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New West real estate market ‘back to the days of multiple offers’

New West sees a surge in sales
home for sale stock image
An image of a house for sale. (IStock)

People continue to be surprised about the B.C. real estate market amid COVID-19.

Logic says that with so many people unemployed, and many more just staying home due to protocols, there would be few buyers of new homes.

The numbers, however, say otherwise, especially in New Westminster.

Since the New Year, the Lower Mainland residential property market has accelerated dramatically and the energetic pace of deal-making is also taking hold in New West. 

How hot are things?

Home sales throughout New West rose by 40.2% in the period between November, 2020 and January, 2021, when compared to the same period a year prior, according to the latest sales figures by the REBGV. Home prices in New West rose across all housing types from Jan. 2020 to Jan. 2021, with condo prices climbing by 3.3%. Overall, residential home sales volume in Greater Vancouver saw a 52.1% increase in January 2021, when compared to the previous year. 

One reason for rising prices? So many competing offers.

"It's clear that the residential market has really taken off since we shifted into 2021. Single family homes are flying off the shelves, and we are back to the days of multiple offers," said Luke Ramsay, development manager with Aragon Properties, which has been building units in the Port Royal neighbourhood in New Westminster. "It appears that our local market is returning to its 'normal' state of busy."

For Aragon, that has meant increased sales activity at Light House, a condo building in Port Royal along the Fraser River between Annacis Island and Downtown New Westminster.

"In the last week alone, we have sold seven homes at Light House," Ramsay said. "We view this strong pace of sales as resulting from a combination of factors, including record-low interest rates and the effects of the COVID-19 pandemic, which we believe is causing people to reassess their living situations as they seek the stability of home ownership amid what has been a remarkably uncertain period in all of our lives."