The City of Richmond remains one of the strongest real estate markets in the Metro Vancouver region. An innovative and ambitious City Centre Area Plan, the arrival of the Canada Line rapid transit service and the Richmond Olympic Oval are among the catalysts fuelling billions of dollars of new growth in Richmond.
The strong interest in the Richmond real estate market was illustrated by an average 16.5 per cent increase in property assessments during 2011. The construction value of building permits issued in Richmond in 2010 and 2011 exceeded $1.2 billion.
Richmond’s population passed 200,000 in 2011 and is projected to grow dramatically over the next three decades, with much of that growth centered in Richmond’s City Centre. Richmond is also projecting a 33 per cent growth in the number of jobs in Richmond by 2041.
The current pace of growth is driven by new high density residential projects concentrated in Richmond’s City Centre. An example of this includes the River Green development near the Richmond Olympic Oval, which will transform 30 acres of riverfront land into a master planned community. Other major developments are planned for the Capstan Village area, near the north end of No. 3 Road. Preliminary approval has been given for the first of a potential 3,000 new residential units that would re-make the northern gateway of Richmond’s City Centre. New development in the Capstan Village will also fund a new Canada Line station to serve the new neighbourhood. The West Cambie area is another significant redevelopment in the City.
Richmond’s growth is not just fuelled by residential growth. Currently, there are proposals for many new hotels in Richmond under consideration. The largest project ever seen in Richmond, a four million square foot commercial-office space development, is being proposed for Duck Island, immediately west of the River Rock Casino.
Outside of the City Centre, YVR is planning significant new development on its lands on Sea Island. This includes Canada Post’s new regional sorting centre, which should bring over 1,200 jobs. Port Metro Vancouver also plans continued expansion in southeast Richmond, which will be supported by a newly-opened Highway 91 interchange that greatly enhances traffic access to those lands. With some of the last remaining large parcels of industrially-zoned lands with waterfront access in the region, Richmond’s port lands continue to be in high demand.
Richmond’s future is bright. To find out more about Richmond, visit their website atwww.richmond.ca or contact the Economic Development Office at 604-276-4000.