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! #214 14 East Royal Ave, New Westminster (Victoria Hill)


VICTORIA HILL – Stunning 2 Bed, 2 Bath 1051SF South Facing Suite Overlooking the Park & Fraser River. Very Private & Peaceful View that will not change and enjoy it from your Large Balcony which receives plenty of Sunshine. Features incl: Gas range, Granite Counters, Stainless Steel Appliances, & upgraded 42″ Upper Cabinets in the Kitchen, Stone Fireplace, with Hardwood Throughout (Living/Dining/Bedrooms), Crown moldings, 2″ Blinds, Granite in all Bathroom. Open Floor Plan with Spacious Kitchen. Well Maintained Building. Amenities Incl: Gym, Lounge & Billiard Games Room. 2 Side-by-side Parking & 1 Large Storage Locker.
For complete listing click here.
MLS Feature Sheet #214 14 East Royal Ave

Mandatory Strata Property Depreciation Reports

New regulations introduced last December by the provincial government are aimed at giving an added layer of confidence to buyers considering a purchase in the strata market. It is now mandatory for all strata properties in B.C. greater than 4 units to have a common property depreciation report completed by December 13, 2013. These depreciation reports are to be used to establish long term planning for common property and assets to determine the following aspects of a strata property:

  • The assets owned by the strata corporation
  • The condition of those assets
  • When assets need replacing
  • How much money the strata corporation currently has (the contingency reserve)
  • What the replacement cost is likely to be
  • The payment plan (three cash flow models projecting 30 year replacement periods)

The regulations also set out the necessary qualifications of persons providing the reports, a schedule of updates, disclosure of reports and financial planning to accomplish the necessary results. A Strata may defer a depreciation report by passing a ¾ majority vote to that effect every 18 months.

There are changes in store as well to the Form B, Information Certificate for specific disclosure of parking stall and storage locker designation and allocation effective January 1, 2014.

The Executive Director of the Condominium Home Owners Association of B.C., Tony Gioventu, says it’s a positive development for the strata community. “These reports will change how people buy and sell a strata lot, and how people qualify for a mortgage. Buyers will now be able to ask for copies of the depreciation report so they know up front what they are buying into. Mortgage brokers will also want to assess risk when determining eligibility for financing.”

This is the kind of good news your prospective buyers are eager to learn from you as their professional REALTOR®. Watch for educational events being held around town by various Divisions of the Real Estate Board of Greater Vancouver. And check out the latest updates on the Status of Changes to the Strata Property Act and Regulations here.

Your Community: Queens Park, New Westminster.


The Queens Park neighbourhood in New Westminster is a quiet historical area with lots of greenspace and close to shops, schools, and parks.
Queens Park: This Park is one of the oldest in BC with great amenities and sports facilities this is a great area to live in especially for families. For more info on the history of Queens Park and its great facilities Click Here.
6th St: At the corner of 6th Ave and 6th St is a bustling core full of great shops, restaurants, cafes, and the New Westminster Public Library.
New Westminster Public Library
Walkscore neighbourhood
Royal City Centre 
Yelp Restaurants & Shops
Queens Park Meat Market : This little butchers shop has been at the corner of 4th Ave & 2nd St for 94 years and its patrons always have excellent reviews for Peter and his shop.  Queens Park Meat Market on Yelp.
Market Update:
11 Listed
Average list price: $1,162,000
Lowest list price: $785,000
Highest list price: $1,195,000 for 8 Bed/5 Bath 5,600 ft² 122 year old home.
21 Sales
Average sale: $1,162,000
Lowest sale: $560,000
Highest sale: $1,190,000 for 4 Bed/3 Bath 3,872  ft² 76 year old home.
 

Aug 2012 New Westminster Market Update.


New Westminster Market Update for August 2012.
Stats are taken from the MLS on September 5, 2012 and are based on MLS sales only.
Condos:
405 Active Listings
33 Sold:  Avg. Sale- $322,900, Avg. Days on Market- 51
Highest Sale: $708,000 Penthouse at ‘Azure’at Plaza 88’
Townhomes:
46 Active Listings
5 Sold:  Avg. Sale- $526,500, Avg. Days on Market- 30
Highest Sale: $612,500 in ‘Glenbrooke at Victoria Hill’
Homes:
109 Active Listings
9 Sold: Avg. Sale- $760,700, Avg. Days on Market- 52
Highest Sale: $1,149,000 for Family Home built in 1940.
 

SOLD! #1107 610 Victoria St, New West (Downtown)


THE POINT – Great Building & Great Location!! 2 Beds & 2 Full Baths corner suite with Large Balcony facing North East with Fraser River & Mountain Views!! This Suite features engineered hardwood flooring, stainless steel appliances, granite counters, electric fireplace, large master bedroom suite with walk-through closet, open floor plan, spacious kitchen with lots of cabinets, floor-to-ceiling windows bringing in plenty of natural light. Amenities include: indoor pool, hot tub, sauna, exercise room, lounge, media room…. Pets allowed with restrictions, rentals allowed. 1 parking stall included. Central location, steps to starbucks, shops, restaurants, Skytrain & NW quay Market.

Increased selection helps maintain market balance in GVRD for March 2012

VANCOUVER, B.C. –April 3, 2012- Home sales in March trended below the 10-year average in Greater Vancouver while home listing activity outpaced what’s typical for the month.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,874 on the Multiple Listing Service® (MLS®) in March 2012. This represents a 12.9 per cent increase compared to the 2,545 sales recorded in February 2012, a decline of 29.6 per cent compared to the 4,080 sales in March
2011 and an 8.4 per cent decline compared to the 3,137 home sales in March 2010. March sales in Greater Vancouver were the second lowest total for the month in the region since 2002 and were 16.8 per cent below the 10-year sales average for the month.
FOR FULL STATS PACKAGE CLICK ON THE LINK BELOW:
March Real Estate Board Stats

SOLD! #59 245 Francis Way, New Westminster (Victoria Hill)


Glenbrooke at Victoria Hill – This outstanding 2187 sqft 3 bed, 2.5 bath END UNIT Townhome with Double Garage! (Largest floor plan in the complex). GORGEOUS River & Mountain VIEWS. This impressive home features high ceilings on the main,hardwood & lam. floors, beautiful kitchen cabinets, granite counters, stainless steel appliances, 3 balconies & large patio, spacious master bedroom w/large walk-in closet & luxurious ensuite, 2 car garage + Bonus Rec Room. FULL RAINSCREEN, remainder of 5 – 10 yr. warranty. Maint Fees include: Outstanding Amenities at the “Broiler Room” exercise Centre, Theatre Room, Study Area, Basketball Court, Lounge w/pool table. Excellent location near Queens Parks, shopping, Transportation.

SOLD! #3204 240 Sherbrooke St., New Westminster


Copperstone at the centre of the Lower Mainland.  This immaculate 2bdrm 2bthrm NW 1034 SF corner suite incl: laminate flooring, crown mouldings, S/S appliances, upgraded paint, lights and fixtures, in-suite laundry and security system, and more.  Sit and enjoy the afternoon sun on the private covered 9’x11′ balcony.  Spacious living areas and open floor plan.  This unit faces NW onto the quiet treed courtyard with a glimpse of snow-capped mountains.  Walk to the trendy Sapperton area that boasts a Thrifty’s (open 24hrs), Starbucks, shops, bistros, boutique gift shop and spa, and bakeries… Close to freeway access and only a 3 minute walk to the skytrain. Built in 2008, 2-5-10 warranty, 2 parking, 1 locker, Pets & Rentals Welcome.

#101 14 E Royal Ave, New Westminster (Victoria Hill)


WOW! VICTORIA HILL master planned community by Onni.This suite & RAINSCREENED building have it all! OUTSTANDING,IMMACULATE,QUIET 1236 sf 3 bed/2 bath(both ensuites)condo.Ground floor(townhome feel)unit features your own large private yard perfect for kids/entertaining/dog owners!GORGEOUS Fraser River views,2 side by side parking spaces+locker.Luxurious finishing incl:Granite counters,high 9+ft ceilings,S/S appliances,Gas stove, large private bedrooms,huge master closet w/spa like ensuite.IN BUILDING amenities:Guest suite/gym/pool table/ party room.LOW STRATA Fees!Walk or Shuttle Bus to Douglas College,shops,GREAT schools,transit,Canada Games Pool. Steps to Queen’s Park. You’ll love all that New West has to offer! REA Full Realtor 19-Mar-12 12:55 PM The enclosed information while deemed to be correct, is not guaranteed. PREC* indicates Personal Real Estate Corporation. New Westminster, Fraserview NW Residential Attached