Core Insights - The real estate market in Richmond is experiencing significant price declines, with properties that were once highly valued now selling for much less than their purchase prices [4][7] - A recent listing in Richmond offers a three-bedroom property for under CAD 600,000, which is considered an attractive deal given its location and amenities [2] - The trend of decreasing property values is evident across various types of housing, including newly built homes and independent houses, indicating a broader market correction [4][7] Summary by Category Property Listings - A three-bedroom, two-bathroom property in Brighouse South, Richmond, is listed for under CAD 600,000, with a government valuation of CAD 635,000, reflecting a significant discount [2] - A newly built property purchased for CAD 868,000 in 2022 is now pending sale at CAD 700,000, indicating a loss of CAD 168,000, which could exceed CAD 200,000 when accounting for taxes and interest [4] Market Trends - Independent houses in Richmond are also seeing price drops, with one property purchased for nearly CAD 2 million in 2022 now being offered for around CAD 1.6 million, reverting to prices seen a decade ago [7] - The overall sentiment among potential buyers is negative, with many expressing doubts about the investment value of condominiums in Canada, citing rising management fees and overall costs [9]