Real estate sales in New Westminster remain much slower than they were a year ago — but some neighbourhoods are still seeing fast turnover.
The month of February 2023 saw just 66 home sales in New West, according to MLS sales facts from the Real Estate Board of Greater Vancouver: 11 detached homes, three attached homes and 52 apartments.
That marks a bit of an upturn from January, which saw 11 detached homes, two attached homes and 27 apartments sold. But it’s well below February 2022, when 153 homes were sold: 32 detached homes, 18 attached homes and 103 apartments.
So what’s moving, and what’s not? We delved into some statistics from Zealty.ca to find out.
What’s selling fast: Apartments in Quayside, Brow of the Hill
The past 30 days have seen 14 apartments sell in less than a week on the market — and the majority of those were in either the downtown/Quayside area or the Brow of the Hill neighbourhood.
With four apartments in Quayside and two in the downtown neighbourhood selling in six days or fewer, it’s clear that apartments within striking distance of the Fraser River remain appealing.
Both downtown apartments, in fact, sold over their original asking price: a 700-square-foot, one-bedroom corner unit at 624 Agnes St., which went for $495,000 (over the $489,900 asking price) after just two days on the market; and a 570-square-foot, one-bedroom corner unit at 828 Agnes St., which sold for $450,000 (just a hair above its $449,900 asking price) in six days.
The fastest seller was in the Brow of the Hill neighbourhood: a 762-square-foot, one-bedroom unit at 812 Milton St., which went for $484,500 (just a hair below its $485,000 asking price). It was on the market for the sum total of zero days, according to Zealty.
In all, half of the fastest-selling apartments sold for less than half a million dollars, five between $500,000 and $750,000, one at $899,800, and just one over $1 million. That one was a $1,199,000 penthouse at the Tiffany Shores development on the Quay, featuring 1,949 square feet over two levels, with three bedrooms, two bathrooms and a main living area featuring 30-foot ceilings. It had been on the market for just five days when it sold for its asking price.
What’s not selling fast: Development properties
On the flip side are those properties that aren’t selling fast — the ones that have been listed for many days, weeks or months and that haven’t yet sold.
Several of the longest-listed properties on Zealty.ca are, in fact, part of a major land assembly on Sangster Place (off East Eighth Avenue, between McBride Boulevard and Cumberland Street). A combined six properties on 46,675 square feet of land are on the market for a combined total of more than $14.7 million. The properties have been on offer for some 608 days, since July 7, 2021.
The properties’ listing suggests condos or townhomes being built, highlighting it as a good site for “social cause or family living.”
- a half-acre lot in Queensborough (127 Jardine St.) with a 70-year-old home, on the market for 693 days. Its original ask price was $2,888,000; it's now listed at $3.3 million.
- a corner lot with subdivision potential in Queensborough (1304 Ewen Ave.), for sale for $2.1 million. It's been on the market for 371 days (since Feb. 28, 2022).
- a property at 1108 Fifth Ave., in the Brow of the Hill, flagged as a “builders and investors alert” on a corner lot. It’s been on the market for 362 days at $1.48 million.
- two adjacent properties on Howes Street in Queensborough, each for $4.4 million, that have been on the market for 300 days (since May 11, 2022). It’s flagged as a site for townhouse development.
- a vacant 2.3-acre lot on Salter Street in Queensborough big enough for a 45-unit townhouse development. The lot at 1135 Salter St. is selling for $16.8 million and has been on the market for 272 days.
All details above are taken from listings at Zealty.ca.