“It’s interesting what’s being absorbed by young families. The next 10 year window should be one of its best ever for real estate (in New Westminster),” Don Campbell, senior analyst at REIN, told Canadian Real Estate Wealth. “Even if the market slows in metro Vancouver, that market will still have some legs because of affordability, transportation, and jobs.”
In a report, released today, REIN identified New Westminster as one of the country’s next real estate hot spots.
Population has grown 7.6% since 2011 to 10,996 and is forecasted to grow another 10% by 2020.
According to the REIN report, population is expected to reach 90,278 by 2030.
“All we’re seeing is this is an opportunity for demographics and infrastructure and affordability coming together in one city,” Campbell said. “If you take out a map, look where New West is and look at the surrounding areas and their values and their demand. It becomes obvious that New West is going to have a great run for the next decade.”
The city is also undergoing a revitalization of its waterfront and downtown areas; it’s also home to a transit hub that connects it to the Vancouver International Airport, as surrounding post-secondary insittutions.
“Throughout history, there have been cities that seem to miss out, or lag, while the surrounding regions boom. This used to be the story of New Westminster; however, it is no longer true,” Campbell said. “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. Vacancy rates have dropped, demand has increased for home and condo purchases and we are, in fact, just witnessing the beginning of a strong upward demand curve.”
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New Westminster, British Columbia, has been identified by the Real Estate Investment Network (REIN) as a city poised to boom.