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Home sales slowing, but prices still high in New Westminster

Got $1.4M to spend? That's what a detached home in New West will set you back.
Fewer homes sold in New Westminster in January 2023 compared to 2022 — but prices remain high.

Real estate sales in New Westminster are still slow compared to 2022 — but that slowdown has yet to move the needle far on prices.

The latest Real Estate Board of Greater Vancouver numbers show home sales in New West in January were well below where they stood in January 2022.

In 2023, January saw 11 detached homes sold in New Westminster, along with two attached homes and 27 apartments. That’s well down from January 2022, which saw 18 detached homes, seven attached homes and 73 apartments sold.

That’s a trend that’s true across the Metro Vancouver region; the REBGV says last month’s sales were 42.9 per cent below the 10-year January sales average.

But the slowdown has yet to translate into a significant decrease in home prices for local buyers.

In New Westminster, the overall residential benchmark home sales price in January was $782,300, down 2.7 per cent from the year before.

What does it cost to buy a house in New Westminster?

  • If you want a single-family home in New West, there’s good news and bad news. The good news? The benchmark price (based on the MLS home price index) was down 8.8 per cent from one year ago. The bad news? It’s still $1,384,300.
  • If you want a townhouse, the benchmark price now stands at $892,300.  That’s up just a smidgen (0.4 per cent) over one year ago.
  • If you want an apartment, your benchmark price now stands at $622,500 — again, up slightly (0.8 per cent) over one year ago.

Follow Julie MacLellan on Twitter @juliemaclellan.
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