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Between December and January, the benchmark residence costs in Port Coquitlam and Coquitlam elevated by about 3% and a couple of%, respectively. In Port Moody, the benchmark residence value dipped by about 1%, however residence costs will seemingly climb because the spring market kicks off.
Burnaby, New Westminster and Richmond, B.C.
The town of Vancouver is bordered by Richmond to the south, and by Burnaby and New Westminster to the east. Burnaby and Richmond are B.C.’s third- and fourth-largest cities, respectively, every with a inhabitants above 200,000.
Greatest locations to purchase actual property in Burnaby, New Westminster and Richmond
Within the desk beneath, you’ll discover the highest neighbourhoods for actual property purchases in Burnaby, New Westminster and Richmond. To view all the information, slide the columns proper or left utilizing your fingers or mouse. You’ll be able to obtain the information to your system in Excel, CSV and PDF codecs.
Supply: Zoocasa
High three neighbourhoods in Burnaby, New Westminster and Richmond
Located in Richmond, Hamilton is simply north of Annacis Island and the Annacis Channel, and west of Queensborough. Hamilton’s 2023 benchmark residence value was $947,750 because of a constant and secure enhance in property values. The benchmark was 3% larger than in 2022, 37% larger than in 2020, and 22% larger than in 2018. This development contributes to Hamilton’s spectacular worth rating of 4.6.
Hamilton is a particular neighbourhood with a mix of residential properties, predominantly single-family properties, alongside companies and leisure services. It presents numerous facilities such because the Hamilton Group Centre, Hamilton Freeway Off-Leash Canine Park, and the Bridges Marina. The neighbourhood boasts a number of parks, together with the well-kept and well-liked Hamilton Group Park. Locals admire the paths that result in the waterfront, a preferred spot for canines to take a swim. Hamilton has the very best proportion of households with youngsters (57%) on this a part of Metro Vancouver, by a big margin. Households can ship their children to Hamilton Elementary Faculty, the Selection Faculty for Gifted Kids, or Queen Elizabeth Elementary Faculty. Nevertheless, Hamilton has the third-worst accessibility rating among the many three cities, at 0.3.
View Hamilton actual property listings on Zoocasa.
Within the southwest nook of Richmond lies the historic group of Steveston, the place the highly effective Fraser River meets the Pacific Ocean. Steveston is bordered by Williams Street to the north, the Fraser River to the south, No 2 Street to the east, and the Strait of Georgia to the west. The neighbourhood’s 2023 benchmark residence value was $1,529,183, significantly larger than these of surrounding neighbourhoods. House costs in Steveston Village have been on a slight upward trajectory. The benchmark residence value was 1% decrease than in 2022, however 28% larger than in 2020 and 17% larger than in 2018. In consequence, Steveston has a modest worth rating of two.0. Nevertheless, it has by far the very best neighbourhood economics rating within the area (5.0), which helped push it to the highest.
So, what brings patrons to this neighbourhood? Following the closure of the fish canneries, vital residential improvement has reworked the world, with the emergence of recent luxurious condominiums and townhomes reshaping the panorama. Residents profit from excellent native eating choices, distinctive boutiques, a picturesque boardwalk that’s well-liked amongst each vacationers and locals, seaside entry, parks, playgrounds and biking trails—all enhancing Steveston’s attraction. Whereas primarily residential, Steveston has a number of parks close to faculties like Diefenbaker and James McKinney Elementary, together with the expansive Manoah Steves Neighbourhood Faculty Park, which options 4 sports activities fields, three ball diamonds and a playground. The neighbourhood has one of many highest concentrations of households with youngsters (49%).
View Steveston Village actual property listings on Zoocasa.
Nestled in North Burnaby, the Brentwood Park neighbourhood has historically supplied a balanced mixture of inexpensive single-family indifferent properties and condominiums. With The Superb Brentwood housing spectacular developments, Brentwood Park is poised to grow to be one of many largest city locations in North America. In 2023, the neighbourhood’s benchmark residence value stood at $881,425. House costs in Brentwood Park haven’t risen as quickly as these in different neighbourhoods on our checklist. The 2023 benchmark value was 1% decrease than in 2022, 18% larger than in 2020, and 11% larger than in 2018. This interprets to a worth rating of three.2. However Brentwood Park has one of many highest neighbourhood economics scores, 3.1, on this a part of Metro Vancouver, behind solely Steveston.
The neighbourhood boasts beautiful views of Burnaby Mountain and the North Shore Mountains. Beecher Park presents forested areas, a sports activities discipline, a youngsters’s playground and Beecher Creek, an area salmon spawning habitat connecting to Nonetheless Creek. Eileen Dailly Leisure Pool & Health Centre is well-known for its swimming pool, youngsters’s water play space, sauna and steam room, weight room, and extra. The realm can also be residence to the McGill Department of the Burnaby Public Library. Public faculties in Brentwood embody Brentwood Park Elementary, for kindergarten to grade seven, and Alpha Secondary Faculty, which presents a complicated placement program permitting college students to take college-level programs whereas nonetheless in highschool.
View Brentwood Park actual property listings on Zoocasa.
What occurred in the true property markets of Burnaby, New Westminster and Richmond?
Actual property exercise was secure in all three cities final 12 months, and there was a lot much less fervour in comparison with earlier years. House costs skilled modest value development from January to December 2023, although this was due extra to tight competitors than elevated demand.
Burnaby East skilled essentially the most value development, with the benchmark value rising about 7% from January to December. However the space can also be the most costly, with a December benchmark value of $1,157,400. New Westminster had essentially the most inexpensive properties, with a benchmark residence value of $815,600 in December, up about 4% from the start of the 12 months. In Richmond, the benchmark residence value rose from $1,109,200 in January to $1,153,400 in December—a rise of about 4%.
“Rates of interest performed a pivotal function in shaping affordability [in these areas], and there was a noticeable withdrawal from the market amongst potential patrons,” says Pershick. For the three cities mixed, complete residence gross sales throughout all property varieties in 2023 got here in beneath 2022 ranges.
What’s subsequent for actual property in Burnaby, New Westminster and Richmond?
Between December 2023 and February 2024, benchmark residence costs in all three cities inched upward, suggesting a stronger begin to the 12 months than in 2023. Of the three, Richmond’s benchmark value elevated essentially the most, rising about 2% to $1,173,100 in February. Burnaby South has additionally skilled an honest enhance, with the benchmark value rising by about 2% to $1,113,500 over the identical interval.
As of February, year-to-date gross sales for indifferent properties in Burnaby and Richmond are up in comparison with 2023. Nevertheless, it’s Burnaby condominium residences which have gotten essentially the most consideration, with year-to-date gross sales up by about 19%.
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