Market Spotlight: New Westminster Condos
Based upon the most recent statistics from the Real Estate Board of Greater Vancouver’s Home Price Index, sales activity and benchmark prices for condos in New Westminster have been relatively flat over the past 24 months . The benchmark price for condos has increased 0.8% since July 2011.
(click above for greater detail) (source: REBGV stats)
New Supply
Upcoming inventory in New Westminster is estimated to be over 2,000 new units. Approximately 75% of these units will be concrete, with the balance as woodframe. Concrete projects are currently achieving end sales values averaging $450 per sq ft, while woodframe projects are achieving an average of $350 per sq ft. There is no new single family construction taking place in New West.