Real estate prices in New Westminster have climbed again after a couple months of small declines, the latest figures from the Real Estate Board of Greater Vancouver show.
The latest REBGV data for February 2023 shows the benchmark price for all property in New West at $800,100 — up 2.3 per cent from last month.
Here’s how that breaks down by category:
- For single-family detached homes, the benchmark price was $1.418 million, up 2.4 per cent over January.
- For townhouses, the benchmark price was $932,200, up 4.4 per cent from January.
- For apartments, the benchmark price was $633,700, up 1.8 per cent from January.
Overall, however, prices remain lower than they were a year ago, with the overall benchmark price in February sitting 5.5 per cent lower than the year before.
The difference is most pronounced for single-family detached homes, where the benchmark price remains 13.1 per cent below February 2022.
For apartments, the benchmark price was 1.7 per cent lower than the previous year, while townhouses saw a 1.0 per cent increase over February 2022.
Can I afford to buy a home in New Westminster? What prices mean in real dollars
The relatively “lower” prices, however, still mean substantial financial investments for anyone wanting to get into the real estate market in New Westminster.
We used an online mortgage calculator to figure out what kind of payment you’d need to make on each of those homes.
- For that benchmark single-family detached house, assuming you have 20 per cent to put down ($283,600), you’d need to make monthly mortgage payments of roughly $6,688.
- For a benchmark apartment? Your 20 per cent down means a down payment of $38,656 and a monthly payment of about $3,491.
- For a townhouse, you’re looking at a down payment of $68,983 and a monthly payment of $5,064.
Follow Julie MacLellan on Twitter @juliemaclellan.
Email Julie, [email protected]
