Have single-detached home prices in New Westminster peaked? Or is a one-month decline in the benchmark real estate price just a blip?
Time will tell, as the latest data from the from the Real Estate Board of Greater Vancouver shows the benchmark price for a single-detached home in New Westminster sitting at $1,587,300 in August — down 0.8 per cent from July's $1,599,400.
August's benchmark price remains significantly higher than previous years, coming in at 9.0 per cent higher than a year ago and a whopping 37.6 per cent over three years ago.
The benchmark prices for apartments and townhouses have also continued to rise.
The benchmark price for an apartment in New West sat at $659,200 in July, up 0.7 per cent from the previous month. That's 3.1 per cent higher than a year ago and 27.6 per cent higher than three years ago.
Townhomes showed a benchmark price of $959,600, up 0.2 per cent from a month ago and 1.6 per cent from three months ago. Year over year, the benchmark price is up 3.1 per cent over a year ago and a full 40.0 per cent over three years ago.
Real estate sales numbers drop slightly
Real estate sales numbers, meanwhile, showed a decline in August, with 87 properties sold in August compared to 119 in July.
But the monthly numbers remained ahead of August 2022, when just 77 sales were reported.
Year over year, 2023 sales numbers in New Westminster remain behind 2022, with 780 MLS sales reported so far in 2023 (as of the end of August), compared to 973 at the same time in 2022.
What sold in New Westminster in August: Most and least expensive homes
Most significant transaction: Land assembly in the Heights
- The most significant real estate transaction in New Westminster in August, as per Zealty.ca listings, was the sale of six detached-home properties as part of a land assembly on Sangster Place and East Eighth Avenue, aimed at potential future townhome or lowrise development. The homes in question sold from $2,292,920 to $3,208,310, all over their original asking prices.
Detached houses
- The most affordable detached home sold in August was a three-bedroom, 1,978-square-foot home on East Columbia Street that sold for $1,145,000 after 29 days on the market, as reported by Zealty.ca.
- The most expensive detached home (outside of the land assembly mentioned above) sold in August was a six-bedroom, six-bathroom home on Pembina Street in Queensborough, with a 3,490-square-foot home on a 50-by-130-foot lot. It sold for $2,050,000 after 72 days on the market.
Apartments
- The most affordable apartment sold in August was a 456-square-foot renovated bachelor apartment in a building at 910 Fifth Ave. That went for $225,000 after 11 days on the market.
- The most expensive apartment sold in August was a two-storey upper unit at 12 K de K Court in the Quayside neighbourhood. The 1,653-square-foot unit went for $955,000 (over its original asking price of $939,000) after 12 days on the market.
— all listing information from Zealty.ca
