Being the 17th highest in average home pricing, the average home price in New Westminster ranges between $709,342 up to $4 million. In the last month, over 150 properties were sold including several new developments. New Westminster is considered one of the fastest-growing cities in BC and is rapidly heading towards urbanization.
In the past 15 years, new construction homes and commercial buildings have transformed New Westminster. The local government is heavy into developing and has created internal bodies to manage this real estate boom.
Although a good percentage of New Westminster is known for affordable housing, there are up and coming new construction homes that appeal to high-end investors as well. Most of these are detached single-family homes with two to three bedrooms and a mid-size to the large basement. With an average sq. footage that falls between 1800 to 6000 sq. ft, new homes for sale in New West are considered above average in size.
Another trend is high rise condominiums that have increased by 21% in the last 7 years. The average price of a condo in New West is in between $502,234 and the $3.3 million range. Improvement and overhaul of the local Skytrain have also boosted the commercial activity here. Which has helped in the rising prices of the real estate that is close by and in neighboring areas as well.
New construction is steadily happening throughout New West and it is predicted that by the year 2028, New Westminster will be home to the third most expensive real estate in BC, especially for the condominium market which is experiencing an upward surge.
There are certain areas of New Westminster that have more new home developments than others. Also, with new builders and construction companies making New West their corporate presence, more housing projects are expected to come up.
All this progress is happening around over 60 heritage houses that can be found in New West (Also known as the oldest city in BC).
New Westminster West and Downtown have seen a considerable boost in high rises and condominiums. This trend is expected to continue for the next 8 years. After this time, the condo market will taper out. This is due to the geographical factors that New West represents.
The east side of New Westminster is mostly home to detached single-family homes. Preferred by single families and seniors, this area of New West is known for the long term and stable return on investments. With the housing market now headed towards the maturing stage, a stable market will be achieved soon.
The east side is also considered the safest side of New West and where you can find the more affluent residents in this city. At the present time, midsize condos and townhomes are also on the rise as a lot of well-known parks reside in this part of the city.
Queensborough or ‘borough’ is the urban center of New West after downtown. Which currently presents investment opportunities in the condominium sector. These new home developments are high in demand as they are built around full-size communities with modern city style planning. Which are fully stacked with the latest amenities that modern apartments have to offer.
New townhomes are also being developed on top of old demolished condos. These are located in and around the parks that can be found in some areas of Queensborough.
New Westminster is rapidly developing which has presented multiple opportunities in real estate products. Most condo buyers in BC, especially first-time buyers are now investing here and then renting out their properties almost immediately. As the young 18-34 crowd is looking for housing options here as well. The real estate market in New West will continue to experience growth for several more years.
According to MLS® Home Price Index – Real Estate Board of Greater Vancouver (August 2020):