So just how wild did the New Westminster real estate market get in 2022, anyway?
As property owners around the city receive their 2023 notices from BC Assessment, the provincial assessment authority reminds us that values are based on what the house would have sold for on July 1, 2022 — just after property values reportedly peaked in the springtime.
We decided to take a look back, through Zealty.ca, to see just how high property prices got in New Westminster last year. Here, we've compiled a list of the five most expensive single-family home sales in the city last year; for comparison, we've also checked out how much those properties are assessed for in 2023.
Of note? Although 10 residential properties in New Westminster cracked the $3-million mark on BC Assessment's Top 10 list this year, the 2022 sales prices didn't get quite that high. The most expensive home to hit our list sold for just shy of that mark, at $2.85 million.
Check it out below.
1. 122 East Durham St.: Sold for $2.85 million on May 2
BC Assessment 2023 assessed value: $2.454 million
It may have sold under asking, but it was still the most expensive single-detached home* sold in New Westminster last year.
The seven-bedroom, seven-bathroom home in Massey Victory Heights sold for $2.85 million on May 2 after 47 days on the market. It had been listed for $2,988,888. Its listing promised “opulence” and a “speechless layout” in its 4,601 square feet, with a view over the city and Fraser River. It included a legal suite and a second, non-authorized suite.
2. 1415 Nanaimo St.: Sold for $2.8 million on Feb. 1
BC Assessment 2023 assessed value: $2.686 million
This West End home sold on Feb. 1 for well over asking after just six days on the market, with an original asking price of $2.4 million and a sale price of $2.8 million. Its listing noted the custom-built, 5,122-square-foot home included radiant-heated marble tile and hardwood floors, granite countertops in the kitchen, and a total of seven bathrooms and eight bedrooms (including a self-contained legal two-bedroom suite).
3. 1260 Ewen Ave.: Sold for $2.775 million on Feb. 7
BC Assessment 2023 assessed value: $2.414 million
This nine-year-old Queensborough home, boasting seven bedrooms and eight bathrooms and 5,625 square feet, sold below asking — $2.775 million, on an asking price of $2.889 million — on Feb. 7 after 29 days on the market. Its listing described an “elegant estate” on a quarter-acre lot, including a spacious master suite, a media room and a gourmet kitchen, plus a separate detached “nanny suite” at the back. It also included a two-bedroom legal suite on the side.
4. 104 College Ct.: Sold for $2.75 million on April 11
BC Assessment 2023 assessed value: $1.951 million
This mid-century modern charmer in the Queen’s Park neighbourhood has the distinction of being the smallest of our top five — and the most expensive home sold that didn’t include a suite. But this three-bedroom, three-bathroom, 2,929-square-foot home did include a heated pool, hot tub, sauna, golf putting green, garage gym and climbing wall, among other amenities. It sold April 11 after 10 days on the market — well above its asking price of $2.299 million.
5. 821 Jackson Cres.: Sold for $2.73 million on June 12
BC Assessment 2023 assessed value: $1.975 million
It went on the market later in the year than the others, but this Massey Victory Heights home still took just six days to sell, on June 12. Its original list price had been $2.495 million, but it sold for $2.73 million. The five-bedroom, three-bathroom home was larger than its mid-century counterpart above, at 4,075 square feet, but also didn’t contain a suite. It did, however, boast extensive renovations including an updated kitchen and a spacious backyard with a covered living area including hot tub, barbecue and gas heater. And did we mention the sauna and the EV parking stall in the double garage?
* What's not included in this list
Note: Zealty shows two residential properties that sold for more than the top property listed here, but we’ve excluded both because they weren’t sold primarily as single-family residences.
One was a Connaught Heights property, at 2101 Marine Way, that sold substantially over asking in March after just five days on the market, for $3.4 million. (It had been listed for $2.5 million.) The home, on a double lot, was sold for future development.
The other was a newly built laneway house on 18th Street featuring the main living space plus two separate suites plus a coach house; it sold for $2.85 million after just one day, after being listed for $2,999,999 in February.
We’ve also excluded two adjacent Campbell Street properties in Queensborough that were also sold as development properties, which would have been the fourth- and fifth-most expensive sales in 2022.
(All information about the listed homes was taken from Zealty.ca listings.)
