Thompson, Richmond - August 2026 Real Estate Report

Thompson, Richmond: Your Neighbour Just Got a Surprise on Their Assessment - Here's Why You Should Check Yours Too

If you've been watching the "For Sale" signs in Thompson and wondering what your place is actually worth right now, the short answer is: probably more than the city thinks. The longer answer is below.

The Vibe - What's Happening in Thompson Right Now

Thompson is a quiet, high-value pocket of Richmond. We're not seeing a flood of listings or a hot bidding war scene - this is a neighbourhood where properties are held, not flipped. With 17 house transactions recorded in 2026 across 4,015 assessed properties, turnover is low. That's not a bad thing. It means the people who own here, like us, tend to stay.

Neighbourhood growth is down a modest 0.07% year over year. Call it a breather. It's not a crash - it's a pause. And on the Richmond leaderboard, Thompson houses rank 5 out of 15 for growth, which puts us in above-average territory. That's a solid position to be in.

Houses - The Numbers That Matter

• Average HonestDoor Price: $1,961,105
• Predicted Market Value: $1,965,576 - up from the 3-month average of $1,951,489
• Average Assessed Value: $1,840,076
• The gap: HonestDoor is 6.58% higher than what the city has on file
• Average sale price (2026): $1,190,000 - down 18.5% from last month, but based on just 1 sale
• Price per square foot: $687
• Estimated monthly rent: $6,678 - $6,702
• Rental yield: 3.84%
• Airbnb potential: $332 - $333 per night - ranked 2nd in Richmond
• Price rank in Richmond: 7 out of 13

One thing to flag on that sale price drop - one transaction does not make a trend. A single sale at $1,190,000 in a neighbourhood where predicted values sit near $1,965,576 tells us more about that specific deal than about the market overall. Don't let that number spook you.

Compared to neighbours, Seafair (HonestDoor Price $1,941,338) is slightly cheaper and growing a touch faster at -0.06%. Sea Island ($1,368,771) is significantly cheaper. Thompson holds its own as one of the higher-value house markets in this part of Richmond.

Condos - A Different Story, Still Interesting

• Average HonestDoor Price: $642,312
• Predicted Market Value: $649,247 - up from the 3-month average of $641,670
• Average Assessed Value: $601,873
• The gap: HonestDoor is 6.72% higher than the city assessment
• Average sale price (2026): $430,000 - slightly above Seafair condos at $402,500
• Price per square foot: $638
• Estimated monthly rent: $3,041 - $3,070
• Rental yield: 3.55%
• Airbnb potential: $151 - $152 per night
• Recent value change: up 3.01%
• Price rank in Richmond: 11 out of 13 - among the most affordable condos in the city

Condo activity is thin - 1 transaction in 2026 across 863 assessed units. But the predicted value trend is moving up, and a 3.01% recent gain is the kind of quiet momentum that doesn't make headlines but does show up in your equity. For condo owners in Thompson, that's good news. Nearby Sea Island condos average $685,300, so we're sitting just below that mark. Steveston condos are much higher at $993,827, which puts Thompson in a more accessible price range for buyers.

The Secret Sauce - Why Your HonestDoor Price Is the Number to Watch

Here's the thing about your BC Assessment notice: it's a snapshot from July 1st of the previous year. By the time it lands in your mailbox, it's already old data. The city uses it to calculate your property tax. It was never designed to tell you what your home is worth today.

The HonestDoor Price is updated in real time. It pulls from actual market activity, recent sales, and current conditions - not a government formula frozen in time. For Thompson houses, that difference right now is roughly $121,000. For condos, it's about $40,000. That's not a rounding error. That's real money sitting between what the city thinks your home is worth and what the market actually says.

If you're making any financial decision - refinancing, selling, even just benchmarking your net worth - the HonestDoor Price is the real-world check you need. The assessment is a tax tool. The HonestDoor Price is a market tool. Know the difference.

The "So What?" - Thinking About Selling This Summer?

If you own a house in Thompson and you're weighing a summer sale, here's the honest read. Predicted values are trending up - $1,965,576 and climbing past the 3-month average. The Airbnb ranking of 2nd in Richmond signals that buyers with short-term rental ambitions will look at Thompson seriously. That's a pool of motivated buyers working in your favour.

The market is not on fire, but it's not soft either. It's selective. Inventory is low, which means a well-priced listing gets attention. The risk right now is overpricing based on the assessed value and underselling based on one outlier transaction. Neither extreme serves you.

For condo owners, the picture is similar but more patient. With only 1 sale so far in 2026 and values quietly ticking up 3.01%, this is a market where timing and presentation matter more than urgency. You're priced affordably relative to Richmond overall - that's a selling point, not a weakness.

Bottom line - Thompson is a hold-and-watch neighbourhood that rewards informed owners. Check your HonestDoor Price before you do anything else. It takes two minutes and it's the most accurate number you'll find without hiring an appraiser.

This information is all based on our opinions based on the information available to us. Everyone's situation may be different and you should reach out to us for more personalized information.