One of the top 5 largest cities in BC, Richmond is also home to one of the highest percentages of condos in BC. Experts predict that in the next 9 years, the number of condos for sale in this city will pass Vancouver. This will make Richmond the city with the largest number of new condo developments in BC.
Move-In Ready Condos
All New Construction Condos in Richmond BC
New Condo Developments in Richmond BC
From compact studios to elite penthouses, the townhouse market in Richmond is fiercely viewed as one of the most steady in BC. The condo market fluctuates (Due to natural factors) but it has been stable for the past 10 years. Property valuing in Richmond has risen significantly. Mainly because of new condo
developments and full world class communities. This has given the overall real estate industry in Richmond a further boost in it’s image.
Another reason for this growth is new condo developments are being bought out by new immigrants. Richmond has the most number of immigrants than any other city in BC. This demographic also has a very high net worth. The average net worth of a new immigrant in Richmond is just under $723,4422.00.
This equates to 90% of Richmond which has the buying power to purchase new condos. These numbers have naturally attracted investors and due to friendly local condo buying laws, the sales figures are increasing month by month. Richmond condos are producing one of the most consistent ROIs in recent
history. The BC Real Estate board has taken notice of this and is adjusting rules and regulations accordingly.
Local and consistent support from the Government has also made Richmond an investor friendly city. With special benefits for condo buyers who buy multiple properties. Like Vancouver, Richmond also has world class penthouses. Penthouses sales alone went up by 7%. Which is very consistent with last year’s results.
New Construction Condos in Richmond
The demographics of Richmond also help in creating this high-level condo Market. Since most of the people in Richmond are highly educated, they also are portrayed as good tenants. Thus making it a very healthy market for condo owners in Richmond.
With the large pool of renters to choose from, condo owners can expect to get a very healthy return on their investment.
Presale condos in Richmond
The condominium real estate market in Richmond has risen by 18% this year and is going up by 15% consistently. Having a fast moving business sector, has also fueled further growth in Richmond’s presale market. Most business owners in Richmond have a net worth of over $3 million dollars so co-signing condo deals is not seen as an issue.
Mortgage brokers in Richmond are also adjusting and have eased on any obstructing regulations. This is helping in the continual condo growth and in the city.
3 bedroom condos with 3 bathrooms are the highest selling type of condos in Richmond followed by 2 bedroom and 2 bathrooms. Condos in Richmond and larger than other areas in BC which makes it an ideal purchase for investors and first time home buyers.
Preconstruction condos in Richmond
With an average price range of $610,234.00 to $2.8 million, the Richmond condo market is for medium to affluent investors.
The real estate market of Richmond is steady and is considered a mature space. Preconstruction of condos will continue to grow at a healthy rate and this will help improve the already strong economy of the city of Richmond.