Where to Buy Real Estate in Canada 2023: Burnaby, New Westminster and Richmond, B.C.
Condo apartments are becoming more popular in all three cities as house prices and borrowing costs increase. These are the neighbourhoods to watch.
Best places to buy real estate in Burnaby, New Westminster and Richmond
In the table below, you’ll find the top neighbourhoods for real estate purchases in these cities. To view all the data, slide the columns right or left using your fingers or mouse. You can download the data to your device in Excel, CSV and PDF formats.
| Rank | Neighbourhood | ID | City | Benchmark price 2022 | 1-year growth | 3-year | 5-year | Value | Economics | Accessibility | Children |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Westridge | 1 | Burnaby | $1,804,110 | 42% | 61% | 61% | 5.0 | 2.5 | 2.8 | 43% |
| 2 | Steveston | 2 | Richmond | $1,465,910 | 13% | 12% | 11% | 2.4 | 5.0 | 2.8 | 49% |
| 3 | Big Bend | 3 | Burnaby | $1,621,287 | 32% | 59% | 40% | 4.5 | 2.1 | 3.8 | 44% |
| 4 | Willingdon Heights | 4 | Burnaby | $1,473,604 | 17% | 37% | 32% | 3.3 | 3.1 | 3.5 | 35% |
| 5 | Glenbrooke North | 5 | New Westminster | $1,005,218 | 12% | 38% | 40% | 3.8 | 2.5 | 4.3 | 31% |
| 6 | Brentwood | 6 | Burnaby | $840,493 | 8% | 16% | 25% | 3.2 | 3.1 | 3.5 | 35% |
| 7 | Sapperton | 7 | New Westminster | $783,405 | 8% | 24% | 45% | 3.6 | 2.5 | 4.3 | 31% |
| 8 | Edmonds | 8 | Burnaby | $850,571 | 14% | 19% | 30% | 3.6 | 2.1 | 3.8 | 44% |
| 9 | Government Road | 9 | Burnaby | $1,003,474 | 11% | 10% | 11% | 2.8 | 2.5 | 2.8 | 43% |
| 10 | Hamilton | 10 | Richmond | $844,268 | 2% | 12% | 11% | 2.6 | 2.5 | 0.3 | 57% |
| 11 | Gilmore | 11 | Richmond | $4,097,205 | 18% | 75% | -35% | 0.0 | 5.0 | 2.8 | 49% |
| 12 | East Cambie | 12 | Richmond | $1,380,930 | 19% | 42% | 42% | 3.8 | 1.2 | 4.2 | 40% |
| 13 | Queens Park | 13 | New Westminster | $1,826,866 | 13% | 25% | 33% | 2.4 | 2.5 | 4.3 | 31% |
| 14 | Capitol Hill | 14 | Burnaby | $1,659,565 | 14% | 30% | 31% | 2.8 | 2.1 | 1.3 | 44% |
| 15 | Bridgeport | 15 | Richmond | $1,067,028 | 14% | 33% | 34% | 3.6 | 1.2 | 4.2 | 40% |
| 16 | West Cambie | 16 | Richmond | $878,219 | 15% | 20% | 27% | 3.6 | 1.2 | 4.2 | 40% |
| 17 | Queensborough | 17 | New Westminster | $1,050,464 | 22% | 26% | 46% | 4.1 | 0.6 | 4.4 | 29% |
| 18 | Uptown | 18 | New Westminster | $590,470 | 12% | 20% | 47% | 4.0 | 0.6 | 4.4 | 29% |
| 19 | West End | 19 | New Westminster | $1,559,044 | 31% | 36% | 40% | 4.0 | 0.6 | 4.4 | 29% |
| 20 | Broadmoor | 20 | Richmond | $1,999,637 | 21% | 11% | 7% | 2.0 | 2.6 | 2.8 | 50% |
| 21 | Suncrest | 21 | Burnaby | $1,942,966 | 16% | 18% | 36% | 2.2 | 2.3 | 1.7 | 44% |
| 22 | Downtown | 22 | New Westminster | $595,244 | 10% | 15% | 38% | 3.7 | 0.6 | 4.4 | 29% |
| 23 | Seafair | 23 | Richmond | $2,033,421 | 7% | 21% | 6% | 1.4 | 2.5 | 4.0 | 50% |
| 24 | Connaught Heights | 24 | New Westminster | $1,616,802 | 19% | 30% | 44% | 3.2 | 0.6 | 4.4 | 29% |
| 25 | East Richmond | 25 | Richmond | $2,135,543 | 21% | 46% | 31% | 2.8 | 0.9 | 0.1 | 24% |
| 26 | North Arm South | 26 | New Westminster | $1,198,486 | -2% | 45% | 26% | 2.8 | 0.6 | 4.4 | 29% |
| 27 | Garden Village | 27 | Burnaby | $2,003,529 | 8% | 12% | 14% | 1.4 | 0.0 | 4.8 | 32% |
Source: Zoocasa
How to read the table:
- Benchmark price 2022: The composite benchmark price as of Dec. 31, 2022. It represents all property types, including attached and detached homes, townhouses/row units and apartment units.
- 1-year, 3-year and 5-year growth: The percentage increase or decrease in the composite benchmark price (all property types) over each time frame.
- Value, economics and accessibility: These neighbourhood characteristics are each scored on a scale of 0 to 5, with five representing the most value for your money, high levels of income and education, and ease of travel by foot, bike and public transit.
- Children: The neighbourhood’s percentage of households with kids.
- Read the detailed methodology behind our rankings.
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What’s happened in the real estate markets of Burnaby, New Westminster and Richmond?
All three cities listed here experienced the three big trends that shaped the rest of Canada’s real estate market in 2022: record-high prices, tight supply and sidelined buyers. The average home price in Richmond—the most expensive of the three cities—ended 2022 at $1,093,200, after peaking in April at $1,256,500. New Westminster ended the year as the most affordable of the three cities, with an average home price of $781,400, down from its May peak of $862,400.
With diminishing inventory and rising interest rates, the conditions did not favour most Canadian buyers. As the most affordable city in this area, New Westminster experienced strong demand for detached properties throughout the year.
“In New Westminster, we saw a high demand for single-family homes fit for raising a family,” says local eXp Realty agent Geoff Pershick. (Zoocasa, the author of this study, is wholly owned by eXp World Holdings.) “However, the growing number of foreign investors is a constant constraint on the already short supply.”
What’s next for real estate in Burnaby, New Westminster and Richmond?
Condo apartments are becoming more popular in these three cities, as house prices and borrowing costs increase. While many buyers in Canada have spent months on the real estate sidelines, with many deciding to rent instead, some buyers are moving forward but taking the more affordable condo route. Condos tend to cost less than other types of property, and they still offer access to amenities in bustling cities. “Burnaby is known as the town centre, and it’s being developed quite intensely,” says Pershick. “There are numerous condos cropping up, and they sold quickly last year.”
However, housing supply is unlikely to soon improve, even if seller interest grows. “Unfortunately, the spring market doesn’t necessarily equal [more] inventory,” he says. “Supply levels have been tight for many years throughout Vancouver and the surrounding cities, and as the population and demand continue to grow, supply becomes tighter.”
Top neighbourhoods in other regions
The cities’ top three neighbourhoods
1. Westridge, Burnaby
Westridge is situated on the western slope of Burnaby Mountain. The biggest natural attraction in the neighbourhood is Barnet Marine Park, with its sandy beach and gorgeous views of Burrard Inlet and Indian Arm. The average house price in Westridge was $1,804,110 at the end of 2022, up 42% from one year earlier and 61% from five years earlier, contributing to its perfect value score of 5. Considering that 42% of households here have children, it’s no surprise that Westbridge has many elementary and secondary schools.
View Westridge real estate listings on Zoocasa.
2. Steveston, Richmond
Steveston is found on the southwest tip of Lulu Island in Richmond. It has served as the backdrop in a number of films and TV shows, including the Power Rangers flick and the upcoming blockbuster Knight Rider. The average home price in Steveston was $1,465,910 at the end of 2022—up 13% from one year earlier and 11% from five years earlier. The neighbourhood has a value score of just 2.4 and a mediocre accessibility score of 2.8, but it also has a perfect economics score of 5.
View Steveston real estate listings on Zoocasa.
3. Big Bend, Burnaby
Big Bend, found on the watershed of Fraser River, is the southernmost neighbourhood of Burnaby. It’s known for being the only “true” farmland left on the Burrard Peninsula. Big Bend’s average home price was $1,621,287 at the end of 2022, up 32% from one year earlier. It has one of the highest three-year growth rates in the region, with prices up 59% during the peak years of the COVID-19 pandemic. The neighbourhood’s value score is 4.5, while its economics score is just 2.1.
View Big Bend real estate listings on Zoocasa.
Read more about buying a home:
- The best 5-year fixed mortgage rates in Canada
- Watch: What is mortgage affordability?
- What to know about the new first home savings account
- Buying a second home: How it works in Canada
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This content package is presented by an advertising partner. It was independently produced by MoneySense in collaboration with Zoocasa and is presented with financial support from Ratehub.ca.
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