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Between December and January, the benchmark dwelling costs in Port Coquitlam and Coquitlam elevated by about 3% and a pair of%, respectively. In Port Moody, the benchmark dwelling worth dipped by about 1%, however dwelling costs will probably 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.
Finest locations to purchase actual property in Burnaby, New Westminster and Richmond
Within the desk under, 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 possibly can 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 dwelling worth was $947,750 on account of a constant and secure improve in property values. The benchmark was 3% increased than in 2022, 37% increased than in 2020, and 22% increased than in 2018. This pattern 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 amenities. It provides varied facilities such because the Hamilton Neighborhood 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 Neighborhood Park. Locals admire the paths that result in the waterfront, a preferred spot for canine to take a swim. Hamilton has the best share of households with youngsters (57%) on this a part of Metro Vancouver, by a big margin. Households can ship their youngsters to Hamilton Elementary College, the Alternative College for Gifted Youngsters, or Queen Elizabeth Elementary College. 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 neighborhood of Steveston, the place the highly effective Fraser River meets the Pacific Ocean. Steveston is bordered by Williams Highway to the north, the Fraser River to the south, No 2 Highway to the east, and the Strait of Georgia to the west. The neighbourhood’s 2023 benchmark dwelling worth was $1,529,183, significantly increased than these of surrounding neighbourhoods. House costs in Steveston Village have been on a slight upward trajectory. The benchmark dwelling worth was 1% decrease than in 2022, however 28% increased than in 2020 and 17% increased than in 2018. In consequence, Steveston has a modest worth rating of two.0. Nevertheless, it has by far the best neighbourhood economics rating within the area (5.0), which helped push it to the highest.
So, what brings consumers to this neighbourhood? Following the closure of the fish canneries, vital residential growth 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 College 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 provided a balanced mixture of reasonably priced 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 dwelling worth stood at $881,425. House costs in Brentwood Park haven’t risen as quickly as these in different neighbourhoods on our listing. The 2023 benchmark worth was 1% decrease than in 2022, 18% increased than in 2020, and 11% increased than in 2018. This interprets to a price 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 gorgeous views of Burnaby Mountain and the North Shore Mountains. Beecher Park provides 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 dwelling to the McGill Department of the Burnaby Public Library. Public faculties in Brentwood embrace Brentwood Park Elementary, for kindergarten to grade seven, and Alpha Secondary College, which provides a sophisticated 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 yr, and there was a lot much less fervour in comparison with earlier years. House costs skilled modest worth progress from January to December 2023, although this was due extra to tight competitors than elevated demand.
Burnaby East skilled probably the most worth progress, with the benchmark worth rising about 7% from January to December. However the space can also be the costliest, with a December benchmark worth of $1,157,400. New Westminster had probably the most reasonably priced properties, with a benchmark dwelling worth of $815,600 in December, up about 4% from the start of the yr. In Richmond, the benchmark dwelling worth 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 consumers,” says Pershick. For the three cities mixed, whole dwelling gross sales throughout all property varieties in 2023 got here in under 2022 ranges.
What’s subsequent for actual property in Burnaby, New Westminster and Richmond?
Between December 2023 and February 2024, benchmark dwelling costs in all three cities inched upward, suggesting a stronger begin to the yr than in 2023. Of the three, Richmond’s benchmark worth elevated probably the most, rising about 2% to $1,173,100 in February. Burnaby South has additionally skilled a good improve, with the benchmark worth 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 rental flats which have gotten probably the most consideration, with year-to-date gross sales up by about 19%.
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