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House prices keep climbing, sales holding steady in New West

Here's what the real estate market in New West looked like in July.
Julie MacLellan
Julie MacLellan

Will there ever be an end to the upward trajectory of real estate prices in New Westminster?

The latest data from the Real Estate Board of Greater Â鶹´«Ã½Ó³»­shows the benchmark price for a single-detached home in New Westminster climbed to $1,599,400 — up 1.8 per cent from the month before.

The increase continues a steady climb over the past few years.

July’s benchmark price is a whopping 42.5 per cent higher than three years ago and 7.1 per cent higher than a year ago. It’s also nearly 10 per cent (9.9 per cent, to be precise) higher than the benchmark just three months ago.

The increases for single-detached homes have been steeper than those for apartments and townhomes — but those prices, too, have risen.

The benchmark price for an apartment in New West sat at $654,600 in July, up just 0.2 per cent from the previous month. Again, however, the price marks a steep increase over three years ago, at 26.4 per cent. It’s also 1.8 per cent up over the benchmark of three months ago.

Townhomes showed a benchmark price of $957,300, up 1.3 per cent from a month ago and 2.1 per cent from three months ago. As with the other forms of housing, that benchmark represents a huge increase over three years ago, at 40.2 per cent.

Real estate sales numbers holding steady in New West

While prices rose in New West in July, sales numbers did not — but they held steady compared to June.

Both months saw 119 MLS sales reported in New West, according to the REBGV’s July report. This year, more single-detached homes were sold in July (25) versus June (19), but fewer apartments: 78 in July compared to 82 in June.

Real estate sales in July 2023 were well ahead of July 2022, when just 82 sales were reported.

Year over year, though, 2023 sales numbers in New Westminster remain behind 2022, with 693 MLS sales reported year-to-date in 2023, compared to 896 at the same time in 2022.

What sold in New Westminster in July: Most and least expensive homes

Detached houses

  • The most affordable detached home sold in July was a three-bedroom, 1,743-square-foot rancher in Queensborough. The 28-year-old home at 182 Suzuki St. sold for $1,288,000 on July 2 after 34 days on the market.
  • The most expensive detached home sold in July was a 60-year-old, 4,214-square-foot character home in Sapperton. The home at 441 Alberta St. features a huge corner lot, five bedrooms, a detached garage with games room, and numerous updates including a gourmet kitchen, hot tub and air conditioning. It sold for $2,080,000 after seven days on the market.

Apartments

  • The most affordable apartment sold in July was a 619-square-foot one-bedroom apartment uptown. The upper unit in a 1968 building at 610 Third Ave. sold for $240,000 after one day on the market.
  • The most expensive apartment sold in July was a two-storey penthouse apartment on Francis Way in Victoria Hill. The two-bedroom, two-bathroom apartment offered 1,383 square feet of living space and  a private roof deck. It sold for $1,350,000 after 27 days on the market.

— all listing information from