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Richmond, British Columbia has matured into one of the province’s most strata-intensive municipalities, and a current Depreciation Report is now a critical management tool for every strata corporation in the city. Early townhouse conversions in the 1970s were soon followed by mid-rise condominiums in Broadmoor and Steveston, laying the groundwork for the large residential community that characterises modern Richmond. Today, the city’s Official Community Plan places the highest concentration of strata housing in and around the City Centre, where rapid-transit access has driven the construction of glass-clad towers and podium townhomes that all require a timely Depreciation Report to remain compliant with provincial legislation.
Richmond’s strata landscape is overwhelmingly residential, with apartment and townhouse complexes spread from West Cambie to Terra Nova. Purpose-built commercial strata projects line arterial corridors such as Cambie Road, while smaller industrial strata complexes cluster in Bridgeport and along the South Arm of the Fraser River. Because the province does not release city-level counts of corporations, precise percentages are not publicly available; however, municipal zoning maps show that residential titles dominate by a wide margin, underscoring the need for accurate Depreciation Report planning across neighbourhoods.
The earliest strata corporations in Richmond date back to the early 1970s, shortly after British Columbia adopted strata legislation. Growth surged through the 1980s and 1990s with landmark developments under prefixes such as “NWS” (New Westminster Strata), “LMS” (Lower Mainland Strata) and “LMP” (Lower Mainland Plan for standard titles). More recent filings use “BCS” (British Columbia Strata) and “EPS” (Electronic Plan Strata), reflecting the province-wide shift to digital registration. Regular (conventional) strata corporations remain the norm, while a smaller subset of bare-land strata plans appears in newer residential enclaves on the city’s eastern edge.
Looking ahead, Richmond’s 2041 OCP identifies Capstan Village, Lansdowne and Oval Village as future high-density hubs, signalling a continued shift toward mixed-use strata towers over the next decade. As new towers join established townhouse and low-rise sites, strata ownership is expected to maintain its sizeable market share relative to fee-simple subdivisions and cooperative housing. Staying on schedule with each Depreciation Report will be central to protecting both building envelopes and owner investment in this evolving urban fabric.