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Richmond Mortgage Information

Average Mortgage Loan in Richmond: $246,221

Busy Months for Applications within Richmond

The following represents the volumes of mortgage applications received by Super Brokers in each month for all years combined. The busiest months for mortgages from Richmond mostly occur during our first quarter (represented by the brown bars) with 27.92% while our slowest is the third quarter (represented by the blue bars) with 22.08%.

Busy Months Report for Richmond Mortgages

Rankings for Busy Mortgage Months

RankMonthPercentage of Applications
1 March: 11.0%
2 July: 10.4%
3 April: 9.7%
4 October: 9.7%
5 January: 9.1%
6 December: 9.1%
RankMonth Percentage of Applications
7 May: 8.4%
8 June: 8.4%
9 February: 7.8%
10 August: 7.1%
11 November: 4.5%
12 September: 4.5%

Busy Days for Mortgage Applications within Richmond

The graph listed below illustrates the busy days for online applications that were received by the Super Brokers web site. Each day is a representation of the combined 6-year total of all instances of that day. In Richmond, the day with the most volume, generating 27.27% of all applications, is Wednesday. In comparison, Saturday's are the slowest day with only 5.84% of all inquiries.

Rank Day of the Week Percentage of Applications
1 Wednesday: 27.3%
2 Friday: 14.9%
3 Thursday: 14.9%
4 Tuesday: 13.6%
5 Monday: 12.3%
6 Sunday: 11.0%
7 Saturday: 5.8%
Busy Days Report for Richmond Mortgages

Peak Hours for Mortgage Applicants within Richmond

In Richmond, applications are received 24 hours a day via the Super Brokers web site. The following indicates the peak hours within a 24-hour period. The data is taken from all days of all years. Only 20.8% of all mortgages are received during the morning, while 70.8% arrive in the afternoon.


Peak Hours Graph for Mortgages in Richmond
TimePeriod (24 Hour) Percentage
of Applications
12AM 00:00 to 00:59: 3.2%
1AM 01:00 to 01:59: 2.6%
2AM 02:00 to 02:59: 2.6%
3AM 03:00 to 03:59: 0.6%
4AM 04:00 to 04:59: 0%
5AM 05:00 to 05:59: 0.6%
6AM 06:00 to 06:59: 0.6%
7AM 07:00 to 07:59: 0%
8AM 08:00 to 08:59: 1.3%
9AM 09:00 to 09:59: 1.9%
10AM 10:00 to 10:59: 5.8%
11AM 11:00 to 11:59: 9.7%
TimePeriod (24 Hour) Percentage
of Applications
Lunch 12:00 to 12:59: 7.1%
1PM 13:00 to 13:59: 11.7%
2PM 14:00 to 14:59: 5.2%
3PM 15:00 to 15:59: 7.1%
4PM 16:00 to 16:59: 6.5%
5PM 17:00 to 17:59: 6.5%
6PM 18:00 to 18:59: 5.2%
7PM 19:00 to 19:59: 5.8%
8PM 20:00 to 20:59: 1.9%
9PM 21:00 to 21:59: 5.2%
10PM 22:00 to 22:59: 5.2%
11PM 23:00 to 23:59: 3.2%

British Columbia Mortgage Originations Compared to all other Provinces and Territories


Online Mortgage Origination for the Province or Territory of Percentage of Applications
Alberta: 21.07%
British Columbia: 10.40%
Manitoba: 2.00%
New Brunswick: 2.53%
Newfoundland and Labrador: 1.30%
Nova Scotia: 3.29%
Northwest Territories: 0.49%
Nunavut: 0.10%
Ontario: 47.31%
Prince Edward Island: 0.51%
Quebec: 3.94%
Saskatchewan: 5.04%
Yukon: 0.47%

How Richmond Ranks in British Columbia for Mortgage Business

The following table lists how Richmond ranks for mortgage applications sent to our website. The data collected is over a 7-year time frame. A location has to have a minimum of three applications to make the list. To find more information, simply click on a location.

RankLocation Contribution
3VICTORIA, BC 0.617%
4BURNABY, BC 0.330%
5KELOWNA, BC 0.318%
6PRINCE GEORGE, BC 0.290%
7ABBOTSFORD, BC 0.284%
8RICHMOND, BC 0.266%
9CHILLIWACK, BC 0.265%
10KAMLOOPS, BC 0.261%
11FORT ST JOHN, BC 0.251%
12LANGLEY, BC 0.225%
13NORTH VANCOUVER, BC 0.220%

Types of Mortgage Inquiries Received from Richmond


Type of Mortgage Application Form Selected  Percentage
of Inquiries
Mortgage Pre-approval: 20.8%
New Home Purchase: 18.8%
First-time Home Buyer: 14.9%
Refinance / Debt Consolidation: 12.3%
No Money Down Mortgage (discontinued): 11.7%
Mortgage Renewal: 9.1%
Other: 12.2%
 
Total Application Types Found: 13

Age Demographics for Richmond Based Mortgages

Average age: 40
Oldest age: 78
Youngest age: 19


Incomes for Richmond Based Mortgages

The amounts shown below represent the average income of Canadians living in Richmond who have applied for a home loan using the pre-approval application on the Mortgage Super Brokers' web site.

Average annual gross income for
mortgage applicants in Richmond: $65,978.33
applicants within all of Canada: $60,852.54
Difference: $5,125.79
  
mortgage co-applicants in Richmond: $37,929.35
co-applicants within all of Canada: $43,965.51
Difference: ($6,036.16)

Note: Commercial loan amounts were not included for this report, only residential mortgages from Richmond, British Columbia were used.


Last mortgage report update for Richmond: Friday, July 1, 2016
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