New Westminster State of the Market Report 2019
Below is our 2019 State of the Market report on residential development in New Westminster. This report looks back at 2018’s market activity while looking forward to what 2019 will bring by breaking down 2018’s residential development land sales and highlighting the multi-family development applications that are currently in process.
STATE OF THE MARKET IN New Westminster
The revised land use plan implemented by the City of New Westminster in late 2017 as part of the Official Community Plan has provided new opportunities for multi-family communities to be built in one of Metro Vancouver’s coolest up-and-coming communities. Offering a strategic location at the centre of the Lower Mainland, New Westminster is quickly becoming one of the most sought after communities for buyers seeking apartments and townhomes offering great lifestyle choices as well as investment opportunities.
Recent launches for multi-family projects in the city have shown great value when compared to other transit-oriented suburbs in Metro Vancouver; however, with strong local demand as well as an increasing profile for both local and international investors, New Westminster will likely not remain a hidden gem for much longer.
DEVELOPMENT LAND TRANSACTIONS
There were 10 notable development land transactions in New Westminster during 2018. The transactions are listed below, organized by land use designation. A property’s land use designation dictates each property’s redevelopment potential and is a primary driver of property values.
The transactions in the table above include the sale price per square foot ($/sf) as it is this value that allows us to translate these sale values to other properties of different sizes. These sale prices provide insight into market value for land across some of the different land use designations but, as every property is unique, a more detailed analysis should be conducted to identify a property’s current market value.
In total, there are 23 significant (with more than 5 residential units) multi-family development applications at different stages of the approval process. Combined, these applications could bring 6,226 new homes to New Westminster. From master-planned communities and high-rise condos to smaller ground-oriented developments, a host of new housing choices will soon be available to people looking to call New Westminster home.
The red and yellow highlighted regions on the below map indicate areas containing a high concentration of development applications.
PROJECT SPOTLIGHT: Sapperton Green
Address: 97 Braid Street, New Westminster
Developer: BCI (BC Investment Management Corporation) and QuadReal Property Group
Site Area: 38.35 acres
About: Master planned community with retail, office and residential uses:
- 3,400,000 square feet of residential floor space
- 3,700 residential units in townhouse and condo form
- 750,000 to 1,500,000 square feet of office floor space
- 150,000 square feet of retail floor space
Public Amenities: 35,000 square foot community centre and child care space, 1.8 acre central park, 3.5 acres of riparian area adjacent to Brunette River, 0.75 acre transit plaza, plus pedestrian corridors, greenways, pocket parks and access to Hume Park and Brunette River.
Status: The developer and the City of New Westminster have made considerable progress since the inception of this project some 8 years ago and have now received council’s endorsement of a preliminary Master Plan for the site. This preliminary plan will be used as a basis for initiating the public consultation process and eventually the rezoning process for the land. With the rezoning process set to take several years, construction won’t begin for some time, however, the work required to design and develop a project of this magnitude is well underway.
Learn more at: www.sappertongreen.com
In creating this report, we consult New Westminster planning staff, survey multiple land transaction reporting systems, and analyze municipal development to bring you the most relevant information. If you have any questions, or if there is any further information that would be helpful to you, don’t hesitate to give us a call.
Sources: City of New Westminster, Commercial Edge, Urban Analytics New Home Source, Multiple Listing Service. Note: This representation is based in whole or in part on data generated by the Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.