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What’s next for real estate in Burnaby, New Westminster and Richmond?
Condo apartments are becoming more popular in these three cities, as house prices and borrowing costs increase. While many buyers in Canada have spent months on the real estate sidelines, with many deciding to rent instead, some buyers are moving forward but taking the more affordable condo route. Condos tend to cost less than other types of property, and they still offer access to amenities in bustling cities. “Burnaby is known as the town centre, and it’s being developed quite intensely,” says Pershick. “There are numerous condos cropping up, and they sold quickly last year.”
However, housing supply is unlikely to soon improve, even if seller interest grows. “Unfortunately, the spring market doesn’t necessarily equal [more] inventory,” he says. “Supply levels have been tight for many years throughout Vancouver and the surrounding cities, and as the population and demand continue to grow, supply becomes tighter.”
Top neighbourhoods in other regions
The cities’ top three neighbourhoods
1. Westridge, Burnaby
Westridge is situated on the western slope of Burnaby Mountain. The biggest natural attraction in the neighbourhood is Barnet Marine Park, with its sandy beach and gorgeous views of Burrard Inlet and Indian Arm. The average house price in Westridge was $1,804,110 at the end of 2022, up 42% from one year earlier and 61% from five years earlier, contributing to its perfect value score of 5. Considering that 42% of households here have children, it’s no surprise that Westbridge has many elementary and secondary schools.
View Westridge real estate listings on Zoocasa.
2. Steveston, Richmond
Steveston is found on the southwest tip of Lulu Island in Richmond. It has served as the backdrop in a number of films and TV shows, including the Power Rangers flick and the upcoming blockbuster Knight Rider. The average home price in Steveston was $1,465,910 at the end of 2022—up 13% from one year earlier and 11% from five years earlier. The neighbourhood has a value score of just 2.4 and a mediocre accessibility score of 2.8, but it also has a perfect economics score of 5.
View Steveston real estate listings on Zoocasa.
3. Big Bend, Burnaby
Big Bend, found on the watershed of Fraser River, is the southernmost neighbourhood of Burnaby. It’s known for being the only “true” farmland left on the Burrard Peninsula. Big Bend’s average home price was $1,621,287 at the end of 2022, up 32% from one year earlier. It has one of the highest three-year growth rates in the region, with prices up 59% during the peak years of the COVID-19 pandemic. The neighbourhood’s value score is 4.5, while its economics score is just 2.1.
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