The City of Richmond is the 4th largest city in Greater Vancouver and hosts a population of over 222,000. Richmond comprises the most concentrated immigrant population with over 60% of its population born overseas.

With Canadian immigration targets of 1.2M over the next 3 years, Greater Vancouver expects approximately 35,000 people moving to the region on average per year of which significant population concentration is expected for Richmond. As one of Greater Vancouver’s fastest growing regions, the City of Richmond expects to grow to approximately 280,000 by 2041 and will require over 42,000 new housing units.

Richmond is a focal point for economic growth with a diversified economy with more than 13,000 businesses in various sectors, including aviation, manufacturing, logistics, agriculture, and tech. The development of the tech industry is driven by the region’s geographic proximity as well as qualitative factors such as favorable FX rates, universal healthcare, and fewer immigration restrictions. This breadth of diversity attracts world-class businesses and organizations to the region.

The Richmond rental market continues to strengthen as the complexities of the issues in the housing market continue to grow. According to the City of Richmond’s housing needs report, 95% of Richmond residents who don’t already own a home by 2021 cannot afford to purchase homes in the city. That number drops to 90% for townhouses and 80% for condos. Furthermore, market conditions have remained tight, with vacancy rates in Richmond historically remaining well below 1%, and the city has consistently been one of the strongest rental markets in Metro Vancouver.

Richmond features tremendous accessibility to all forms of travel, from Arterial highways cutting through its core to Airports and train stations linking commerce to the rest of the provinces. 55% of Richmond residents work in the city while 27% of its residents commute to the neighboring City of Vancouver and only 35 minutes driving to Downtown Vancouver. Richmond also includes the Canada SkyTrain line that conveniently connects Richmond directly to Downtown Vancouver, the Vancouver International Airport, and other cities connected to the region’s highly connected rapid transit system.

Richmond is also home to Canada’s second largest airport. Vancouver is geographically the closest major North American city to the Asia Pacific region, with more direct flights to China than any other city in North America or Europe, with over 118 flights flown by 13 different carriers weekly in 2020.

Richmond’s population growth and growing city centre has been met by an increase in amenities available and comprises major shopping centres and landmark stores including Richmond Shopping Centre, Aberdeen Shopping Mall, Aberdeen Centre and some of the world’s largest retailers. The City of Richmond features many outdoor amenities including many access points to the Fraser River, Minori Park, Terra Nova Rural Park, Garry Point Park and the 12km West Dyke Trail.