Construction might be noticeable throughout Richmond, but, in fact, housing starts in Richmond have dropped more than 40 per cent since 2015.
Meanwhile, in B.C. overall., housing starts rose by almost 45 per cent during this same time period, according to data compiled by the Chartered Professional Accountants of B.C. (CPABC).
In 2021, construction began on only 1,528 new homes in Richmond, compared to 2,657 in 2015 – a 42.5 per cent drop.
The only housing type that’s seen any growth is semi-detached homes, but that went up from only 28 in 2015 to 46 in 2021.
Construction began on 1,945 new apartments in 2015, but this number dropped to 1,110 last year, a decrease of 42.9 per cent.
While housing starts rose by 24 per cent throughout B.C. from 2020 to 2021, the increase in Richmond was only slightly above 11 per cent.
According to Statistics Canada, the number of homes in Richmond increased by about 7,500 from 2016 to 2021, with a total of 85,035 in 2021.
Statistics Canada data shows Richmond’s population grew by 5.9 per cent from 2016 to 2021, while the overall population of B.C. grew by 7.6 per cent.
Major construction projects in Richmond
B.C.’s inventory of major projects increased to $394.3 billion in the third quarter of 2021, up 6.4 per cent compared to Q3 2020, according to CPABC in its annual report on investment trends.
The two largest projects that began in 2021 were the Lougheed Town Centre redevelopment ($7 billion) and Broadway subway project ($2.8 billion), while the LNG Canada facility in Kitimat ($36 billion) continued to be the largest project underway.
The largest project underway in Richmond, according to CPABC, is the Richmond Centre redevelopment which will eventually have 2,000 condos as well as retail space. This project is estimated to be valued at $400 million. Currently, construction has started on the south side.
The 170-acre EcoWaste redevelopment in east Richmond – which will eventually have 2.8 million square feet of industrial space - is estimated to be worth $300 million in construction. So far, one building has been constructed.
It will eventually also include 40 acres of greenspace. The completion date for entire site’s redevelopment is set for 2038.
The third largest project, worth $100 million, is a five-tower condo development in Capstan, which will be done in two phases called the Da Vinci Collection and the Picasso Collection. It will also include offices and a two-acre park.
And the fourth largest is located on No. 3 Road across from Richmond Centre: the Paramount, which should be completed by the end of this year, is worth $80 million. It includes 560 residential units and a child care centre with 107 spaces for infants, toddlers, kids aged three to five and before- and after-school care.
- With files from Kirsten Clarke
