Real estate prices continue to fall in New Westminster as sales slow — but housing is still a long way from affordable.
The benchmark price for a detached home in New Westminster stood at $1.4 million in December 2022, according to the latest numbers from the Real Estate Board of Greater Vancouver. That was down 2.9 per cent from November.
The benchmark townhouse price was $872,800, down 2.3 per cent since November, while the benchmark apartment price was $619,400, down 1.5 per cent since November.
All the benchmark prices have fallen most significantly since the middle of 2022, with a six-month drop of nine per cent for detached homes, 8.3 per cent for townhouses and 6.7 per cent for apartments.
Just nine detached homes and seven attached homes were sold in New West in December — a significant drop from the 22 detached homes and 29 attached homes that had been sold in December 2021.
Apartment sales also fell significantly, with just 36 apartments sold in December 2022 compared to 96 in the previous December.
Median house price in New Westminster in 2022 surpassed $1.5M
Overall, 2022 was an expensive year to buy a home in New Westminster.
The January-to-December stats show the median selling price of a detached home in 2022 was $1,550,050.
Attached homes, meanwhile, came in just under the million-dollar mark, at $997,500.
For apartments, the median selling price was $610,000.
Follow Julie MacLellan on Twitter @juliemaclellan.
Email Julie, [email protected]
