April 29, 2010
There hasn’t been much in the news lately regarding deals in the Vancouver area, but it seems there is at least one area where prices haven’t spiraled out of control: New Westminster.
Just to give some context, “For $500,000 [in Vancouver] you’ll be lucky to get a decent townhouse in a not-so-decent neighbourhood” (Times Columnist). But in Queensborough you can buy a fairly new home with a river view, garage and a backyard for less than $500,000.
Sure, $500,000 is still a lot of money. But it’d be hard to find something in Burnaby that didn’t need a massive overhaul for this price.
So prices are lower there. Why does that mean that housing is a good deal there? Well, the downtown area is undergoing a seemingly real revitalization right now which should help with home values in the area.
Buying in New Westminster, then, could be a great investment. At least it keeps you out of the crazy Vancouver market.