New Construction in Richmond, BC: What's Coming in 2026
New construction in Richmond, BC is concentrated in the City Centre along the Canada Line — especially around the new Capstan Station and the future Lansdowne District — where towers and mid-rises are replacing parking lots and older malls. For buyers, 2026 also brings meaningful savings on brand-new homes: BC's newly built home exemption from Property Transfer Tax now covers homes up to $1.1 million, and a federal GST rebate for first-time buyers took effect in March 2026.
I'm Stephanie Wong PREC with Luxmore Realty, and I help buyers compare presales, recently completed homes, and resale options across Richmond. Here's what's happening with new development in Richmond and what to know before you buy new.
Key Takeaways
- Capstan Station opened on the Canada Line on December 20, 2024, serving a Capstan Village neighbourhood expected to house about 16,000 residents, according to TransLink.
- The Lansdowne District plan, approved by Richmond council in 2021, envisions up to 4,500 homes, about two dozen buildings, and a five-acre central park, built in seven phases.
- BC's newly built home exemption fully waives Property Transfer Tax on qualifying new homes up to $1,100,000.
- The federal first-time home buyers' GST rebate removes GST on qualifying new homes under $1 million, with reduced relief up to $1.5 million.
- Richmond's August 2026 apartment benchmark was $633,300, down 9.8% year-over-year (Greater Vancouver Realtors).
Where New Construction in Richmond Is Happening
Richmond's growth is planned around the Canada Line. The City's City Centre Area Plan directs most new housing toward the No. 3 Road corridor, where residents can walk to rapid transit, shopping, and services.
Capstan Village
Capstan Village, between Aberdeen and Bridgeport stations, has been one of Richmond's busiest construction zones for years. TransLink opened Capstan Station on December 20, 2024. The $62-million station was funded in a precedent-setting partnership in which more than half of the construction cost came from developer contributions collected by the City of Richmond. TransLink says the area is expected to be home to about 16,000 Richmond residents.
For buyers, Capstan offers newer concrete towers within walking distance of SkyTrain, the Aberdeen area's restaurants and shops, and the Middle Arm waterfront.
Lansdowne District
The Lansdowne Centre site near Lansdowne Station is planned to become a new high-density neighbourhood. When Richmond council approved the plan in 2021, Daily Hive reported it would allow up to 4,500 homes for about 10,000 people, roughly two dozen mid-rise and high-rise buildings, and a five-acre public park, built across seven phases over many years. Individual phases require their own rezoning, so timing for each building will vary.
Brighouse and the Minoru Area
Around Brighouse Station and Richmond Centre, older low-rise sites continue to be redeveloped into mixed-use towers. Being close to Minoru Park, the Minoru Centre for Active Living, Richmond City Hall, and the Canada Line makes this area popular with downsizers and young professionals.
Townhouses and Infill Beyond City Centre
Outside the core, new construction in Richmond, BC is more modest: townhouse projects along arterial roads and new homes on redeveloped single-family lots. These appeal to families who want more space without moving to a tower. Recent provincial small-scale housing rules have also opened the door to more multiplexes and infill on residential lots.
Richmond Prices: New vs. Resale
New homes usually carry a premium over resale, so it's worth knowing the resale benchmarks. Here's Richmond in August 2026, according to the Greater Vancouver Realtors monthly report:
| Property type | Richmond benchmark (Aug 2026) | Year-over-year |
|---|---|---|
| Detached | $1,925,400 | -7.8% |
| Townhouse | $1,022,200 | -4.1% |
| Apartment | $633,300 | -9.8% |
With resale apartment prices down nearly 10% year-over-year, some buyers find that a lightly used condo in a newer building is better value than a presale. Others prefer brand-new for the warranty, layout, and tax savings below. I help clients compare both side by side.
Tax Savings on New Construction in 2026
Two programs can significantly lower the cost of buying a new home in Richmond:
1. BC Newly Built Home Exemption. According to the Province of B.C., qualifying buyers of newly built homes pay no Property Transfer Tax on homes valued up to $1,100,000, with a partial exemption up to $1,150,000. You must move in within 92 days of registration and live there as your principal residence for the rest of the first year. On a $1,000,000 new home, that's a saving of $18,000.
2. First-Time Home Buyers' GST Rebate. The federal rebate, which the Canadian Home Builders' Association reports took effect in March 2026, removes the GST on qualifying new homes under $1 million for first-time buyers, with reduced relief between $1 million and $1.5 million. The purchase agreement must be signed with the builder on or after March 20, 2025 and before 2031. On a $900,000 new condo, eliminating 5% GST is worth up to $45,000.
Together, these programs can make a new Richmond condo meaningfully more affordable for first-time buyers. Eligibility rules are detailed, so confirm with your lawyer or notary and accountant. My first-time homebuyer guide for Richmond explains the rest of the process.
What to Know Before Buying a Presale in Richmond
- Use your rescission period. Under BC's Real Estate Development Marketing Act, presale buyers generally have a seven-day rescission period after signing to review the disclosure statement. Use it to read the documents carefully.
- Check the developer's track record. Look at completed buildings, warranty claims, and how past deposits and delays were handled.
- Plan for completion timing. Presales can take years to complete, and dates can shift. Make sure your financing plan works for a range of completion dates.
- Understand the flipping tax. Assignments and quick resales may be subject to BC's home flipping tax if sold within 730 days.
- Think about airport noise and views. Parts of Richmond sit under flight paths for YVR. Visit at different times of day before committing.
If you're comparing Richmond with other new-construction hot spots, see my guides to new construction in Brentwood, Burnaby and new construction in Surrey.
Frequently Asked Questions About New Construction in Richmond, BC
Q: Where is most new construction in Richmond, BC?
Most new construction is in Richmond's City Centre along the Canada Line, especially Capstan Village near Capstan Station, the Lansdowne area, and around Brighouse Station.
Q: When did Capstan Station open?
TransLink opened Capstan Station on the Canada Line on December 20, 2024. It sits between Aberdeen and Bridgeport stations.
Q: Do you pay Property Transfer Tax on a new condo in Richmond?
Qualifying buyers of newly built homes valued up to $1,100,000 can be fully exempt from BC's Property Transfer Tax, with a partial exemption up to $1,150,000, if they meet the occupancy requirements.
Q: Is it better to buy a presale or a resale condo in Richmond?
It depends on your timeline and budget. Presales offer brand-new homes and possible tax savings but involve waiting and completion risk. With Richmond's resale apartment benchmark down 9.8% year-over-year in August 2026, resale can offer strong value and immediate possession.
Ready to Explore New Homes in Richmond?
New construction in Richmond offers more choice — and more tax incentives — than buyers have seen in years. I'll help you compare presales, new completions, and resale options, review disclosure statements, and negotiate the best possible terms.
I'm Stephanie Wong PREC with Luxmore Realty. Schedule a free consultation or call (778) 960-8269 to start your Richmond new-home search.
Categories
Recent Posts
