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GARBUTT + DUMAS REAL ESTATE TEAM
630 Fifth St
New Westminster, BC, V3M 2X9
604.805.3115
info@gdrealestate.ca




James Garbutt

Vancouver too expensive? Move to New West!

As real estate prices in Vancouver’s neighbourhoods escalated out of reach, Vancouverites looking to own their home are heading east.

New Westminster Realtor James Garbutt says he’s seeing more and more buyers looking at the city as an affordable alternative to Vancouver, but without giving up the amenities of city life. While $1.2 million might get you a tear-down on a small lot in East Van, in New West it can put you in a beautifully-renovated Craftsman heritage home that’s centrally-located close to schools, parks, shopping and transit.

The city’s condo market offers similar value, says Garbutt. “Let’s take your typical 2 bedroom, 2 bathroom condo in a newer concrete high-rise. Currently in Yaletown or False Creek you’re looking at $1,100/sqft.  In Burnaby’s Brentwood Park area you’re looking at $800/sqft , and in Downtown New West this figure goes down to $625/sqft.”

That value isn’t going unnoticed in Vancouver. In fact, says Garbutt, over the past year about 30 percent of visitors to open houses he’s conducted in New West are from Vancouver.  For detached homes in particular the number is much higher.

Garbutt recently sold a beautiful Craftsman style home at 903 Henley St, New West. Roughly 75% of the open house visitors came from Vancouver.  It achieved multiple offers, and the buyer was a young professional couple from Downtown Vancouver.

 

Vancouverites are moving to New Westminster

This Craftsman heritage home in New Westminster was recently sold by Realtor James Garbutt to a couple from Vancouver.

 

For detached, single-family homes in New Westminster sold in 2016, 51 per cent of the buyers’ agents were from Vancouver, suggesting their clients likely are as well, says Garbutt. For condos, 36 percent of the buyers’ agents were from Vancouver.

“In New West, our main sources of buyers are coming from more expensive markets, primarily Vancouver,” says Garbutt.

 

Who’s buying houses in New Westminster

Who's buying houses in New Westminster

Where buyers are coming from to buy houses in New Westminster

Who’s buying condos in New Westminster

Who's buying condos and townhouses in New Westminster

Where condo and townhouse buyers in New Westminster are coming from

 

New Westminster is no longer a secret, says Garbutt. “It’s centrally located. There’s a great sense of community and local pride that many other suburbs lack.  And, quite frankly, it’s the most affordable community to buy into that’s within 30 minutes of Downtown Vancouver.”

The city is undergoing a renaissance. After languishing through the 1990s as a marketplace for cheap street drugs peddled by Honduran dealers loitering around its SkyTrain stations, Downtown New West has come alive with new restaurants, with more on the way. At Eighth and Columbia Streets, the gleaming Anvil Centre has replaced a squalid block of cigar shops and temporary employment agencies. The western end of historic Front Street has been opened to the sky with the partial demolition of the old parkade. The waterfront has been enlivened by Pier Park and the River Market.

The historic Queen’s Park neighbourhood abounds with lovingly-restored family heritage homes along quiet, leafy streets, and the Sapperton area surrounding Royal Columbian Hospital is alive with young families attracted to its affordable, smaller detached houses and new condo developments.

 

The leafy streets and lovingly-restored heritage homes of New Westminster’s Queen’s Park neighbourhood.

 

Progressive businesses like Steel & Oak Brewing Co.Brick + MortarEl Santo and 100 Braid St. Studios actively promote the city far and wide on social media using the hashtags #newwest or #theroyalcity, which have more than 130,000 posts on Instagram combined.

To preserve the city’s historic identity, City Hall is taking steps to implement historic design guidelines in neighbourhoods like Queen’s Park. The City works with developers to maintain historic building facades, like the Trapp & Holbrook and the Freemasons Hall, which is currently being transformed into a new residential development.

 

Vancouverites are attracted to New West

The City is working with developers like Robert Fung to preserve historic facades such as the Trapp + Holbrook condo tower on Columbia Street.

Vancouverites are buying in New West.

An architect’s rendering of a new residential development being built behind the preserved facade of the New Westminster Mason’s Hall on Agnes Street.

 

With the pressures of growth, New West is looking at finalizing a new Official Community Plan in June (check out the 25 year vision at: OUR CITY 2041), that will introduce higher density in certain neighbourhoods and laneway houses throughout the city.

The city is growing conservatively without losing its identity, says Garbutt. It’s being proactive about managing that growth. That’s attracting new businesses and new residents. Especially from Vancouver.

 

SOLD! #502 14 E Royal Ave, New Westminster (Victoria Hill) James Garbutt

WHEN ONLY THE BEST WILL DO! Gorgeous Unobstructed River & Mountain views from this outstanding,QUIET, bright, Rainscreened, Top floor 3 bed+2 ENSUITE bath 1237 sq. ft. suite. Offered FURNISHED w/aprox $50K of designer pieces from Scan Design & Inspiration, upgraded Top of the line S/S appliances, gas stove.Vaulted ceilings,crown moulding, high quality laminate throughout, $2400 Titan 3M window films. $20K owner built in air cond/heat/dehumidifiers,upgraded paint & blinds. 3 Parking Stalls + Locker.Only lowrise in Victoria Hill-ONNI’s Master Planned Community-in house amenities incl. Guest Suite/exercise/party room+.LOW maint fees. Great Central location close to Queens Park, C.G Pool, schools, transit,shopping. Sure to impress!

#311 225 Francis Way, New Westminster (Victoria Hill)

Victoria Hill – Stunning 2 bedroom+den, 2 bath with unobstructed East facing views of the Fraser River & Mountain! This suite features an open concept living/dining room area with laminate flooring, gourmet kitchen with granite counters, with granite counters, stainless steel appliances and lots of cabinets. Located just steps to Queens Park and a 10min walk or quick bus ride to the Columbia Skytrain Station.  Impressive amenities at the Boiler House which features a huge gym, lounge area, reading area, media room, meeting room & basketball court. 2 parking stall included! Rentals allowed & pets allowed with restrictions.

SOLD! #33 2387 Argue St., Port Coquitlam

The Waterfront at Citadel – Built by Liberty in 2002, this impressive 3 bedroom, 3 bath & large rec room house is truly a must see! You will enjoy the tranquil & beautiful surroundings in this Award Winning Community. Just steps to the Fraser River & love the central location near Highway. Pride of ownership abounds in this well kept home. It features a private backyard backing on to a greenbelt, fantastic layout, 9 ft ceilings (main floor), dream kitchen, master bed w/walk in closet + 4 pce ensuite, laminate floors, 2 F/P’s, rec room in bsmt w/large storage room that’s roughed in for future bathroom & 2-car garage. Relax on your balcony with partial water views of Fraser River or go for a walk on the Fraser River boardwalk.

Government announces new HST/PST housing transitional rules

The government today announced the HST/PST transitional rules on new homes.

As the province transitions back to the PST, which will replace the HST effective April 1, 2013, measures to ease the HST burden on new home buyers include:

  • The BC New Housing Rebate threshold will increase to $850,000 from $525,000, so that more than 90% of newly built homes will now be eligible for a provincial HST rebate effective April 1, 2012.
  • The maximum rebate will increase to $42,500 from $26,250 effective April 1, 2012.
  • Buyers of new secondary vacation or recreational homes outside the Greater Vancouver and Capital Regional Districts priced up to $850,000 will now be eligible to claim a provincial grant of up to $42,500 effective April 1, 2012.
  • For newly built homes where construction begins before April 1, 2013, but ownership and possession occur after, purchasers will not pay the 7% provincial portion of the HST. Instead, purchasers will pay a temporary, transitional provincial tax of 2% on the full house price.

HST/PST transition rules will help ensure that whenever purchasers buy a new home they will all pay a consistent and equitable amount of tax, whether the home is built:

  • entirely under the HST;
  • entirely under the PST; or
  • partly under HST and partly under the PST.

The temporary housing transition measures will be in place until March 31, 2015. The tax only applies to homes where construction begins before the transition date and ownership and possession occur after.

REBGV successfully advocated for the following:

  • An increase in the threshold value of homes to be covered by the rebate;
  • An increase in the rebate amount;
  • An announcement of the transition rules for new homes as early as possible.

For more information, visit the BC Ministry of Finance at: www.pstinbc.ca

Balanced real estate market prevailed through much of 2011REC

VANCOUVER, B.C. – January 4, 2012 – The 2011 Greater Vancouver housing market began with heightened demand in regional hot spots and concluded with greater balance between seller supply and buyer demand.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2011 reached 32,390, a 5.9 per cent increase from the 30,595 sales recorded in 2010, and a 9.2 per cent decrease from the 35,669 residential sales in 2009. Last year’s home sale total was 6.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.

FOR FULL STATS PACKAGE CLICK ON THE LINK BELOW:

rebgvstatspackage_dec2011