TODAY'S
MORTGAGE RATES IN Richmond

Choosing the right lender is an essential first step if you plan to buy a home in Richmond. Banks might be your first thought, but credit unions and mortgage brokers have unique advantages worth considering.

Not sure where to start? Let's break down your options so you can choose confidently.

Big Banks in Richmond

You've probably seen them around: RBC, TD, Scotiabank, CIBC, BMO, and National Bank. They're familiar and convenient, making banks an easy choice if you prefer simplicity.

However, big banks don't always have the lowest rates or the most flexible terms. Even if you already bank with one of these institutions, comparing rates with others could save you money.

Local Credit Unions

Do you prefer personalized service and local connections? Richmond's credit unions could be the perfect match. Vancity, Gulf & Fraser, BlueShore Financial, Prospera Credit Union, and Greater Vancouver Community Credit Union all operate in Richmond.

Another plus? Profits typically remain in the community, helping Richmond thrive. It's a win-win.

Mortgage Brokers in Richmond

Mortgage brokers don't work for banks—they work for you. Brokers shop around to find mortgage deals tailored to your needs, potentially uncovering opportunities you might overlook.

In Richmond, you'll find trusted brokers such as Alltrust Mortgage Solutions, True North Mortgage, Custom Mortgages, Bespoke Lending Solutions, Ronin Mortgage, Crosstown Mortgage Group, and The Mortgage Specialist.

Online and Alternative Mortgage Lenders

If you prefer avoiding paperwork, or your credit and income don't fit neatly into bank requirements, online lenders like Pine, Nesto, or Neo Financial make mortgages quick and easy.

Monoline lenders such as First National, MCAP, and RFA Mortgage Corporation specialize exclusively in mortgages. Their rates are often competitive, and their process is built for efficiency.

Choosing the Right Mortgage Provider

• Check your financial health—credit score, income stability, and monthly budget.
• Compare options from banks, credit unions, brokers, and online lenders.
• Use EveryRate to match you with lenders best suited to your needs.

Are you thinking about buying a home in Richmond? Whether you're a first-time buyer or just exploring your options, understanding the current housing market and mortgage trends can help you avoid stress and save money.

Let's dive into Richmond's real estate market, highlighting recent shifts, mortgage considerations, and neighbourhood trends that could shape your buying experience.

Richmond Housing Market in 2024: Quick Recap

In 2024, Richmond's housing market stabilized after several years of rapid price growth. Detached homes saw modest changes, averaging around $2.17 million by year-end. Condos and townhomes experienced more significant adjustments, with prices settling into more sustainable ranges.

The year was marked by rising inventory levels, giving buyers more choice. Listings increased across all property types, creating a clear buyer's market. Richmond also maintained strong momentum in new construction, adding over 2,000 new homes to the market.

Overall, Richmond's market shifted noticeably toward buyers in 2024, partly thanks to gradually declining mortgage rates late in the year. This set the stage for a balanced and more affordable buying environment.

Richmond's Housing Outlook for 2025 and Beyond

Richmond's market continues to favour buyers in 2025. Home prices remain stable: about $2.1 million for detached houses, $1.2 million for townhomes, and $850,000 for condos. Lower interest rates also mean buying is more affordable than before.

The city continues to grow steadily, and its population is expected to increase by 2030. Neighbourhoods near transit hubs, like Richmond Centre and Steveston, are becoming especially popular.

What Does This Mean for You?

Richmond offers plenty of homes, stable prices, and low interest rates. It's a good time to explore your options and find the neighbourhood that fits your lifestyle.

Feeling unsure? EveryRate can help you find the best fit so you can confidently choose your mortgage and neighbourhood.

Thinking about buying in Richmond but unsure about your down payment? It's one of the biggest financial questions buyers have.

For example, a $1.2 million townhouse requires $25,000 (5%) for the first $500,000, plus $70,000 (10%) for the remaining $700,000—totalling $95,000.

Prices vary by neighbourhood. Here's a quick breakdown based on recent benchmarks, assuming a standard 25-year mortgage at a 3.74% fixed interest rate:

• Steveston: Detached ($2,450,000): $490,000 down, about $10,100 monthly
• Steveston: Townhouse ($1,350,000): $92,500 down, around $6,500 monthly
• Steveston: Condo ($950,000): $47,500 down, roughly $4,600 monthly
• Richmond Centre: Detached ($2,200,000): $440,000 down, about $9,100 monthly
• Richmond Centre: Townhouse ($1,250,000): $87,500 down, around $6,000 monthly
• Richmond Centre: Apartment ($880,000): $44,000 down, roughly $4,300 monthly
• West Richmond: Detached ($2,350,000): $470,000 down, about $9,700 monthly
• West Richmond: Townhouse ($1,300,000): $90,000 down, around $6,300 monthly
• West Richmond: Apartment ($920,000): $46,000 down, roughly $4,500 monthly
• East Richmond: Detached ($2,100,000): $420,000 down, about $8,700 monthly
• East Richmond: Townhouse ($1,200,000): $85,000 down, around $5,800 monthly
• East Richmond: Apartment ($850,000): $42,500 down, roughly $4,200 monthly

This snapshot helps you understand what's needed financially in different areas of Richmond. EveryRate.ca can guide you step by step, helping you make informed mortgage choices.