prices in Metro Vancouver, according to forecasts from RBC.

"Every buyer across the country will feel the pinch of rising rates. But those in the most expensive markets that will feel it most," RBC assistant chief economist Robert Hogue said in a note Thursday.

“We expect downward price pressure to be more intense in Vancouver, Toronto and other pricey markets. This will translate into larger annual price declines in 2023 in British Columbia and Ontario.”

RBC predicts average home prices in the province will hit $1.06 million this year – up 6.8 per cent from a year ago – before falling to $1.02 million by the end of 2023.

That 3.8 per cent drop would be the largest decline among all provinces followed by Ontario at 2.3 per cent.

Meantime, Hogue predicts prices peaking this spring “as market sentiment sours from extreme bullishness.

“In this altered landscape, local markets could experience a mild price correction, partly reversing outsized gains recorded in the past year.”

The Bank of Canada is widely expected to raise its key rate by 50 basis points once again in June.

And on Thursday the bank’s governor, Tiff Macklem, left the door open to a potential 75-basis-point hike as well.

BMO economists are forecasting two consecutive rate hikes of 50 basis points in June and July, which would bring the key rate from 0.25 per cent to 2 per cent in a matter of four months (RBC is less bullish on rate hikes, predicting the key rate will hit 2 per cent closer to the fall).

Either way, local homeowners face significant headaches with their budgets when it comes time to renew their mortgages.

Hogue’s report predicts monthly mortgage payments for Vancouver homeowners will go up by $526 for every 1 percentage point the key rate grows (based on the market value of typical homes as of the fourth quarter of 2021).

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source:  BIV

Reality Check: Interest Rates Are Rising, Securing A Mortgage Now is Best for Buyers

 
Last week, the Bank of Canada announced an increase in interest rates by 50 basis points. This is the second increase of the year but not expected to be the last. As interest rates rise, so does the stress test qualifying rate which is two percentage points higher than the actual rate of a mortgage.

What Does This Mean for Buyers Who Have Already Secured a Pre-Approval or are Planning to Do So?

Pre-approvals are valid for up to four months, meaning if you secured a pre-approval at the end of 2021 or the beginning of this year, you could still buy a home this spring at your pre-approved, lower interest rate. Great news!

Buyers that have thought about getting pre-approved but have not yet, should consider doing so now. As the interest rate is expected to continue to rise, it will become more difficult to secure a larger mortgage in the coming months.

For each percentage point the interest rate increases, Canadians will qualify for an approximately 10% smaller mortgage, but there is still time to get pre-approved before rates are increased again.

Calculate your potential mortgage pre-approval and monthly payments now using our mortgage calculator which features some of the lowest rates available across Canada.

Inventory is Increasing and Price Growth is Slowing Across Canada

Many are counting on the rising interest rates to be a major factor in cooling the housing market, causing downward pressure on home prices. We have seen some lower home prices month-over-month across many Canadian cities following the historic highs in February 2022.  As inventory is growing in many cities, analysts believe this could be leading to a more balanced market.

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source: RE/MAX

 

April sales also down 25.6 per cent from March as month-over-month prices increases stall at a lofty high

The benchmark price of a home in Greater Vancouver in April inched up just 1 per cent from March as sales dropped more than 25 per cent and were down more than a third from a year earlier.

The composite price, at $1,374,500, however, remains the highest of any Metro region in Canada.

The Real Estate Board of Greater Vancouver (REBGV) reports that home sales totalled 3,232 in April 2022, a 34.1 per cent decrease from the 4,908 sales in April 2021, and a 25.6 per cent decrease from the 4,344 homes sold in March 2022.

Last month’s sales were 1.5 per cent above the 10-year April sales average.

 “So far this spring, we’ve seen home sales ease down from the record-breaking pace of the last year,” said Daniel John, REBGV chairman.

There were 6,107 detached, attached and apartment properties newly listed for sale across Metro Vancouver in April 2022, down 23.1 per cent compared to April 2021 and an 8.5 per cent decrease compared to March 2022 when 6,673 homes were listed. The total number of homes currently listed for sale on the multiple listing system is 8,796, a 14.1 per cent decrease compared to April 2021 and a 15.3 per cent increase compared to March 2022, when 7,628 properties were available..

“This is not last year’s real estate market,” said local Vancouver realtor, who noted that rising interest rates and government legislation have helped to dampen demand.

For all property types, the sales-to-active listings ratio for April 2022 was 36.7 per cent. By property type, the ratio is 25.3 per cent for detached homes, 47.1 per cent for townhomes, and 45 per cent for apartments.

Sales of detached houses saw the biggest decline, plunging 41.9 per cent from April of 2021, though the benchmark house price, at $2,139,200, was up nearly 21 per cent year over year and 1 per cent higher than in March 2022.

Sales of condo apartments reached 1,692 in April 2022, a 26.1 per cent decrease compared to the 2,289 sales in April 2021. The benchmark price of an apartment home is $844,700. This represents a 16 per cent increase from April 2021 and a 1.1 per cent increase compared to March 2022.

Townhome sales in April 2022 totalled 578, a 40 per cent decrease compared to the 964 sales in April 2021. The benchmark price of an attached home is $1,150,500. This represents a 25 per cent increase from April 2021 and a 1.1 per cent increase compared to March 2022.

In past month, British Columbia announced it would bring in a “cooling-off” period to allow homebuyers to walk away from a purchase without penalty within a time frame yet to be set; and the City of Vancouver increased its empty home tax to 5 per cent.  In April, the Bank of Canada increased the overnight lending rate 50 basis points to 1 per cent, which immediately increased mortgage interest rates. Further rate hikes are expected.

“We could be heading to a complacent market,” suggested the realtor. “A slowdown that awaits the next real estate super cycle.”

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source: Richmond News

City of Richmond Affordable Housing Guide

 

Richmond is home to a range of affordable housing options for low and middle income households, including individuals, families, persons with disabilities, and seniors. This guide contains information on how to apply for a range of affordable housing options available in the city.

The Affordable Housing Guide is divided into four sections based on different types of affordable housing available in Richmond and includes the following sections:

       • Non-market housing;

       • Housing co-operatives

       • Low End Market Rental (LEMR) units; and

       • BC Housing rent supplement programs

Assisted housing options are not included in this guide, but may be found on the following websites:

       • Vancouver Coastal Health: http://www.vch.ca/your-care/home-community-care

       • Seniors Services Society: https://www.seniorsservicessociety.ca/

The City of Richmond Affordable Housing Guide is available online at:

https://www.richmond.ca/plandev/socialplan/housing/affordablehousingtypes.htm

Non-Market Housing

Non-market housing is a type of affordable housing offered at low or very low rental rates. Some non-market

housing providers offer housing at subsidized rental rates as well as at below market rental rates.

How to Apply

Subsidized Units: To apply for subsidized rental units from the list below, apply to either the non-profit directly or

apply to the BC Housing Registry for BC Housing Properties as specified in the list below. There are two ways to

apply to the BC Housing Registry:

1. Online at bchousing.org

2. Obtain and fill out a paper application by:

       • Downloading and printing a paper application online at bchousing.org.

       • Completing the online request form to receive a paper application.

       • Calling BC Housing toll-free at 1-800-257-7756 or calling 604-433-2218 in the Lower Mainland to have

          the form mailed to you.

       • Going to any BC Housing office. A list of BC Housing offices is available online at www.bchousing.org/

          contact.

Below Market Rental Units: To apply for below market rental units, contact the non-market housing provider

directly or if the property is owned by MVHC, submit the application online at metrovancouver.org. MVHC also

accepts applications by mail to 4330 Kingsway, Burnaby, V5H 4G8.

Name & Address   Total #    Housing Type   Bedroom Type   Features   Who to Contact to Apply             Eligible Tenants

                           of Units                                                                (see contact information above 

                                                                                                       for MVHC and BC Housing)

Adelaide Court

10771 Auburn Drive 68 Townhouse 2 & 3 Below market rental: MVHC

Subsidized rental: BC Housing Families

Alder and Birch Lodge

4200/4206 Garry Street 98 Apartment 1 Richmond Health Services Society

P: 604-675-2590 Seniors

Alderwood Place

8700 General Currie Road 48 Townhouse/

Apartment 1, 2, 3, & 4 Below market rental: MVHC

Subsidized rental: BC Housing Seniors, Families

Bill Rigby Manor

4100 Chatham Street 40 Apartment 1 Bill Rigby Memorial Society

P: 604-275-2762 Seniors

Cadence (Atira)

5688 Hollybridge Way 15 Apartment Studio & 2 Atira

P: 604- 331-1407

Single women with

children (second stage

housing)

Cedarwood Place

7260 Granville Avenue 73 Apartment 1 Below market rental: MVHC

Subsidized rental: BC Housing Seniors

Dockside Village

12500 Trites Road 40 Townhouse 2, 3, & 4 Subsidized rental: BC Housing Families

Golden Mews

7251 Langton Road 64 Apartment Studio & 1 Richmond Legion Seniors Centre

P: 604-272-1955 Seniors

Gilbert Gardens

7120 Gilbert Road 45 Townhouse/

apartment 1, 2, 3, & 4 Subsidized rental: BC Housing Families, Couples

Kiwanis Towers

7388/7378 Gollner Avenue 296 Apartment 1 Kiwanis Senior Citizens

Housing Society Seniors

Name & Address Total #

of Units Housing Type Bedroom

Type Features

Who to Contact to Apply

(see contact information above

for MVHC and BC Housing)

Eligible Tenants

Knightsbridge I

12551 Cambie Road 80 Townhouse 2 & 3 Below market rental: MVHC

Subsidized rental: BC Housing Families

Knightsbridge II

12571 Cambie Road 80 Townhouse 1, 2 & 3 Subsidized rental: BC Housing Seniors, Families, Persons

with disabilities

Maple Vine Court

7500 Francis Road 82 Townhouse/

Apartment 1, 2, & 3 Below market rental: MVHC

Subsidized rental: BC Housing

Seniors, Families, Singles,

Couples, Persons with

disabilities

Maplewood

4771 Williams Road 26 Apartment 2 & 3 Below market rental: MVHC

Subsidized rental: BC Housing Families

Minato West

4151 Regent Street 110 Townhouse/

Apartment 1, 2, & 3 Below market rental: MVHC

Subsidized rental: BC Housing

Seniors, Families, Singles

Couples, Persons with

disabilities

Moffatt Park

7660 Moffatt Road 21 Townhouse 2 & 3 Below market rental: MVHC

Subsidized rental: BC Housing Families

Odlinwood

10711 Shepherd Drive 48 Apartment 2, 3, & 4 Below market rental: MVHC

Subsidized rental: BC Housing Families

The Orchid

5580 No. 3 Road 9 Apartment Studio, 1 & 2

Richmond Society for Community

Living

P: 604-279-7040

Persons with disabilities

Regent Place

11131 No. 1 Road 48 Townhouse 2, 3, & 4 Subsidized rental: BC Housing Families

Richmond Project

11820 No. 1 Road 58 Apartment/

Townhouse Studio & 1

Anavets Senior Citizens’ Housing

Society

P: 604-874-8105

Seniors

Rosewood Towers

6220 Blundell Road 173 Apartment Studio & 1 Subsidized rental: BC Housing Seniors, Persons with

disabilities

Rosewood Village

8280 No. 2 Road 137 Townhouse/

Apartment 1, 2, & 3 Subsidized rental: BC Housing Seniors, Families

Persons with disabilities

Steveston Residence

11119 No. 1 Road 20 Apartment 1, 2, & 3 Subsidized rental: BC Housing Seniors, Families, Persons

with disabilities

Storeys

8080 Anderson Road 129 Apartment Studio, 1, 2,

& 3 Subsidized rental: BC Housing Families, Persons with

disabilities

The Redwoods

10000 Kilby Drive 38 Townhouse 2, 3, & 4 Subsidized rental: BC Housing Families

The Remy

9388 Cambie Road 33 Apartment Studio & 1 Subsidized rental: BC Housing Seniors, Persons with

disabilities

Ukrainian Village of Ivan

Franko

8720 Railway Avenue

44 Apartment 1 Subsidized rental: BC Housing Seniors

Venturi Park

7151 Moffatt Road 99 Townhouse/

Apartment 1, 2, & 3 Subsidized rental: BC Housing

Seniors, Families, Singles,

Couples, Persons with

disabilities

Housing Co-operatives

Housing co-operatives (co-ops) are organizations where residents collectively manage their housing. Co-ops are

usually mixed income communities, and often include both subsidized as well as market rental units. Members are

expected to participate in their co-op and participation requirements vary by co-op. For more information on the

requirements of individual co-ops, visit the Co-operative Housing Federation of BC website at www.chf.bc.ca.

How to apply

To apply for co-ops, contact the individual co-op directly. Many co-ops accept applications through email as well as

by mail. Please see page 5 for contact information.

Name & Address Total #

of Units Housing Type Bedroom

Type Features Who to Contact to Apply Eligible Tenants

Benryk Mews Housing

Co-op

8631 Bennett Road

60 Townhouse 2, 3, & 4 P: 604-273-9167

E: benrykmews@gmail.com Families

Blueberry Vale Housing

Co-op

8640 Bennett Road

60 Townhouse/

Apartment 1, 2, 3, & 4 P: 604-270-4253

E: blueberryvale@yahoo.ca

Seniors, Families, Persons

with disabilities

Name & Address Total #

of Units Housing Type Bedroom

Type Features Who to Contact to Apply Eligible Tenants

Delta Green Housing

Co-op

12060 Bath Road

72 Townhouse 2, 3, & 4 P: 604-276-9148

E: deltagreen@newlifemgt.com

Seniors, Families, Persons

with disabilities

Garry Point Housing Co-op

11631 7th Avenue 64 Townhouse/

Apartment 1, 2, 3, & 4 P: 604-274-9934 Seniors, Families

Granville Gardens Housing

Co-op

6800 Lynas Lane

94 Townhouse/

Apartment 1, 2, 3, & 4 P: 604-272-5158

E: officegghc@gmail.com

Seniors, Families, Persons

with disabilities

Greenland Housing Co-op

12055 Greenland Drive 62 Townhouse 2, 3, & 4 P: 604-270-6250

E: greenlandhousing@yahoo.ca Families

Heron Court Housing

Co-op

3640 No. 5 Road

40 Townhouse 2, 3, & 4 P: 604-274-8743

E: heroncourt@newlifemgt.com Families

Klahanie Co-op

4340 Steveston Highway 70 Townhouse 2, 3, & 4 P: 604-434-9185x236

E: KL@spicemanagementgroup.com

Maya Housing Cooperative

10771 Gilbert Road

40 Townhouse 2, 3, & 4 P: 604-271-6224 Families

Meadow Walk Housing

Co-op

7460 Moffatt Road

63 Townhouse/

Apartment 1, 2, & 3

P: 604-270-4348

E: meadowwalkmembership@gmail.

com

Seniors, Families, Persons

with disabilities

Richmond Heights Housing

Co-op

12411 Trites Road

67 Townhouse 1, 2, 3, & 4 P: 604-434-9185

E: RH@spicemanagementgroup.com

Seniors, Families, Persons

with disabilities

River Mist Co-op

8520 Granville Avenue 44 Townhouse/

Apartment 1, 2, 3, & 4 P: 604-270-7208

E: river208@telus.net Families

River’s End Housing Co-op

4080 Garry Street 54 Townhouse/

Apartment 1, 2, 3, & 4 P: 604-275-5534

E: riversend@newlife.mgt.com Seniors, Families

Robert Owen Housing

Co-op

12211 Cambie Road

50 Apartment 2, 3, & 4 P: 604-270-1483 Families

Sundune Housing Co-op

8191 General Currie Road 28 Townhouse 2, 3, & 4 E: sundunehousing@yahoo.ca Families

Sunset Point Housing

Co-op

2960 Steveston Highway

48 Townhouse 2, 3, & 4 P: 604-271-4904

E: info@sunsetpointcoop.ca Families

Terra Nova Housing Cooperative

6600 Barnard Drive

73 Townhouse 2, 3, & 4 P: 604-270-1603 Families

Low End Market Rental (LEMR) Units

Low End Market Rental (LEMR) units are for individuals and families on low incomes that may not otherwise be

able to afford rents at typical market rates. Individuals and couples, including seniors, can apply for studio or 1

bedroom apartments, and families with children can apply for 2 or 3 bedroom apartment units.

All LEMR units have set maximum rents and maximum incomes for eligible tenants, which are adjusted annually.

When rents and income levels are to be adjusted, the property manager or housing provider will contact LEMR unit

tenants to inform them of changes to their rent and changes to maximum income eligibility levels.

How to apply

To apply for LEMR units, contact each property manager(s) directly. Please see page 6 and 7 for contact information.

Please note: the City of Richmond does not keep a waiting list for LEMR units.

Name & Address Total # of Units Bedroom Type Who to Contact to Apply Eligible Tenants

Berkeley House

9233 Odlin Road 13 1&2

Richmond Kiwanis Senior Citizens

Housing Society

Milan Kljajic

E: manager@richmondkiwanis.ca

Seniors (at least one

tenant must be over 60)

The Calla

10788 No. 5 Road 4 3 Az-Zahraa Housing Society

E: info@azhousing.ca Families

Name & Address Total # of Units Bedroom Type Who to Contact to Apply Eligible Tenants

The Camber

7117 Elmbridge Way 6 1&2

Minglian Holdings Ltd.

Jiyue (Jessica) Sun

P: 604-276-0400

Seniors, Families, Singles

Camellia at the Gardens

10820 No. 5 Road 19 Studio & 1

Peterson Residential

Vira Prykhodko, General Manager – Residential

P: 604-699-5261

E: ViraP@petersonbc.com

Seniors, Singles

The Camino

6028 No. 3 Road 5 1&2

Minglian Holdings Ltd.

Jiyue (Jessica) Sun

P: 604-276-0400

Seniors

Cascade City 14 1,2, & 3 Az-Zahraa Housing Society

E: info@azhousing.ca Seniors, Families, Singles

Central Estates

3233 Ketcheson Road 7 1,2, & 3

Prompton Real Estate Services

Terri Shi

E: affordablehousing@prompton.bc.ca

Seniors, Families, Singles

The Dahlia

10780 No. 5 Road 11 Studio, 1, 2, & 3 Az-Zahraa Housing Society

E: info@azhousing.ca Seniors, Families, Singles

Elle

6533 Buswell Street 5 1&2

Dorset Realty

Kim Schuss

P: 604-270-1711 ext. 103

Seniors, Families, Singles

The Emerald

6888 Cooney Road & 8333 Anderson Road 13 1&2

Tribe Management

Silvia Hoogstins

E: Silvia.Hoogstins@tribemgmt.com

P: 604-635-5022

Seniors, Families, Singles

The Grand

5599 Cooney Rd 7 1&2

CCM Investment Group

Bryon Ho

E: infoccm@ccmgroup.net

Seniors, Families, Singles

Hamilton Village

23281 Gilley Road 3 1

Oris Consulting

Jennifer O’Bray

E: jennifer@orisconsulting.ca

Seniors, Singles

Harmony

8288 Granville Ave 7 1&2

Townline Homes

Pablo Prado

E: pablo.prado@townline.ca

Seniors, Families, Singles

Kingsley Estates

10388 No. 2 Road 12 3 Sanford Housing Society

P: 604-732-5105

Families (min. 3 people &

at least one dependent)

Monet by Concord

9019 Cook Road 7 1&2

William Liu

E: goodcba@hotmail.com

P: 604-345-8998

Seniors, Families, Singles

The Nova

6733 Buswell 8 Studio and 1

Sunshine Holdings

Jane Liang

E: cubic.z@yahoo.com

Seniors, Families, Singles

The Omega

9388 Odlin Road & 9333 Tomicki Avenue 10 1&2

Greta Luk

E: mfluk@hotmail.com

Canny Luk

E: cannyluk@hotmail.com

Seniors, Families, Singles

The Ora

6951 Elmbridge Way 20 1&2

Onni Group

Eric Coquet

P: 604-362-5586

Seniors, Families, Singles

Park Estates

8988 Patterson Road 17 Studio, 1, 2, & 3

Prompton Real Estate Services

Terri Shi

E: affordablehousing@prompton.bc.ca

Seniors, Families, Singles

Park Estates II

3300 Ketcheson Road 15 1&2

Prompton Real Estate Services

Terri Shi

E: affordablehousing@prompton.bc.ca

Seniors, Families, Singles

Name & Address Total # of Units Bedroom Type Who to Contact to Apply Eligible Tenants

Park Residences Tower A

7399 Murdoch Avenue 22 Studio & 1 Resident Manager

P: 604-285-2777 Seniors

Pinnacle Living at Capstan Village

8633/8677 Capstan Way 13 1&2

Pinnacle International

Jasmina Vujovic

P: 604-602-7747

E: tenantservices@pinnacleinternational.ca

Seniors, Families, Singles

RIVA

5399 Cedarbridge Way 9 1&2

Onni Group

Eric Coquet

P: 604-362-5586

Seniors, Families, Singles

RIVA 3

7008 River Parkway 9 2

Onni Group

Eric Coquet

P: 604-362-5586

Families

Rivermark Apartments

6968 Pearson Way 31 1, 2, & 3

Catalyst Community Developments Society

Claire Skolos

P: 778-888-3523

E: renting@catalystcommdev.org

Seniors, Families, Singles

Saffron Homes

8600 Park Road & 6828 Eckersley Road 21 1&3

FirstService Residential

Linda Prexler

E: linda.prexler@fsresidential.com

Seniors, Families, Singles

Sorrento—Pinnacle Living

at Capstan Village

8688 Hazelbridge Way & 3333 Sexsmith Road

11 1, 2, & 3

Pinnacle International

Jasmina Vujovic

P: 604-602-7747

E: tenantservices@pinnacleinternational.ca

Seniors, Families, Singles

South Estates

8800 Hazelbridge Way 17 1, 2, & 3

Prompton Real Estate Services

Terri Shi

E: affordablehousing@prompton.bc.ca

Seniors, Families, Singles

Spark

4033 May Drive 6 1&2 Sean Hu

E: SeanHu168@gmail.com Seniors, Families, Singles

Tempo

7688/7708 Alderbridge Way &

5619 Cedarbridge Way

14 1&2

Amacon

Sabine Bartels-Tolkien

P: 604-602-7700

Seniors, Families, Singles

Torino – Pinnacle Living at Capstan

Village

8699 Hazelbridge Way

12 1, 2, & 3

Pinnacle International

Jasmina Vujovic

P: 604-602-7747

E: tenantservices@pinnacleinternational.ca

Seniors, Families, Singles

Trafalgar Square

9551 Alexandra Road 6 Studio, 1 & 2

Richmond Kiwanis Senior Citizens

Housing Society

Milan Kljajic

E: manager@richmondkiwanis.ca

Seniors (at least one

tenant must be over 60).

Viewstar Lot A

3331 No. 3 Road & 8199 Capstan Way 21 Studio, 1 & 2

Yuanheng Holdings Ltd

Wayne Ye

E: rental@yuanheng.ca

Seniors, Families, Singles

BC Housing Rent Supplement Programs

BC Housing develops, manages and administers a wide range of affordable housing options across the province.

BC Housing also offers rent supplement programs, which provide financial assistance towards rent payments for

eligible residents.

How to Apply

Information about eligibility and about the application process can be found on BC Housing’s website or by mail.

More details can be found in the table below.

Program Description Eligible Tenant Groups Information on Eligibility and How

to Apply

Shelter Aid for Elderly

Renters (SAFER)

Provides eligible seniors with monthly financial

assistance to help with their rent payments.

Eligible seniors are over the age of 60, reside in British

Columbia on a permanent basis, and pay more than

30% of monthly income towards the rent of their home.

Seniors (age 60+) Apply online, in-person, or by mail.

Details on eligibility and application can

be found at: https://www.bchousing.org/

Rental Assistance

Program (RAP)

Provides eligible low-income households with monthly

assistance with their rent.

Families must have a total before-tax household income

of $40,000 or less, were working at some point in the

last year, and have at least one dependent child.

Low-income families Apply online, in-person, or by mail.

Details on eligibility and application can

be found at: https://www.bchousing.org

City of Richmond Affordable Housing Strategy 2017–2027

Since the City’s first Affordable Housing Strategy was adopted in 2007, the City of Richmond in partnership with

other stakeholders, has supported the creation of more than 2,000 new affordable housing units for residents.

The Affordable Housing Strategy 2017–2027 guides the City’s response to creating and maintaining safe, suitable

and affordable housing options for Richmond residents. A central focus of the Strategy is to ensure that the City

is successful in providing a range of housing options for households of different ages, family types and incomes.

The affordable housing options included in this guide are for individuals who fall under one or more of the priority

groups identified in the Strategy, including:

• Families

• Low-to-moderate income households

• Persons with disabilities

• Seniors

• Vulnerable groups

For more information on affordable housing in Richmond, please visit

https://www.richmond.ca/services/communitysocialdev/affordablehousing/overview.htm.

In addition to supporting the creation of affordable housing units for residents, the City in partnership with

Community Associations and Societies provides the Recreation Fee Subsidy Program as well as many low cost and

no cost recreation opportunities. For more information, visit the City’s website at www.richmond.ca.

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source:  City of Richmond

Neighbourhood Guide: Richmond BC

 

Just outside of Vancouver’s city limits, you’ll find Richmond, a city that brings diversity to new heights. From sprawling farmland and beaches that stretch as far as the eye can see to the Airport and bustling urban centre, Richmond B.C., Canada has a lot to offer — especially if you are fond of Chinese food.

You can subscribe now to get the latest updates on the Richmond and Vancouver real estate markets straight to your inbox.

In this neighbourhood guide, we’re going to cover all the basics of what it’s like to live in Richmond with a heavy focus on the cost of rent. So what’s Richmond like? In many ways, it can be seen as an extension of Vancouver itself. However, it does have its own character and interesting neighbourhoods full of hidden gem eateries, beautiful parks, and exciting things to do.

What is it like to live in Richmond?

Living in Richmond can offer experiences as diverse as the city itself. A vibrant and multi-ethnic city, more than 60% of Richmond residents have Chinese or South Asian ancestry, according to the city. And, newcomers to the city account for a lot of its growth and innovation.

Full of incredible biking trails, nature walks, cultural hot spots, and, perhaps most importantly, fabulous food, Richmond is a great place to call home.

Where is Richmond BC?

Richmond is a city in B.C. (the province of British Columbia) in Canada. It’s also part of what’s referred to generally as Metro Vancouver, a federation of 21 different municipalities around and including the City of Vancouver that also includes North Vancouver, Burnaby, Surrey, and more.

 Geographically, Richmond is primarily flat and surrounded by water on all sides like an island. Their slogan is even “Island City by Nature.”

 The Fraser River serves as a division between it and the adjacent city of Vancouver. It’s also home to the Vancouver International Airport, so Richmond is actually the first place that visitors see when they arrive.

What’s the population of Richmond, BC?

Close to 200,000 people call Richmond, B.C. home, although that figure is based on 2016 data so the true number is likely higher and the City of Richmond says it’s closer to 224,425.

So, fewer people live in Richmond than in Vancouver, B.C. where the po

Transportation in Richmond

Richmond’s transit connectivity and traffic will vary depending on which neighbourhood you’re in.

For example, Translink’s rapid transit Skytrain system called the “Canada Line” forks through Richmond. One prong runs from Brideport Station to the Airport and the other continues on into Richmond, terminating at Richmond-Brighouse Station.

Translink’s fare structure is based on zones with Vancouver being Zone 1 and Richmond being Zone 2. A two-zone monthly pass, which would allow for travel between Richmond and Vancouver, is $131 per month or $ $4.25 for a one-time cash fare.

In addition to the Canada Line, there are many Translink buses that service the area and connect the trains with other corners of Richmond. However, unless you are close to the centre and can access the trains easily, you may want a car to get around.

What is Richmond, B.C. known for?

Home to the Dumpling Trail and North America’s most exquisite and diverse Asian cuisine, Richmond is foodie heaven. And even though it may be a smaller city than Vancouver, it’s not without its charms, conveniences, and fun things to do.

The best food in Richmond

Take this small list with a grain of salt, for no round-up could convey the breadth and quality of food you’ll find in Richmond. Another good way to find decent food is to ask a local and see where they’re getting dinner that evening!

Top Shanghai — if you dream about wontons, bao zi, and xiao long bao, then this place has to be on the “top” of your list. Pho Japolo — authentic Vietnamese, perfect for when you need a hot bowl of soup and noodles.Italian Tomato — traditional Italian pizza and pasta that will satisfy your carb cravings. Neptune Barbecue House — a staple in the local Asian food scene, fill up on Cantonese-style roast duck and barbeque pork here.HK BBQ Master — no website needed for this famously delicious restaurant frequented by Seth Rogan. Jade Seafood Restaurant — an award-winning restaurant with high-quality Chinese food that will please any palate.

Some of the best things to do in Richmond

• Steveston Village — an adorable corner of the city that has evolved from a historic fishing village, it’s a highly walkable little shopping and cultural hub, plus there’s Fishermans Warf where you can see the catch of the day.
• Richmond Olympic Oval — this former Olympic venue is a piece of breathtaking architecture that’s now a recreation hub for the whole community.
• River Rock Casino Resort — this casino has restaurants, a show theatre, and lots of tables and slot machines for some responsible fun.
• Richmond Night Market — held during the late spring and summer months, this massive festival is full of entertainment and incredible unique cuisine.
• McArthurGlen Designer Outlet Vancouver Airport — this shopping outlet feels like you’re wandering around a European village where you can get deals on Nike shoes and Aritiza clothes.
• Aberdeen Centre — a massive shopping center with a food court full of popular Asian retailers and brands.
• Iona Beach — this park is hard to find but worth the trip to walk along the jetty that extends kilometres into the ocean like a path surrounded by water.

Average rent in Richmond

There are a lot of homes in Richmond, B.C. for rent. Average rent here is less than what you’d find in Vancouver but more than other Metro Vancouver neighbourhoods like Surrey. Here’s a recent rental breakdown for you from our May 2021 liv.rent data:

Unfurnished rentals

One-bedroom   $1,686

Two-bedroom   $2,274

Three-bedroom $2,735

Furnished rentals

One-bedroom   $1,804

Two-bedroom   $2,338

Three-bedroom $2,915

Average house price in Richmond

For those who are looking to buy, Richmond can be just as expensive as Vancouver, it seems. Here are the average house prices for a condo, home, and townhome:

Apartment          $597,000

Detached home $2 million

Townhouse        $964,000

Richmond neighbourhoods

Now, let’s take a look at the different neighbourhoods that make up Richmond. And, when you find one you like, search michaelcowling.com interactive map to:

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Ready to dive into the neighbourhoods? Let’s look at a few important things to note about each area. Plus, we have included where to visit in Richmond, B.C., you can use the map to see where each neighbourhood is:

Richmond BC Map

1. Bridgeport

Richmond’s most northern neighbourhood is extremely close and connected to Vancouver, making it a dream for commuters to get to work.

Many parts of the neighbourhood are industrial, but you’ll find some unique hidden gems amongst the warehouses and it’s an especially lively area during the summer thanks to the Richmond Night Market.

Bridgeport local favourites

Daily Delicious Bakery — if puffy pastries and creamy cakes are your jam, then this family-owned bakery should be on your list.

Fujiya Foods — a Japanese grocery store that sells Asian food items you will be hard-pressed to find elsewhere, plus fresh and cheap takeout sushi.

Ikea — whether you go to eat at the Ikea cafe or shop for a new table, this is one of the most popular places in all of Bridgeport.

Foody World — this jumbo-sized Asian supermarket might just overwhelm you with all of its grocery options.

2. Golden Village

Incredible food, good shopping opportunities, and proximity to transit make Golden Village an attractive choice for young people to lay down their roots and rent their first condo. After all, with a name like “Golden Village,” how could it not be spectacular?

Golden Village local favourites

Faebrew Coffee Lab —for a freshly brewed cup of thrid-wave coffee, head to this funky coffee lab.

Sanpoutei Ramen — for some of the most authentic Japanese noodles and broth, slurp over at this spot.

Lido Restaurant — fill up on fluffy pineapple buns, a classic pastry with a crackled top like the outside of a pineapple, at this old-standby hidden gem.

Alexandra Road — this street is so studded with amazing restaurants, that it’s affectionately called “food street”/ “食街” in Cantonese and Mandarin by locals.

3. Brighouse

Also known as Richmond’s City Centre, Brighouse is a commercial and residential area that’s a vibrant place to call home. There are hundreds of shops, services, and recreational opportunities here, not to mention it’s where some of the city’s best eats are hiding.

Brighouse local favourites

• John 3:16 Mayalsian Delights — Richmond’s most-loved Malaysian food joint serves mouthwatering Hainanese chicken and Nasi Goreng
• Richmond Centre — shop from your favourite brands and hit up the food court at this clean and inviting shopping mall.
• McDonald’s No.3 — see the first-ever McDonald’s restaurant in Canada which opened on June 1, 1967…or just use that fact as an excuse to get a fillet-o-fish.
• Minoru Park — Richmond’s “green heart” is a massive park with turf fields, a track, tennis courts, and more.

4. Oval Village

The area around the Richmond Olympic Oval is unrecognizable now compared to 15 years ago. Now, it’s become a young neighbourhood full of newly built condo buildings as shops and services continue to come into the area like T&T Supermarket. Plus, Oval Village is right along the Fraser River and its refreshing walkable and bikeable riverside trail.

Oval Village local favourites

West Coast Mini Putt — the perfect rainy day activity for kids or even for date night is this fun mini-putt course.

Fortune Terrace — this restaurant is all that and dim sum, a beautiful Chinese restaurant with delicious dim sum offerings.

Smokehouse Sandwich Co. — for tasty sandwiches and filling brunch, this meaty place is a good choice for hungry folks.

Co’m Vietnamese — modern and authentic, this delicious restaurant with lots of plant-based options is a great pick for a date night, especially if they love wings!

5. Lansdowne Village

Lansdowne has been experiencing a huge surge in development, adding housing and density to the area over the last 10 years. The Lansdowne Centre Mall is like a little heart for the community which spirals out around it, and there are plenty more plans in the works to continue to add housing and build community here.

Within walking distance to the Canada Line and some of Richmond’s most popular shops and services, this is a convenient place to call home.

6. West Cambie

Just east of Richmond’s city centre, the West Cambie neighbourhood is less bustling but still very connected to good transit options and not far from Vancouver. It’s a neighbourhood that’s been growing and changing a lot in the past decade, but it’s still largely filled with families and it’s largely residential.

Local tip: the unassuming Prata-Man Singapore Cuisine is one of the best restaurants in the area.

 7. South Arm

South Arm, which neighbours another community called Broadmoor, is a suburban and kid-friendly area with a beautiful park and a busy community centre at its heart. With lots of schools and primarily single-family homes, it’s a popular area for families to live.

We hope you have a good understanding of Richmond and its neighbourhoods after reading this guide. When you’re ready to find your new home, use liv.rent — we’ve automated the entire rental journey for you to make renting fun again.

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source: liv and Michael Cowling