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Richmond Terra Nova Housing Market Update

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Real Estate Agent

Richmond Terra Nova Neighborhood

This is a planned residential sub-division to the north west corner of Richmond. The residential homes here are consisted of single family houses, townhouses and some co-op (under Richmond's social housing guideline) townhouse units. Development works started in 1990 and by 1992 home buyers took possession of their new homes.

Historical Prospective - 1992 to 1995


The earliest sub-division where the new homes were built were around the Cornwall sub-division. The lot sizes were mostly from around 5,500 to 6,600 sq ft and the built up area ranged from around 3,000 to 3,400 sq ft.

There were a few homes on larger lots with built up area just over 4,000 sq ft. Most of these homes were designed with 2 garages, 4 or 5 bedrooms and 3 to 5 bathrooms.

From 1992 to late 1995, home prices in Terra Nova followed the market uptrend cycle. From the base price around $400,000 - $450,000 in early 1992, single family home prices in Terra Nova gradually increased to the peak price level around $550,000. The market took a turn towards the end of 1995 and started the long decline until 2001. During this period, home prices in Terra Nova held on to their values quite well. Homes owners who sold during this period were selling their homes at $450,000 to $500,000 range.

Buying Interest Returned in 2001

Home prices in Richmond started to rise after 2001. By 2003, detached home prices in Terra Nova were changing hand at around $600,000. More gains were recorded every year after that ,pushing home prices higher to $700,000 and then $800,000 range in 2005. By 2007 most single family homes in Terra Nova between 2,750 t 4,000 sq ft were selling at $900,000 range. Current prices are holding steady at close to $1,000,000.

There were a few homes sold at $1,2000,000 range and the larger homes on River Road with great river and mountain views were sold at $1,500,000 range recently.

The gains in home prices in Terra Nova had been spectacular. Townhomes in Terra Nova also gain in values over the past 7 years. The Terra Nova sub-division is a preferred neighborhood for home buyers.

Future Outlook

With the demand and sales of residential properties in Greater Vancouver dropping off sharply, the market sentiment has changed. Many home buyers are cautious and they are watching the market closely. Home sellers are adjusting to the market, and some are lowering their selling prices.

The supply and demand for homes is now in favour of home buyers. For those who are looking to buy, they are in no hurry to make their offers. More low-ball offers can be expected from home buyers, and selling prices will drift down due to lower demand. Home prices in general have already declined 12% to 15% from their peaks. A moderate decline of another 8% to 15% in the home prices are anticipated over the next 18 months.

You can view the Terra Nova detached homes and Terra Nova townhouses currently listed for sale in Terra Nova.

 If you are interested to find out more information on properties for sale in Terra Nova, kindly call me at 604-721-4817 or email me.

 

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DISCLAIMER:James Wong (dba ABL Enterprises Inc.) assumes no liability whatsoever, for errors and/or omissions and any consequences arising either directly or indirectly from the use of information provided by this website.  Any data provided are strictly for guidance and planning purposes only and may not be applicable due to ever changing market dynamics.

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