By Zoocasa on June 3, 2022
Estimated reading time: 8 minutes

Where to Buy Real Estate in Canada 2022: Burnaby, New Westminster and Richmond, B.C.

By Zoocasa on June 3, 2022
Estimated reading time: 8 minutes

Compared to Vancouver, the suburban areas of Burnaby, New West and Richmond provide lower-cost options without compromising on green space and amenities.

Video by Nattipat Vesvarute on Pexels

The suburban cities of Burnaby, New Westminster and Richmond, on British Columbia’s western coast, feature bustling commercial centres and a variety of neighbourhoods fit for young and growing families—all within a half-hour’s commute of Vancouver. The cities are well-connected with roadways, bike lanes and rapid transit.

For the 2022 edition of Where to Buy Real Estate in Canada, MoneySense partnered with Zoocasa—a full-service tech brokerage—on a list of the top places to buy real estate in these cities. By examining local real estate data and long-term housing trends, Zoocasa has identified the neighbourhoods in Burnaby, New Westminster and Richmond that offer home buyers the greatest value and price-growth potential.

Our guide also includes a national ranking of cities and regions, as well as information on the top neighbourhoods in 12 other markets across Canada (view those articles by tapping or clicking on the menu above). The rankings are based on data collected at the end of March 2022, and interviews were conducted in March and April. Read more about our methodology.

Where to buy real estate in Burnaby, New Westminster and Richmond
Why we’re watching these cities
The cities’ future real estate outlook
The top three neighbourhoods in Burnaby, New Westminster and Richmond

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Where to buy real estate in Burnaby, New Westminster and Richmond

To view all the data in the table, slide the columns right or left using your fingers or mouse. You can filter or rearrange the rankings by using the search tool or clicking on column headings. You can also download the data to your device by tapping on the Excel, CSV or PDF icons.

How to read the table:

Benchmark price 2021: The composite benchmark price as of Dec. 31, 2021. It represents all property types, including attached and detached homes, townhouses/row units and apartment units. Read about how benchmark prices are calculated.
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 five, 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. To see how we determine these scores, read our methodology.

Children: The neighbourhood’s percentage of households with kids.

wdt_ID	Rank	Neighbourhood	City	Benchmark price 2021	1-year	3-year	5-year	Value	Economics	Accessibility	Children
1	1	Glenbrooke North	New Westminster	$983,744	10%	20%	33%	5.0	5.0	0.5	31%
2	2	West Central Valley	Burnaby	$766,067	28%	43%	60%	4.3	5.0	3.5	35%
3	3	Willingdon Heights	Burnaby	$1,227,356	-6%	8%	8%	3.4	5.0	3.5	35%
4	4	Sapperton	New Westminster	$763,175	16%	25%	33%	3.2	5.0	0.5	31%
5	5	Lake City	Burnaby	$310,566	11%	33%	37%	4.0	4.2	2.9	43%
6	6	Brentwood	Burnaby	$797,178	5%	6%	21%	3.0	5.0	3.5	35%
7	7	Steveston	Richmond	$1,306,332	-1%	-5%	2%	2.7	5.0	3.2	49%
8	8	Cascade-Schou	Burnaby	$3,098,333	38%	19%	10%	2.5	4.7	0.0	42%
9	9	Douglas-Gilpin	Burnaby	$1,569,522	35%	24%	18%	2.2	4.7	0.0	42%
10	10	Hamilton	Richmond	$793,143	1%	-2%	9%	4.8	2.0	0.3	57%
11	11	Queens Park	New Westminster	$1,742,106	14%	8%	16%	1.5	5.0	0.5	31%
12	12	Gilmore	Richmond	$3,835,000	25%	97%	2%	0.7	5.0	3.2	49%
13	13	Cariboo-Armstrong	Burnaby	$511,084	0%	12%	70%	2.5	3.2	3.9	44%
14	14	Westridge	Burnaby	$1,442,370	4%	29%	23%	1.4	4.2	2.9	43%
15	15	Suncrest	Burnaby	$1,816,160	13%	6%	22%	1.5	3.5	1.7	44%
16	16	Edmonds	Burnaby	$788,284	10%	8%	22%	1.7	3.2	3.9	44%
17	17	Downtown	New Westminster	$554,120	5%	5%	46%	4.9	0.0	4.5	29%
18	18	Capitol Hill	Burnaby	$1,553,249	21%	20%	20%	1.9	2.9	1.2	44%
19	19	Richmond Park	Burnaby	$1,085,658	12%	11%	15%	2.8	1.6	4.3	38%
20	20	Uptown	New Westminster	$556,999	12%	9%	58%	4.3	0.0	4.5	29%
21	21	Government Road	Burnaby	$896,710	0%	-4%	-19%	0.0	4.2	2.9	43%
22	22	Suncrest	Burnaby	$1,405,002	40%	20%	26%	1.0	3.2	3.9	44%
23	23	Edmonds	Burnaby	$1,744,507	24%	2%	5%	1.1	2.9	1.2	44%
24	24	Downtown	Richmond	$991,008	12%	12%	27%	3.5	0.5	4.9	40%
25	25	Capitol Hill	Richmond	$1,800,423	8%	1%	-8%	1.0	2.2	3.1	50%
26	26	Richmond Park	Richmond	$1,991,666	13%	7%	5%	0.9	2.1	4.6	50%
27	27	Uptown	Burnaby	$2,002,952	20%	7%	6%	2.9	0.0	4.9	32%
28	28	Government Road	New Westminster	$938,490	15%	6%	33%	2.8	0.0	4.5	29%
29	29	Suncrest	Burnaby	$1,918,237	21%	20%	35%	2.4	0.0	4.9	32%
30	30	Edmonds	New Westminster	$1,315,288	18%	15%	20%	2.1	0.0	4.5	29%
31	31	Downtown	New Westminster	$1,391,965	3%	11%	25%	0.0	0.0	4.5	29%
32	32	Capitol Hill	Richmond	$2,339,455	85%	45%	49%	0.0	0.0	0.0	24%

Why we’re watching these cities

Located on the doorstep of the Rocky Mountains and the Fraser River, Burnaby, New Westminster and Richmond offer residents and visitors everything from parks and greenspace to mountain trails and convenient amenities.

Burnaby

Just east of Vancouver, Burnaby is a mere 25-minute drive to the city’s downtown core. It has a population of around 250,000 and is home to several tech companies and the campuses of two post-secondary institutions: Simon Fraser University and the British Columbia Institute of Technology.

Approximately 10% of metro Vacouver’s population calls Burnaby home, making it the third-largest city in B.C., following Vancouver and Surrey. The city has designated 25% of its land as parkland and has one of the highest park-to-resident ratios in all of North America. That, along with its growing restaurant scene, museums, art galleries and its renowned theatre, make it a popular tourist destination.

New Westminster

New Westminster, also referred to as “New West,” was founded in 1858 and served as B.C.’s capital until 1866. Located on the banks of Fraser River, it is a member municipality of the Metro Vancouver Regional District and is located roughly at the centre of Greater Vancouver. Named by Queen Victoria, the city is steeped in Canadian history, with a downtown core framed by historic buildings and a waterfront district that includes Columbia Street, a retail and shopping destination.

It takes only 30 minutes to get to New Westminster from Vancouver by car or the SkyTrain’s Expo Line. New West’s six main neighbourhoods are well-known for their food and shopping, arts and culture, antique shops and cafes, creating an abundance of job opportunities in the tourism industry for locals.

Richmond

Connected to the mainland through New Westminster, Richmond is spread across 15 islands that are nestled in the estuary of the Fraser River and the Georgia Strait. Its largest island, Lulu Island, is home to the majority of residents. It sits alongside Sea Island, the site of the Vancouver International Airport, as well as the villages of Burkeville and Steveston.

With a population of more than 224,000, Richmond is the fourth-largest city in B.C. Many residents of Richmond commute to downtown Vancouver by car or the SkyTrain’s Canada Line.

Much like its neighbouring cities, Richmond takes pride in its green lifestyle. It has an extensive 145 park system, 73 kilometres of walking trails and 60 kilometres of cycling trails. These parks are home to annual festivals, including the Steveston Salmon Festival, Richmond Maritime Festival and the Richmond Night Market.

The cities’ future real estate outlook

As of March 2022, the benchmark price of a home in Burnaby was $1,245,600, with the highest year-over-year growth seen in Burnaby East, at 25%. Meanwhile, the benchmark price in New Westminster reached $846,000 (up 23% year-over-year), and in Richmond—the most expensive of the three cities— it was $1,249,500 (up 20%).

“Although benchmark home prices are high, the growth month-over-month is slowing,” says Casey Archibald, a local real estate agent. At the time of the interview, the three cities were seeing monthly price growth of around 3% to 4%, similar to surrounding areas. “Burnaby East is still experiencing the most growth, sitting at 4% month-over-month, but this is much more reasonable and expected growth compared to this time last year.”

Archibald believes rising mortgage rates will likely continue to impact the market. “As [interest rates] continue to rise, I think we’ll see a trend in more stable price growth in these cities.”

The top three neighbourhoods in Burnaby, New Westminster and Richmond

1—Glenbrooke North, New Westminster

Located in New Westminster, Glenbrooke North is a tight-knit community bounded by Queen’s Park to the north and by 6th Street to the south. The benchmark price of a home was $938,744 in December 2021, pointing to steady growth: home prices were 10% higher than they were one year earlier, 20% higher than three years earlier and 33% higher than five years earlier. That growth contributed to Glenbrooke North’s impressive value score of 5 out of 5. And with an economics score of 5 out of 5, it’s not surprising it earned the number one spot on our list.

Glenbrooke North offers a number of amenities within walking distance, including the Royal Square Mall, grocery stores and drug stores. There’s also the popular and beautifully manicured Queen’s Park, featuring a petting zoo, playgrounds and an arena. Residents enjoy easy access to transit and the SkyTrain, which make it possible to live in the area and work in downtown Vancouver. However, Glenbrooke North has an accessibility score of 0.5 out of 5 due to a lack of infrastructure. While there are three schools in the area, it isn’t a neighbourhood with an abundance of children. Only 31% of households have kids.

View Zoocasa’s real estate listings in Glenbrooke North.

2—West Central Valley, Burnaby

Located in Burnaby, West Central Valley is known for its more affordable homes and condos. By the end of 2021, the benchmark price of a home in the area was $766,067. That’s significantly less than other neighbourhoods in Greater Vancouver. West Central Valley home prices are also on an upward trend. As of December 2021, prices were 28% higher than they were one year earlier, 43% higher than three years earlier and 60% higher than five years earlier. That helped the neighbourhood achieve a value score of 4.3 out of 5. It also has a neighbourhood economics score of 5 out of 5.

So, what brings buyers to this neighbourhood? West Central Valley has a good mix of older single family homes and new condos—offering something for every type of buyer. Many homes feature panoramic views of the city or the North Shore mountains. Residents also enjoy dining at local restaurants and taking advantage of abundant outdoor space. While there are a number of schools in West Central Valley, only 35% of households are headed by parents. The area has an accessibility rating of 3.5 out of 5.

View Zoocasa’s real estate listings in West Central Valley.

3—Willingdon Heights, Burnaby

Situated in Burnaby, Willingdon Heights is bounded by Boundary Road on the west and Willingdon Avenue on the east. It’s located close to Brentwood Town Centre and the SkyTrain’s popular Brentwood station, on the Millennium Line. Easy as it is to get downtown via public transit, the SkyTrain tends to be crowded during peak commuting times. In December 2021, the benchmark price of home in Willingdon Heights was $1,227,356. Home prices haven’t grown as quickly as in the other neighbourhoods on our list. As of the end of 2021, prices were 6% lower than they were one year earlier. The long-term trend is more positive: prices were 8% higher than they were three years earlier and 8% higher than five years earlier. This works out to a value score of 3.4 out of 5. Meanwhile, it has a neighbourhood economics score of 5 out of 5.

Locals like to spend time outdoors in the popular Willingdon Heights Park, which spans an impressive 5.67 hectares, as well as many other smaller parks. The housing stock varies between new homes, condos and older homes built in the 70s, but the majority are single family homes. Like the other neighbourhoods on our list, Willingdon Heights is not where you’ll find a lot of parents—just 35% of households have kids. The neighbourhood is filled with bike lanes and nice sidewalks, which contribute to its accessibility score of 3.5 out of 5.

View Zoocasa’s real estate listings in Willingdon Heights.

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About Zoocasa

Zoocasa is an award-winning consumer real estate search portal. It uses data and technology to deliver an intelligent, end-to-end real estate experience.