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House prices, sales still falling in New Westminster

But the benchmark price for a single-family home is still more than $1.4 million.
New Westminster real estate sales and home prices declined in November compared to October 2022.

House prices in New Westminster are continuing to fall.

The Real Estate Board of Greater Vancouver’s report for November 2022 shows the overall benchmark price for a New Westminster home, according to the MLS home price index, was $796,700 — down from $809,900 in October.

The benchmark price in each of the three reported categories — single-family detached, townhouse and apartment — also fell in New West in November compared to October 2022.

A benchmark single-family home in New West was listed at $1.444 million in November, down from $1.497 million the month before. For townhouses, the benchmark price was $893,200, down from $917,000 the previous month; for apartments, it was $628,600, down from $632,200.

Real estate sales have also fallen off overall in New Westminster, with 65 properties sold in November compared to 71 in October.

November’s numbers, however, show an increase in the number of single-detached and townhomes sold in New Westminster, with 17 detached homes and five attached homes sold in November, compared to nine detached and four attached homes in October.

The drop in sales came in the apartments category, with just 43 apartments sold in November compared to 58 the previous month.

Overall, real estate sales are well down from November 2021, when New Westminster saw 24 detached homes, 24 attached homes and 129 apartments sold.

Prices across the board have fallen from their spring peak but remain higher than a year ago: 9.7 per cent higher for townhouses, 6.8 per cent higher for apartments and just 1.0 per cent higher for single-family detached homes.

“Heading into 2023, the market continues the trend of shifting towards historical averages and typical seasonal norms,” said Andre List, REBGV’s director, economics and data analytics, said in a press release. “Whether these trends continue will depend on looming economic factors and forthcoming housing policy measures on the horizon, which hold the potential to reignite uncertainty in our market.”

Follow Julie MacLellan on Twitter @juliemaclellan.
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