NEW WESTMINSTER (NEWS 1130) – The next decade could see the housing market in New Westminster take off, according to a new report from the Real Estate Investment Network.
The group’s Don Campbell says it’s simple as they believe demand in the Royal City will become stronger than anywhere else in Metro Vancouver. “It’s like the boom had missed it and now is about to discover it.”
Campbell adds there are a number of reasons for that like the city’s proximity to Highway 1 and transit, plans to revitalize the waterfront, and an influx of new businesses looking for younger workers. “New Westminster seems to be located in the exact right spot and it’s north of the Fraser River, so no bridges. And it’s the 13th most expensive of the 15 areas in Metro Vancouver.”
However, Campbell points out that’s all about to change, adding the next decade for New Westminster realty, will be in his words, “spectacular.”
He feels the city will become an even hotter market as people try to find affordable housing in a red-hot market. “We’re going to vacancy rates drop, followed by rents actually going up. And the housing demand, especially in the values of detached homes are really going to skyrocket and then the condos will follow in behind.”
The report finds the city is becoming increasingly attractive to a younger generation. “Revitalization, lifestyle, affordability — all are lining up to attract young families and at the same time, we’re starting to see companies move into the area and bringing those younger jobs.”
The City of New Westminster is also looking to take action to improve things by upgrading Royal Columbian Hospital, one of the local high schools and the Pattullo Bridge.
“Homeowners and investors who have been paying close attention over the last few years have done very well to position themselves in this transportation hub city… witnessing the beginning of a strong upward demand curve.”