Market Spotlight: Richmond South / Steveston Residential
The Richmond South / Steveston area is a mature and stable residential area. New housing supply is mostly through new townhouse and lowrise woodframe condos. The Steveston Area Plan, adopted in 2009, identifies some properties for redesignation to residential.
- New townhouse product is averaging approx. $460 per sq ft, or around $525,000 per unit.
- Absorption in this area is steady; driven largely by end users looking for an affordable and quieter alternative to Richmond’s more central areas.
- Two of the largest projects in the area include Townline Home’s ‘The Gardens‘ project on the former Fantasy Gardens site, where the first phases are over half pre-sold at prices in the mid-400’s per sq ft; and Onni’s Imperial Landing project on the Steveston waterfront, which is currently undergoing planning for future phases.
- Single family house pricing is being reinforced by a lack of available land. Average pricing for single family detached homes in this sub-market is now approaching $1,000,000, and newer homes easily eclipse the $1M mark at current market values.
- Some increased densification will be possible under the Steveston Area Plan; this will create development opportunities moving forward.