Richmond Real Estate Market

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Richmond is an island city. It is made up of a number islands in the Fraser River delta. It is just one meter above sea level. It was prone to flooding, especially during high tide. Therefore, major islands are now surrounded by a system of dykes, which serve to protect the town. Also, since it occupies land in a river delta, the city has plenty of rich soil for agriculture. Richmond is a culturally unique community. As of 2021, the city has an estimated population of 209,937 people with 60 percent being immigrants, the highest proportion of immigrants in Canada. Majority of immigrants are Chinese. Richmond has been experiencing growth and change, transforming from a rural, local community to an international city with a balance of urban, suburban family and rural areas. The city is 20 minutes from downtown Vancouver and 25 minutes from US border. It’s the location of Vancouver’s international airport.  The SkyTrain, Canada Line, speeds up transit system and connects Richmond to other
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Property Assessment Value

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People who own a property in BC receive a BC assessment notice in January each year. It provides an assessed value based on the market value of the property as of July 1 of the PREVIOUS year. In determining the assessed value,  the property’s unique characteristics are considered, including:

  • The location and size of the home
  • The view from the home
  • Land surface
  • Age and condition of property
  • Comparable sales prices and other real estate market information

If you believe information on your notice is incorrect, first thing you do is to contact local BC Assessment office and discuss your concerns. The assessment may be corrected without an independent review. However, if your concerns are not satisfied, you file a complaint to the Property Assessment Review Panel (PARP). The deadline is January 31 of each year. PARP hearings take place between February and March 15 each year.

The next level of appeal is to the Property Assessment Appeal Board (PAAB). You can appeal to the PAAB only after filing a complaint to the PARP. The deadline to file an appeal with the PAAB is April 30 each year.

 For specific details on the appeal process, view the Appeal Guide, at https://info.bcassessment.ca/Services-products/appeals/Appeal-Guide

If you would like to have more information, please contact me at awang@macrealty.com



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