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Average monthly rent for New West condos increase by nearly 22%

A new national report suggests the average rent in New Westminster has gone up, while another says prices for detached homes have dipped.
Apartment buildings on the waterfront of Fraser River in New Westminster.

Renting in New Westminster is going to cost potential buyers more money, according to a new national rankings report.'s September 2023 data shows the city currently hosts an average monthly rent of $2,626 for purpose-built and condo apartments.

That's 11th among Canada's top 25 mid-sized communities.

It's also the fifth most expensive currently in B.C. behind North Vancouver ($3,481), Burnaby ($3,062), Coquitlam ($2,976) and Richmond ($2,940).

New West's average asking rent for purpose-built and condo rental apartments was just over $2,600 for September 2023, as per's latest national rankings report. By


The report also suggests that New West's latest monthly uptick of 21.8 per cent as the fourth-highest from September across the country and the largest jump among B.C. mid-sized cities.

New Westminster saw an average monthly rent uptick of 21.8 per cent from September 2023 for purpose-built and condo apartments. By

"While rent inflation in Canada remained exceptionally strong in September, most major markets experienced a slower annual rate of rent growth compared to recent months," said Shaun Hildebrand, president of Urbanation, in a statement on Monday, Oct. 16.

In fact, according to, it costs the same, $3,411 on average, to buy a two-bedroom rental in neighbouring Burnaby as it does on Toronto.

Vancouver maintains its title as the most expensive city to rent in Canada: 

  • $2,976 for one-bedroom units
  • $3,908 for two-bedroom units

Average asking rents in B.C. were the highest among all provinces at $2,656,'s report states.

Nationally, the average cost for a one-bedroom suite is $1,889 and $2,342 for a two-bedroom.

Meanwhile, some New Westminster real estate saw a dip in prices last month.

The benchmark price for New West residential properties hit $840,500 in September, a decrease of nearly one per cent from August.

As well, $1,538,600 was the median for locally listed single family detached homes (-3.1 per cent), $971,900 for a townhouse (+1.3 per cent) and $661,900 for an apartment (+0.4 per cent).

Metro Vancouver sales totalled 1,926 in September, a 13.2 per cent increase from the 1,701 sales recorded in September 2022, but 26.3 per cent below the 10-year seasonal average.