Following a year of surging interest rates and fewer sales, Richmond has seen its housing market stabilize in value.
As of July 1, 2023, the property value for single-family homes in Richmond had increased by three per cent on average compared to the previous year, reaching $1,874,000, according to the 2024 property assessments released by BC Assessment this week.
And the value of condos and townhouses increased by four per cent on average, rising from $752,000 to $779,000.
It was the most modest growth in property values in Richmond in recent years – in 2022, the city's property values went up by seven per cent for single-family houses and 11 per cent for condos and townhomes.
And in 2021, the annual value growth was 21 per cent for single-family homes and 11 per cent for condos and townhomes.
"Across the Lower Mainland and throughout B.C. …most homeowners can expect only modest changes in the range of minus five per cent to five per cent," said Bryan Murao, an assessor with BC Assessment, in a press release.
“These assessment changes are notably less than previous years…(but) commercial and industrial properties are generally increasing in value at a higher rate than residential.”
Richmond tops region in strata home value increase
Despite modest growth, Richmond leads the Lower Mainland in value growth for condos and townhomes with four-per-cent annual growth, followed by New Westminster, which saw these values rise by three per cent.
Abbotsford and Squamish had the largest drop in assessed value with a three per cent and two per cent decrease, respectively.
As for single-family homes, Belcarra, a village on the shore of Indian Arm, saw the highest annual increase in property values in the Lower Mainland, which was recorded at nine per cent. It was followed by Vancouver, Burnaby and Coquitlam, whose property values rose by four per cent.
Meanwhile, Hope had the largest annual dip in assessed values with a 13 per cent decrease, followed by Harrison Hot Spring and Sechelt, the value of which dropped by six per cent.
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