Richmond

Richmond’s position as Canada’s gateway city creates unique opportunities and challenges that most mortgage lenders haven’t quite figured out. With Vancouver International Airport anchoring its economy and the Fraser River defining its character, this community of 210,000 operates at a different pace than typical Metro Vancouver suburbs.

The numbers tell an interesting story. While Richmond shows healthy population growth at 5.9% since 2016, the housing landscape reflects its evolution from agricultural land to urban center. Nearly 70% of residents live in apartments, row houses, or duplexes—a density that speaks to smart land use in a geographically constrained area. The remaining 30% in single-family homes occupy some of the most strategically located real estate in the Lower Mainland.

Richmond’s cultural fabric sets it apart from neighboring communities. The city’s Asian influence isn’t just demographic—it’s architectural, culinary, and commercial. Night markets, authentic regional cuisines, and business practices that bridge Pacific economies create an atmosphere you won’t find replicated elsewhere in BC. This cultural depth attracts residents who value authenticity over suburban conformity.

The economic reality here centers on proximity and connection. Professional services and retail trade dominate employment, while the airport ensures constant economic activity. That 27-minute average commute reflects Richmond’s role as both destination and launching point for Greater Vancouver’s workforce.

Richmond’s climate zone 9a designation means gardening enthusiasts can grow plants that struggle elsewhere in Canada. The warming trend over recent decades has only enhanced this advantage, creating microclimates that support everything from cherry blossoms to heat-loving vegetables.

Tekamar currently maintains a maximum loan-to-value ratio of 0.0% in Richmond, focusing our lending activities in communities outside the Greater Vancouver area where we can better serve borrowers seeking alternatives to traditional financing options.