The Real Estate Board of Greater Vancouver's monthly report for March shows the cost to buy a single-family detached home, apartment, townhome or residential all increased last month.
The benchmark prices for a single-detached house in New Westminster in March was $1,230,700 – a 10.4% increase over the price from six months ago.
And lately we’ve been seeing a flurry of homes or properties going on the market in New Westminster for at least $3 million as prices continue to creep up. Right now seems like a great time to put your house up for sale considering the prices some sellers are getting.
These prices are pretty heady. The following houses for sale you can view by scrolling through the photos above.
The most expensive new listing right now appears to be an eight-bedroom house on Hamilton Street that is going for $3,398,000. It’s 4,600 square feet of space that is wall-to-wall marble floors.
There’s also a house on Eighth Avenue selling for $3.173 million that is listed as part of a land assembly.
One Glover Road there is a property selling for $3 million that includes six different units and has “unbelievable” cash flow.
On East Durham Street, is a newish house selling for $3 million that is $4,600 square feet.
And finally, on Jardine Street, is a house on .48 acres that appears to be selling just for the land as the listing includes no actual house photos. The house is listed as 70 years old, so likely a teardown.
Meanwhile, a forecast published by the Canada Mortgage and Housing Corporation noted that, despite the expected moderation in prices and the number of sales throughout Canada, costs growth will continue to outpace income growth in several major cities – placing “greater pressure on the affordability of home ownership.”
“Improving levels of employment and immigration are expected to be key factors, as the impact of pandemic restrictions continue to recede,” said CMHC chief economist Bob Dugan in a statement about sales, prices and housing starts remaining elevated in 2022. “In 2023 and 2024, the growth in prices will trend closer to long-run averages, with sales and starts activity expected to remain above 5- and 10-year averages.”
The report paints the same picture for Metro Vancouver, Canada’s most expensive real estate market. According to the CMHC outlook, price growth of homes should slow down this year from the blistering pace seen in 2020 and 2021 – but immigration-driven demand and rising debt servicing costs will lead to a worsening of affordability.
CMHC projects the growth rate of home prices in the Greater Vancouver region will not continue on its double-digit rate beyond Q1 2022, and the rate of growth in prices will actually fall to below 5% year-over-year by 2023.
- With files from Jess Balzer and the Canadian Press
Follow Chris Campbell on Twitter @shinebox44.
