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:

• Search for listings
• View units
• See pictures, videos and floor plans

…from anywhere on our 100% digital platform. Plus, there’s a no-commitment signup, and your information is private and not sold or used by any third party.

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

Strong First Quarter for BC Housing Markets, But Risin

The British Columbia Real Estate Association (BCREA) reports that a total of 11,463 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March 2022, a decrease of 24.1 per cent from a record March 2021. The average MLS® residential price in BC was $1.096 million, a 15.7 per cent increase from $946,813 recorded in March 2021. Total sales dollar volume was $12.6 billion, a 12.1 per cent decline from the same time last year.

“Home sales in the province continue to moderate from record highs of this time last year,” said BCREA Chief Economist Brendon Ogmundson. “Given the sharp rise in Canadian mortgage rates and expected tightening from the Bank of Canada, activity will likely slow further in the second half of this year.”

 Provincial active listings were 12.4 per cent lower than this time last year with the total inventory of homes for sale in the province at under 20,000 units. That level of inventory remains well below the roughly 40,000 listings needed for a balanced market. 

 Year-to-date, BC residential sales dollar volume was down 4.1 per cent to $28.8 billion, compared with the same period in 2021. Residential unit sales were down 20.1 per cent to 26,577 units, while the average MLS® residential price was up 20 per cent to $1.086 million.

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:  BCrea

Bank of Canada hikes benchmark interest rate to 1%

 

Biggest one-time increase in central bank's rate since 2000

Tiff Macklem, governor of the Bank of Canada, said that higher interest rates are going to be necessary to bring down high inflation

The Bank of Canada hiked its benchmark interest rate by half a percentage point to one per cent on Wednesday in its latest move to rein in high inflation.

The bank's rate impacts Canadian businesses and consumers by influencing the rates they pay and receive on things like mortgages, GICs and savings accounts.

The bank slashed its rate to barely above zero in March of 2020 when the pandemic began.

While the move helped the economy to weather the unprecedented uncertainty of COVID-19, in recent months, inflation has come roaring back to its highest level in decades, prompting the central bank to start unwinding all that cheap credit.

"Inflation is too high," Bank of Canada governor Tiff Macklem said at a press conference announcing the news. "We need higher interest rates."

It's the second time in as many months that the bank has ratcheted its rate higher, and as such Wednesday's move is both the bank's first back-to-back rate hike since 2017, as well as its biggest single hike since the year 2000.

Economists were expecting the move, and with inflation flirting with six per cent, they expect more to come, at least until the central bank's rate gets up to two per cent — and possibly beyond.

Selling off bonds, too

The rate hike isn't the only thing the bank is doing to remove stimulus from the economy,

Previously in the pandemic, the bank began a program to buy up bonds as a way to keep money flowing and borrowing costs low. Known as "quantitative easing," the bank has been signalling for a while that the bond-buying program may be coming to an end, and on Wednesday the bank announced it is now moving in the opposite direction, getting rid of all those bonds on its books as they expire.

"Maturing Government of Canada bonds on the bank's balance sheet will no longer be replaced and, as a result, the size of the balance sheet will decline over time," the bank said.

That will add to the cost of borrowing, since the the central bank being removed as a guaranteed buyer of all those bonds will force those who issue them to have to pay a higher rate to borrow money.

Those rates were headed higher even before the bank's decision. The yield on a five-year bond topped 2.7 per cent this week, the highest rate since 2013. Barely a month ago, it was less than 1.5 per cent, and at one point earlier in the pandemic, it bottomed out at below 0.5 per cent.

The bank's decision to implement a "quantitative tightening" program will push those yields up even further, making fixed-rate mortgages more expensive.

Variable-rate loans, meanwhile, are pegged to the bank's rate, so they too will be headed higher as a result. Within hours of the central bank's decision, all five of Canada's biggest lenders — RBC, TD, Scotiabank, CIBC and BMO — had raised their prime rate by 50 points to match the central bank's rate hike.

Harder to buy

Anyone on a fixed rate loan is immune from higher rates for now because they've locked in, but anyone on a variable rate loan will feel their rate go up likely as soon as their next payment.

And those in the market for a loan face a steeper hill to climb now. One of the biggest impacts of this rate hike will be on first-time buyers, because higher rates will raise the bar for the stress test that calculates how much they are allowed to borrow.

A mortgage broker with Lowestrates.ca says that the exact amount will depend on people's situations, but in general, every 25-point move in the bank's rate results in a loss of about $12,000 of purchasing power. Wednesday's 50-point hike is twice that.

"Because of this people are going to qualify for a little less money than they used to qualify for," they said in an interview.

While home loans are the most obvious way that interest rates affect Canadians, anyone with debt is likely to feel the pinch.

Other debt more expensive, too

In Edmonton, Michelle and Candace Lister know first-hand how debt loads are usually manageable, right up until they aren't. While they both make good incomes and own their home, their stable financial life started to unravel after a car accident totalled their vehicle in 2019.

They owed more money on their written-off van than it was worth, so that debt got rolled into a new car loan in 2020.

Then they both contracted COVID-19 in 2021, which resulted in them not being able to work for a while, which caused their incomes to temporarily plummet to the point where they couldn't stay on top of the payments.

"We ended up going further and further into the credit cards, and then it was really difficult to get out," Michelle told CBC News.

The couple are currently negotiating a settlement with their creditors, but they feel compelled to share their story as a cautionary tale to others about how easy it is to drown in a high-rate environment.

"I think there's more people than one might imagine … in the same situation," Michelle said.

Rate hikes 'good and bad'

Changes to the bank rate may be bad news for borrowers but they also have a positive impact on the other side of the ledger, too. Toronto resident Paul Fotia is a retiree on a fixed income, and he says anyone trying to live off savings will welcome higher rates.

"The people that are affected negatively by it certainly outstrip the others," he told the CBC in an interview, "but hopefully it'll do what it's supposed to do with the inflation rate."

He recalls a time when something as simple as keeping money in a bank could net a saver 14 per cent or more. "Now you've got to look for places to put it and to scratch out ... a couple of percentage points."

That's part of why for consumers, rate hikes are "good and bad," according to Bruce Sellery, CEO of Credit Canada Debt Solutions.

Brace yourself: Interest rates could be headed up even faster and higher than we thought

"They are bad in that it's going to cost you more to borrow money, but they are good in that they are the action that a central bank can take to try and control inflation," he told CBC News in an interview.

Canada's inflation rate hit 5.7 per cent last month, and the price of everything from food to housing to gasoline is going up at its fastest pace in decades. "Something needs to be done so that we're not paying such ridiculous prices for things," Sellery said.

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:  CBC

The Federal Government Doubles Down on Housing Affordability

In the April 7th release of the 2022 Federal Budget, Ottawa highlighted housing affordability on page one as the primary focus of the new spending plan. With housing prices across the country increasing by 62% between Jan 2020 to Feb 2022 Canadians are calling on all levels of government to cool the red hot real estate market.  Ontario has seen some of the largest increases in pricing in areas like London, Windsor-Essex and Niagara where prices have all exceeded 80% growth in the past two years. While the Ontario Provincial government released plans last week, Ontarians and home buyers from across the country are hoping for more from the Trudeau government to combat the dream of owning a home becoming increasingly out of reach.  The federal government outlined in A Plan to Grow Our Economy and Make Life More Affordable, a doubling the pace of home construction, a tax-free way for new home buyers to save, a temporary ban on foreign buyers and a tax on property flippers amongst other initiatives.

Ottawa promising to double the amount of new homes built

At the heart of the housing price boom are a few key arguments, one is the need for more supply.  With the sales-to-new-listings (SNLR) being firmly in a sellers market for the majority of the pandemic with points of historically low supply, weary home searchers will tell you there is just not enough out there to buy.  Fundamentally, Canadians need access to a larger supply of various home types to meet the needs in both urban and rural areas of the country.  In the past 10 years approximately 1.9 million homes have been constructed in Canada.  With this budget, the government has ear-marked $10 Billion across various initiatives to help double those targets.  Most notably, $4B for the CMHC to create 100,000 new units, an additional $1.5B to new affordable housing units, $3B for repairs to existing units.  While the influx of new homes may have an important and positive long term impact, it won’t be a quick fix for those in the market for a home today. 

 

 More supports and tax breaks for first time home buyers

The strain on supply is an important factor that has led to some of the fastest growth in home pricing in Canadian history.  The Trudeau government hopes to help young Canadians to fulfill their dreams of home ownership with a new tax-free savings account for first time home buyers.   Starting next year, Canadians will be entitled to contribute up to $8,000 per year to a Tax-Free First Home Savings Account program up to a lifetime limit of $40,000.  While this is a welcome program to those who can afford to save; with rising inflation, some economists say that this program will be out of reach for a segment of the population for the foreseeable future.  It is difficult to save with the strain of increased prices across other areas like gas and food.  With the ability to save more money tax-free, there is risk that this program will not deter price growth but rather potentially increase prices as buyers may have more in their coffers for down payments available. With the introduction of this program coming next year, this is also not an immediate quick fix for today’s competitive market conditions.

Foreign buyers not welcome here, at least for the next two years

Like many provincial jurisdictions, Ottawa is taking aim at the foreign buyers by limiting speculation through a proposed two-year ban on purchases of residential real estate by people and companies who aren’t citizens or permanent residents.  Minister Freeland also outlined the enforcement of tax on “flippers” or anyone buying or selling a property within a year to be fully taxed on their profits. 

Any immediate cooling effects

Many are encouraged that more levels of government, including the Federal level, are attempting to tackle the sky-high housing prices and lack of available inventory.  However, for those facing acute issues right now with inflation, saving and supply in key markets, it makes it difficult to have a significant impact in the short term.  Analysts are now expecting rising interest rates to have the most immediate effect on slowing the price growth in most major markets across the country.  The Bank of Canada is expected to announce additional rate hikes next week. 

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

Richmond home sales and listings fell in April, said real estate board

Some realtors pointed out that the slowdown was due to increased rates hikes, but the News found that the home sales dropped way before the interest rate hikes.

Real estate activity in Richmond seems to have dropped again after the Bank of Canada raised interest rates to curb inflation.

Listings and completed sales continued to drop in Richmond in April – as well as across the region – all the while home prices continued going up, according to the latest report from the Real Estate Board of Greater Vancouver (REBGV).

The benchmark price for a single-family in Richmond was about $2.18 million in April – up less than one per cent from March but up by almost 16 per cent from a year ago.

All residential homes – single-family, townhouses and condos - in Richmond were up on average 18.2 per cent from a year ago with the benchmark price at about $1.25 million.

Some realtors told the Richmond News that the slowdown in sales probably started because the Bank of Canada increased interest rates on April 13 in order to curb inflation.

However, the News noted that home sales slowed down even before the interest rate hikes.

For example, the total number of home sales in Richmond was 555 in March, a significant decline compared with March 2021 when 761 home sales were completed.

The REBGV also reports that home sales in the Greater Vancouver region totalled 4,344 this past March, a 23.9 per cent decrease from the 5,708 sales recorded in March 2021.

The Bank of Canada noted the ongoing Russian invasion of Ukraine and supply disruptions caused by the war are the primary drivers prompting the increase in interest rates.

Home listings and sales down

Listings of all different homes types in Richmond dropped from 878 in March to 750 in April.

Furthermore, 20 fewer home sales were completed in April (425 sold) compared to March (455 sold).

And this isn’t an isolated situation.

For example, home sales in North Vancouver also dipped from 343 in March to 275 in April. Burnaby showed the same trend with total home sales decreasing from 525 in March to 388 in April.

The real estate board said residential home sales in the region totalled 3,232 in April, down by about 1,100 sales the month before, and down by almost 1,700 from a year ago.

Listings across the region also decreased by 8.5 per cent in April, with 6,107 homes listed for sale in April. This is more than 23 per cent fewer listings than a year ago.

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

 “While a small sample size, the return to a more traditional pace of home sales that we’ve experienced over the last two months provides hopeful home buyers more time to make decisions, secure financing and perform other due diligence such as home inspections.”

Are you looking to buy or https://www.michaelcowling.com/sellers/ 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