Commercial Real Estate: New Westminster expecting to be next boom town

April 18, 2017 7:25 pm

the vancouver sun

New Westminster is poised for a real estate investment boom over the next 10 years thanks to its relatively affordable housing costs, SkyTrain connections, and its comparatively low commercial development fees, according to new research by the Real Estate Investment Network (REIN).

The report, produced independently by REIN, said New Westminster is growing in several other key ways that suggest it is ripe for new residents and investments. The city’s labour force participation is up, along with its GDP and population of young families, who are fleeing other, costlier municipalities in the region.

New West is “one of those cities that — you don’t want to say missed the boom — but it didn’t get the impact that the other cities in Metro Vancouver did,” said REIN senior analyst Don Campbell.

“New West is going to be coming alive,” he said. “This next decade for New West is going to be very strong.”

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