Metrotown is the best neighbourhood in the combined New Westminster/Burnaby area to buy a condo, and the Burnaby Hospital area is the place to go for a townhome, according to a new report by real estate website Zolo.
Downtown New Westminster was ranked second for condos, but the only New West neighbourhood to make the area's top 10 for townhomes was the West End, ranked #10.
The rankings were the result of extensive study of all of Greater Vancouver’s neighbourhoods, through which Zolo created a value score for each area based on a series of factors. These included: relative value of an average home compared with surrounding areas and the overall municipality; price appreciation over the past five years and potential for future growth; and the economic strength of the area combined with WalkScores and Transit scores.
At the other end of the scale, Burnaby’s Deer Lake was named the “worst” area out of Burnaby or New West to buy a condo in 2018, and Burnaby’s Sperling-Duthie for a townhome. New Westminster Quay was ranked second-worst in the area for both home types. The "worst" means that either the area is not good value compared with other neighbourhoods, or that it has less potential for price growth, or that it is low-priced for a reason, according to Zolo.
Zolo's director of content Romana King wrote in the report, “Value isn’t synonymous with cheap, especially in real estate. Cheaper housing prices can occur for a variety of reasons — not all of them good. Instead, we wanted to find neighbourhoods that haven’t appreciated as much as surrounding communities but have access to the same amenities and social values as these higher-priced neighbouring ’hoods. In essence, we are looking for affordable, good neighbourhoods that are poised to increase in value.”
Neither New Westminster nor Burnaby figured high in Greater Vancouver's overall rankings. East Coquitlam was named the region's top area to buy a condo, and Mary Hill in Port Coqutilam was placed highest for townhouses. (Full Greater Vancouver rankings here.)
Check out the infographic below for Zolo’s top 10 areas in Burnaby/New West to buy either a condo or a townhome, and below that, Zolo’s 10 “worst” areas to buy a condo or townhome. Do you agree with the results?
Infographic by Zolo
Zolo’s 10 Worst Neighbourhoods to Buy a Condo in Burnaby & New Westminster in 2018
1. Deer Lake, Burnaby – average price $1,000,000
2. Burnaby Lake, Burnaby – $487,450
3. New Westminster Quay, New Westminster – $559,469
4. Parkcrest, Burnaby – $556,567
5. Fraserview, New Westminster – $512,183
6. Queens Park, New Westminster – $437,500
7. Montecito, Burnaby – $321,000
8. Westridge, Burnaby – $320,000
9. Oaklands, Burnaby – $526,850
10. Upper Deer Lake, Burnaby – $425,000
Zolo’s 10 Worst Neighbourhoods to Buy a Townhouse in Burnaby & New Westminster in 2018
1. Sperling-Duthie, Burnaby – $517,475
2. New Westminster Quay, New Westminster – $758,400
3. Queens Park, New Westminster – $660,300
4. Fraserview, New Westminster – $718,738
5. Edmonds, Burnaby – $588,089
6. Uptown, New Westminster – $559,978
7. The Crest, Burnaby – $872,365
8. Glenbrooke North, New Westminster – $537,993
9. Sapperton, New Westminster – $799,100
10. Queensborough, New Westminster – $677,914
