New Westminster

New Westminster sits at an interesting crossroads in BC’s mortgage landscape. While this historic city offers undeniable charm with its riverfront location and “Royal City” heritage, it falls squarely within our Fraser Valley exclusion zone. We don’t lend in New Westminster (0% LTV), but there’s good reason other lenders crowd this market.

The numbers tell a compelling story about why New Westminster attracts attention. With nearly 79,000 residents packed into just 15.6 square kilometers, you’re looking at one of BC’s most densely populated communities outside Vancouver proper. That density creates interesting opportunities — and challenges — for mortgage professionals.

What makes New Westminster fascinating is its transformation from working-class industrial hub to trendy urban alternative. The city’s housing mix reflects this evolution: only 13.8% single-detached homes compared to 34.8% apartments under five stories. This isn’t your typical suburban sprawl. Row houses and duplexes fill the gaps, creating a housing ecosystem that serves everyone from young professionals to downsizing retirees.

The economics work in New Westminster’s favor. Healthcare and professional services dominate employment, with retail and construction providing additional stability. That $82,000 median household income might seem modest, but factor in the 32-minute average commute to Vancouver’s higher-paying jobs, and the picture shifts. Many residents treat New Westminster as their home base while earning Metro Vancouver wages.

Climate zone 8b means serious gardening potential — New Westminster’s warming trend over recent decades has extended growing seasons significantly. The Fraser River location doesn’t hurt either, offering both recreational opportunities and that psychological appeal of waterfront living without waterfront prices.

For mortgage brokers working this market, New Westminster represents established demand with multiple lending options. The city’s density and transit connections ensure steady property turnover, while its historic character and improving amenities support long-term value appreciation.