In the past 2 years, Richmond has seen tremendous growth in townhome construction. With most new development occurring near downtown and southside of Richmond. Due to high prices in core Vancouver, more single families are now moving towards Richmond. These single families are also the largest townhome buyers in Richmond.
Although townhome prices are still higher than before, the family oriented environment Richmond offers is very attractive to first time home owners.
Move-In Ready Townhomes
All New Construction Townhomes in Coquitlam BC
New Build Townhomes in Richmond BC
Most investors have shown a respectable ROI from townhomes in Richmond. The townhouse market in this city is maturing really fast which is attracting further real estate investors. Townhomes in Richmond have been considered a very stable investment. With the average townhome falling in the price range of $453,234 and $1,432,323.00.
Richmond offers mostly 3 bedroom townhomes. These in most cases also come with three bathrooms versus two that most townhomes have in BC. This allows the owner or the investor to rent the townhome out immediately. Richmond also has very strong tenancy laws which makes this a popular practice in this city.
Also the majority of Richmond’s population is. quite educated and well employed. Which makes finding reliable tenants a non-issue. The median income of a Richmond resident is $59,343.00. This is another reason why most investors find Richmond to be a very stable real estate venture.
New Construction Townhouses in Richmond
Just around $922,342.00 is the average townhome price in Richmond. With an average bedroom size of 2 to 3, this makes it an ideal choice for most first time home buyers and beginner investors. Most new investors are coming in from Vancouver as they can afford a better dwelling in Richmond. Which may
also yields a more than expected ROI.
These trends and movement in demographics is expected to continue as more new townhomes are constructed in the city of Richmond. Some fluctuations are expected as usual but overall, this is where the market is headed for the next 7 years.
Townhomes are considered a long-term investment and these are the kind of properties that are attracting high end and mid level investors in Richmond.
This trend will continue to fuel the Richmond townhouse market for the next 5 years and possibly more.
Preconstruction Townhomes in Richmond
Townhomes in Richmond are also considered a secured investment. It’s not just because the new ones are behind gated communities. Preconstruction Townhomes increased by 13% since last year including gated communities that are state of the art. This is making Richmond a contender in the best townhomes in BC. Trailing only behind Vancouver.
The townhouse market in Richmond will surpass the condo market of Vancouver in the next 10 years.
This prediction was made by three of the main real estate bodies in Richmond.
Presale Townhomes in Richmond
These types of townhomes are very interesting to first time homebuyer and new development builders. Presale townhomes are now developing at a similar rate as condos in Richmond. Most of these have up to 4 bedrooms. This is due to the increase in extended families of single home owners that may share the same space. A new market trend which looks like it will stabilize in the next 5 years.
Richmond is still very urban but has room for larger communities. This is where presale townhomes are now being built. It is predicted that presale townhomes may surpass single detached home sales in Richmond in the next upcoming years.