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New Westminster Real Estate Trends: 2018 Year in Review [infographic]

REW (Real Estate Wire)
January 23, 2019

New West Real Estate Trends 2018

 

Because it's a historic city, the oldest in B.C. and named by Queen Victoria, New Westminster (or the Royal City) boasts neighbourhoods packed with sleepy tree-lined streets and houses that ooze charm. The city also remains surprisingly affordable even though it's central and well connected to transit.

Despite the recent slowdown in home prices across the Lower Mainland, detached homes in New West average a median price listing of $1.3M. That is a four per cent increase (YOY), which converts to an average price per square foot of $547, a slight one per cent rise.  

Our latest data also tells us that nowhere is it hotter than the Queens Park neighbourhood. With its rich past, heritage homes, abundance of greenspace and proximity to shops, schools, and parks, Queens Park beat out last year’s most popular neighbourhood, Moody Park.

However, the greatest growth, at 50 per cent (YOY), was experienced in the burgeoning GlenBrooke North enclave, which sits between 10th Ave and McBride Blvd to the northwest and Queens Park to the south.  

House hunters in New West are looking for more modest housing, most notably a two-bedroom condo priced between $500-$600K. Condos median list price was $528K, which is a 13 per cent increase from 2017.