Richmond

Richmond sits at the heart of Metro Vancouver’s economic engine, yet it occupies an interesting position in BC’s lending landscape. With over 200,000 residents spread across 129 square kilometers, this city has transformed from agricultural land into one of Canada’s most multicultural communities—where Mandarin and Cantonese are spoken as commonly as English in many neighborhoods.

The numbers tell a complex story. Richmond’s median household income of $79,000 reflects the broader Metro Vancouver market, but the 10.8% unemployment rate signals economic headwinds that make lenders pause. The housing mix heavily favors single-detached homes at 30.1%, followed by low-rise apartments and row houses, creating a suburban density that’s uniquely Richmond.

What makes Richmond fascinating is its role as Canada’s gateway to Asia. Vancouver International Airport anchors the local economy, while the city has become a preferred landing spot for international families seeking Canadian education and lifestyle. The result? A community where luxury cars navigate between bubble tea shops and where some of the province’s most expensive real estate sits minutes from working farmland.

Richmond’s proximity to Vancouver International Airport means it’s never truly quiet—planes overhead remind residents they’re connected to the world. The city’s extensive dyke system, originally built for flood protection, now serves as a 60-kilometer network of walking and cycling paths that locals use year-round thanks to that Zone 9a climate.

For mortgage brokers, Richmond represents Metro Vancouver territory where Tekamar’s maximum LTV is 0%. We focus our lending energy on communities outside the Greater Vancouver area, where our equity-based approach and local knowledge create better opportunities for both borrowers and our investor families. Richmond’s market dynamics and urban density place it outside our sweet spot of smaller BC communities where relationship-based lending thrives.