Most valuable Richmond homes located on farmland

“Ivy Manor” is the most valuable home in Richmond, according to BC Assessment, with an assessed value of $9.782 million.

The luxury home, built in 1989, is at 12911 No. 3 Rd. close to Finn Road and is 19,000 square feet in size.

article continues below

Like many of the top-valued homes in Richmond, this luxury home sits in the Agricultural Land Reserve (ALR) on 18 acres of farmland. In an online description at priceypads.com, it’s described as having extensive English gardens on half the property, a two-lane bowling alley above its six-car garage and an in-ground swimming pool.

The home was sold in 2015 and is currently owned by Kevin Sun and Ling Lin.

Eight out of the top-10 valued homes in Richmond are located in the ALR. The second highest valued home, at 9431 No. 6 Rd., is also located in the ALR with a 17,600 square-foot home built in 2014. This is valued by BC Assessment at $8.295 million.

The third highest valued, also in the ALR, is at 12160 No. 2 Rd., valued at $7.155 million. The 11,000-square-foot home was built in 2013.

The fourth most valuable home in Richmond is located in Steveston Village, a townhouse at 3531 Bayview St, assessed at $6.422 million.

Overall, assessments for single-family homes in Richmond are down about 14 per cent compared to last year, while strata units are down about eight per cent, according to BC Assessment, which released its 2020 assessments on Thursday.

A typical single-family home in Richmond is assessed at $1.3 million, down from last year’s assessment of about $1.5 million.

Strata units in Richmond didn’t drop as much as single-family homes. A typical strata home is assessed at $600,000 this year, down from $654,000 last year.

Brian Smith, deputy assessor with BC Assessment, said residential real estate in the Lower Mainland continues to see “signs of moderation” – the only areas seeing increases in property values are Whistler and Pemberton and even these are “minimal.”

Assessments are done based on market values on July 1 of the previous year.

The City of Richmond will tax properties based on these assessments.

To find a property assessment, go to bcassessment.ca.

Read Related Topics

© Richmond News

Popular Real Estate

Popular News