In the past, Port Moody has attracted many homebuyers looking to save money or get more space. New Westminster attracts buyers for the same reason, but has been the preferred choice for those that value proximity to Vancouver, public transit, and amenities. For years these two markets were priced similarly, but in recent years, Port Moody has seen a transformation that has set it apart from New Westminster, and it’s reflected in current housing prices.
2015 marked a turning point for Port Moody as coffee shops and Brewers Row started to emerge, offering a vibrant and bustling atmosphere. However, the game-changer came in 2016, when the SkyTrain connected Port Moody to the rest of the Metro Vancouver, almost overnight turning Port Moody into a popular residential area.
Today, Port Moody has established itself as the leading suburb in terms of price per square foot, particularly for detached homes, condo resales, and new construction. According to 2022 GVREB statistics, the median price per square foot for a one-bedroom in Port Moody was $830 per square foot compared to New Westminster’s $743 per square foot. Even when it comes to detached homes, Port Moody is ahead with an average sale price at $2,180,569, while New Westminster was at $1,644,856 for 2022.
Port Moody has come a long way from being just a suburban area to becoming a sought-after residential destination. With its mountains and water, vibrant atmosphere, proximity to public transit, and attractive prices, it’s no wonder that Port Moody has established a higher price point compared to New Westminster. However, with a ‘post covid’ trend back to city living, major expansions to the Royal Columbian Hospital, and improvements to the waterfront with Bosa’s Pier West development, we may see New Westminster housing prices make up a few points in the years ahead.
-Monica Harmse