New Westminster Real Estate Market Update: What September's Numbers Mean for Buyers and Sellers

If you've been watching New Westminster listings this fall, you've probably noticed homes sitting a little longer and sellers getting more flexible on price. The newly released September 2026 figures from the Real Estate Board confirm what many buyers and sellers in the Royal City have already sensed: this is a market that favours patience and realistic pricing over urgency.

Across Metro Vancouver as a whole, the Greater Vancouver REALTORS® board reported 1,717 residential sales in September, down 8.4% from the 1,875 sales recorded in September 2025 and about 25% below the 10-year seasonal average of 2,289. The region's MLS® Home Price Index composite benchmark sat at $1,075,900, down 5.5% year over year and a further 0.6% from August. Detached homes led the pullback at $1,784,700 (-7.3% year over year), while townhouses came in at $1,016,700 (-4.7%) and apartments at $682,500 (-6.2%). Active listings climbed to 16,394, roughly 24% above the 10-year seasonal norm, while the overall sales-to-active-listings ratio fell to 10.9% - below the 12% threshold the board generally associates with downward pressure on prices.

New Westminster tracked closely with that regional story. September sales data put the city's average sale price across all property types at roughly $709,000, down about 16% from a year earlier and 8% from August. Detached houses averaged close to $1.37 million, townhouses around $920,000, and condos about $563,000, with all three categories softening month over month. Eighty-two homes changed hands in the city in September - 15 detached, 9 townhouses and 58 condos - against 231 new listings, pushing months of supply up to roughly 8, solidly in buyer's-market territory. Homes that did sell took a median of about 30 days to find a buyer and went for around 96% of list price, both signs that pricing has to be grounded in today's comparables rather than last year's numbers.

The slowdown is playing out a little differently depending on where in New Westminster you're looking. Queens Park's character homes and tree-lined streets continue to draw steady interest from move-up buyers who are willing to wait for the right property, even if they're negotiating harder on price than they would have two years ago. Sapperton, with its proximity to Royal Columbian Hospital and the SkyTrain, still sees relatively quick turnover on well-priced condos and townhomes. Uptown and the Royal City Centre area have more new-construction inventory competing for attention, which tends to put extra pressure on resale condo pricing. Down at the river, Quayside's boardwalk and transit access keep it a popular spot for buyers prioritizing lifestyle and commute, though even there, listings are taking longer to move than they were a year ago.

For buyers, the combination of more active listings, a sales-to-active ratio well under balanced-market territory, and roughly eight months of inventory means there's genuinely more room to negotiate on price and conditions than there's been in some time - whether that's on closing dates, inspection periods, or price itself. For sellers, the 96% sell-to-list ratio is the number worth paying attention to: homes priced close to what comparable properties are actually selling for are still moving in around a month, while overpriced listings are the ones racking up extra days on market.

Mortgage costs remain a steadying factor in the background. The Bank of Canada held its overnight rate at 2.25% at its September decision, continuing a stretch of stability after last year's cuts, which has kept financing costs relatively predictable for buyers weighing a purchase in this market.

Whether you're trying to time a purchase in Sapperton, figure out the right list price for a Queens Park character home, or just want a read on what these numbers mean for your specific property, I'm happy to walk through the local data with you. Reach out any time to talk about buying or selling in New Westminster.

Nader Bakhoum, P.Eng.