New Westminster

Ever driven through a city that feels like it’s got one foot in history and the other in a vibrant, modern buzz? That’s New Westminster, BC, for you. Nestled just outside the chaos of Metro Vancouver, this place has a charm that’s hard to ignore, with its historic streets and a community vibe that’s as warm as the local climate—Zone 8b, if you’re into gardening trivia. But let’s get down to brass tacks: what does this mean for mortgage brokers and borrowers looking at New West from a real estate angle?

First off, New Westminster is a bit of a hidden gem. It’s got a population pushing 80,000, packed into a tight 15.6 square kilometers, which means it’s dense, lively, and full of opportunity. The housing mix here leans heavily on apartments—nearly 35% of dwellings are in buildings under five storeys—making it a hotspot for first-time buyers or investors eyeing multi-unit properties. For brokers, this diversity in housing stock means a variety of client needs to match with lenders. And for borrowers, it signals a market where you might snag a condo or duplex without the sticker shock of Vancouver proper.

What sets New West apart from other BC communities isn’t just its heritage—think landmarks like the Fraser River waterfront or the iconic Anvil Centre—but its blend of lifestyle and accessibility. You’ve got green spaces galore, top-notch dining, and a cultural scene that punches above its weight. From a mortgage perspective, this lifestyle appeal boosts property desirability, which can be a key selling point when pitching a deal. Brokers, you can lean on this when crafting applications for clients; borrowers, it’s a reminder that equity here isn’t just in the walls—it’s in the life you build around them.

Economically, New West holds its own with a diverse job base—health care, professional services, and retail lead the pack. This spread reduces risk for lenders assessing a borrower’s stability, as the town isn’t tied to a single shaky industry. With a median household income of $82,000, there’s decent earning power, though an 8.3% unemployment rate is worth a glance. For brokers, it’s a data point to address upfront in applications. Borrowers, it’s a nudge to ensure your financial story is tight before approaching a lender.

Now, a heads-up from us at Tekamar Mortgage Fund: while we love the vibe of New Westminster, we don’t lend here. Our niche is lending where others won’t, often in smaller BC towns or larger centers like Kelowna and Vernon, with a max LTV of 70% in those spots and a preference for 60% elsewhere. New West, with its proximity to Metro Vancouver, falls outside our sweet spot—other MICs know this turf better. But brokers, if you’ve got deals in less-traveled BC locales, give us a shout; we’re all ears. And borrowers, if you’re elsewhere in the province and need equity lending or non-income-qualifying options, we’re your go-to with a clear exit strategy in mind.

New Westminster’s allure is undeniable, whether you’re eyeing a historic row house or soaking in the river views. It’s a market worth watching, even if Tekamar isn’t playing in this sandbox. Stick with us for insights on other BC communities where we do roll up our sleeves—because when it comes to mortgages, we’ve got your back, just not here.