Granville has been named the best Richmond neighbourhood to buy a condo in 2018, and Broadmoor is the place to go for a townhome, according to a new report by real estate website Zolo.
The rankings were the result of extensive study of all of Greater Vancouver’s neighbourhoods, through which Zolo created a value score for each area based on a series of factors. These included: relative value of an average home compared with surrounding areas and the overall municipality; price appreciation over the past five years and potential for future growth; and the economic strength of the area combined with WalkScores and Transit scores.
At the other end of the scale, Sea Island was named the “worst” area in Richmond to buy a condo in 2018, and Lackner was deemed lacking when buying a townhome. The “worst” means that either the area is not good value compared with other neighbourhoods, or that it has less potential for price growth, or that it is low-priced for a reason, according to Zolo.
Romana King, Zolo’s director of content, wrote in the report, “Value isn’t synonymous with cheap, especially in real estate. Cheaper housing prices can occur for a variety of reasons — not all of them good. Instead, we wanted to find neighbourhoods that haven’t appreciated as much as surrounding communities but have access to the same amenities and social values as these higher-priced neighbouring ’hoods. In essence, we are looking for affordable, good neighbourhoods that are poised to increase in value.”
At #8, Granville made the top 10 list in Greater Vancouver’s overall rankings for buying a condo, but Richmond didn’t figure in the region’s overall townhome rankings. East Coquitlam was named the region’s top area to buy a condo, and Mary Hill in Port Coqutilam was placed highest for townhouses. (Full Greater Vancouver rankings here.)
Check out the infographic below for Zolo’s top 10 areas in Richmond to buy either a condo or a townhome, and below that, Zolo’s 10 “worst” Richmond areas to buy a condo or townhome. Do you agree with the results?
Infographic by Zolo
Zolo’s 10 Worst Neighbourhoods to Buy a Condo in Richmond in 2018
- Sea Island, Richmond – average price $672,450
- Hamilton, Richmond – $657,000
- McLennan, Richmond – $648,000
- Steveston Village, Richmond – $706,150
- Woodwards, Richmond – $276,000
- Ironwood, Richmond – $403,056
- Terra Nova, Richmond – $475,245
- East Cambie, Richmond – $385,336
- Saunders, Richmond – $817,500
- Bridgeport, Richmond – $518,078
Zolo’s 10 Worst Neighbourhoods to Buy a Townhouse in Richmond in 2018
- Lackner, Richmond – $956,527
- Terra Nova, Richmond – $974,490
- Brighouse, Richmond – $729,239
- Steveston Village, Richmond – $
- Riverdale, Richmond – $784,536
- Granville, Richmond – $803,584
- McLennan North, Richmond – $917,900
- Hamilton, Richmond – $641,260
- West Cambie, Richmond – $867,591
- Brighouse South, Richmond – $789,235