Where to buy in a cooling housing market? New Westminster is a good bet, report says

Vancouver has long been the hot market for home buyers, but some in the industry suggest looking outside thecityfor investment potential.

An analysis of real estate markets acrossGreater Vancouver by financial publication MoneySenseputs the neighbourhood of Uptown in New Westminster, B.C., at the top of its rankings.

Average prices for a detached home aren't as high asareas nearby, says writer and analystRomana King.

"There's been a lot of development to [New Westminsters's] downtown core it's mostly condos and townhomes, but what that does is that increases the value of the single family homes in that community," explainsKing.

In addition to prices, the analysis took into consideration factors such appreciation relative to neighbouring communities, long-term potential and reviews from real estate agents.

Uptown is bordered by Eighth Avenue to Royal Avenue and Fifth to Eighth streets.

The area is home to alarge mall, the city's main library and many restaurants that line the streets.

Those amenities have transformed New Westminster from a sleepy "bedroom community" toa place where residents can live, work and play, she says.

Coming in second on the list istheLynnmour areain North Vancouver and number three was Sea Island, adjacent to the Vancouver International Airport, in Richmond

Vancouver has been bumped far down the list because prices have already risen so much thatit's out of reach for many.

Cheaper to build

Developer Perdip Moore has primarily built homes in Vancouver, but after working with the City of New Westminster to build alaneway home, he's keento build more in the region.

"They've been actively involved even through the construction processand fine tuning their guidelines... so it's been really nice working with them," he says.

Lower lot prices, limited red tape and an open door policy with city hall have led to faster construction, he says, which hastranslated into approximately $50 per square foot in savings for buyers.

Building a new home in New Westminsterruns about $225 dollars a square foot, whereas it's closer to $300 in Vancouver.

"That adds up real quickly," he says.

Still around $1M

Those who call the area home say they already knew their community was a gem.

"In a way, I don't want to say that because I don't want hordes of people moving here," laughed Maria Andoff, an Uptown homeowner of 30 years.

While she knowsother communities are pricier, she still wouldn't call the neighbourhood affordable

Houses still hover around $800,000 to $900,000, she said.

"Like that's a lot," she says.

If you can afford it though, she says it's a neighbourhood waiting to be discovered.