Steady and modest growth in the economy across the province over the next year is expected to be mirrored in Richmond, according to the city's financial experts.
First quarter financial results published this week by the City of Richmond indicated the housing market, one of the key markers, will continue to move upward in 2012 and 2013.
"The City of Richmond is showing a favourable start to the fiscal 2012 year," said the city's manager of budgets and accounting, Nashater Sanghera.
"The economic environment has also improved slightly and the city is expected to experience modest growth."
Despite the positive outlook, in the first three months of this year, median selling prices for homes in Richmond dipped by 1.8 per cent for detached homes, 0.9 per cent for townhouses and 2.8 per cent for apartments.
However, the city's receipt of 50 development applications for new construction in the first quarter completely overshadows the same period last year by almost 50 per cent.
acampbell@richmond-news.com
