Average rent in New Westminster was $1,645 for a one-bedroom and $2,134 for a two-bedroom in the Canada Mortgage and Housing Corporation (CMHC) survey of October 2025, and the next section sets those rents beside nearby areas from the same CMHC table and also adds 2026 asking-rent readings for the Vancouver area. The rest of the post compares them with the September 2026 typical apartment price from Greater Vancouver REALTORS (GVR). The short answer on renting versus buying is in the final section. Figures here are as of the date this post was published.
Where to rent near New Westminster: average rent by area
CMHC’s October 2025 survey put New Westminster’s average rent at $1,645 for a one-bedroom and $2,134 for a two-bedroom.
These are zone-level figures: CMHC’s Vancouver table lists New Westminster alone as a single row, so it gives no rent for neighbourhoods like Brow of the Hill, Downtown, Uptown, or Glenbrooke South. CMHC measures occupied purpose-built apartments, often on older leases, so its averages probably lag today’s asking rents.
The table lists October 2025 average rents for five zones, from CMHC’s average rent table for the Vancouver area (Row / Apartment structure type).
| Area (CMHC zone) | One-bedroom | Two-bedroom |
| New Westminster | $1,645 | $2,134 |
| North Burnaby | $1,710 | $2,110 |
| Southeast Burnaby | $1,564 | $1,824 |
| Tri-Cities | $1,708 | $2,175 |
| Surrey | $1,602 | $1,872 |
In October 2025, New Westminster’s one-bedroom average was third highest of the five, below North Burnaby ($1,710) and Tri-Cities ($1,708) and above Surrey ($1,602), and its two-bedroom average was second only to Tri-Cities ($2,175). Southeast Burnaby has the lowest averages of the areas in our table, $1,564 and $1,824.
liv.rent’s October 2026 Metro Vancouver rent report instead tracks asking rents. It puts the metro-wide average asking rent for an unfurnished one-bedroom at $2,083 in October 2026, down 6.3% from a year earlier, with all nine cities lower. The text available to us gives no New Westminster dollar rent, but it says New Westminster is one of the three least expensive Metro Vancouver cities for rent per square foot, alongside West Vancouver and Surrey.
Statistics Canada’s quarterly rent statistics, released September 9, 2026, put the Vancouver metro area’s average two-bedroom asking rent at $3,030 a month in the second quarter of 2026, down 4.1% year over year. These experimental estimates of units listed on major rental platforms cover the whole metro area, not New Westminster alone, so they sit beside, not inside, the CMHC zone table.
To see what is listed today, browse New Westminster rentals on liv.rent. For what each neighbourhood is like, see our New Westminster neighbourhood guide, published February 25, 2020; this post is the place for current averages.
The rest of this post puts these rents beside the cost of owning an apartment; the short answer is in the last section.
New Westminster, October 2026: the method and the assumptions behind it
This comparison sets an apartment bought at GVR’s September 2026 typical price beside a rented one-bedroom or two-bedroom at CMHC’s average rent, then tracks both households’ net worth over 25 years. In any month the cheaper option leaves spare cash, and the model invests it; the renter also starts by investing what the buyer would have spent on the down payment and closing costs. Break-even is the first year-end when the owner, once selling costs are paid, is no worse off than the renter.
A single calculator, shared across this buy-vs-rent series, produced every figure here, and only the local inputs change from one city to the next. New Westminster has one price and two rents, which gives two pairings. The table lists the assumptions that stay put.
| Assumption | What we used |
| Price data month | September 2026 |
| Rent data | CMHC Rental Market Report, October 2025 survey: average rent for occupied purpose-built apartments in CMHC’s New Westminster zone (Row / Apartment). The model uses this October 2025 rent, not a 2026 asking rent, because liv.rent’s October 2026 Metro Vancouver report gave us no New Westminster dollar rent; the metro-wide readings in the first section are not used |
| Down payment | 20%, so no mortgage insurance premium |
| Mortgage | 4.50% five-year fixed, held for the whole period; 25-year amortization |
| Closing costs | B.C. property transfer tax on the standard schedule with no exemptions, plus $3,000 for legal and inspection |
| Strata fee and insurance | $500 a month, rising 2.2% a year |
| Property tax | The City of New Westminster’s 2026 all-in residential rate (4.79312 per $1,000) applied to the apartment price, rising 2.2% a year |
| Rent growth | 2.2% a year |
| Investment return | 4.0% a year on any money not spent on housing |
| Selling costs | 4% of the sale price |
| Home price scenarios | Flat, and 2% a year |
| Not counted | Tenant insurance, maintenance beyond the strata fee, tax on investment returns |
None of these assumptions is a forecast. We chose 4.50% for the mortgage because it is a round number, not because any lender quotes it, and the model was not rerun at other rates. The 2.2% yearly growth for rent, strata fees, and property tax is also assumed; it equals the B.C. government’s 2027 rent increase limit, announced August 27, 2026, with the 2026 limit at 2.3%.
Rents are the one input that departs from the published Vancouver post, which used liv.rent asking rents. Here they are CMHC survey averages from October 2025, because the liv.rent October 2026 Metro Vancouver report text available to us gives no New Westminster dollar rent. CMHC’s averages come from units that are already occupied, often under leases signed years ago, so they probably lag today’s asking rents, and a renter signing a new lease would likely see a narrower gap than the ones shown below. Because the two posts rest on different rent bases, their month-one gaps are not like for like, and we do not set them side by side.
New Westminster inputs: $579,900 apartment, $1,645 and $2,134 rents, 4.79312 tax rate
We used GVR’s September 2026 typical apartment price of $579,900, CMHC’s October 2025 average rents of $1,645 for a one-bedroom and $2,134 for a two-bedroom, and the City of New Westminster’s 2026 residential tax rate of 4.79312 per $1,000. Each input has limits, set out below.
Greater Vancouver REALTORS put New Westminster’s typical apartment price at $579,900 for September 2026, down 7.5% from a year earlier. GVR lists the city as a single area, so one figure stands in for every apartment in the model. The number is a modelled reference price from its MLS Home Price Index rather than a mean of completed sales; it edged up 0.7% from August but remained 2.0% lower than six months earlier. GVR also recorded 56 New Westminster apartment sales in September 2026, against 58 a year before. All of this comes from GVR’s September 2026 statistics package, dated October 2, 2026.
GVR’s typical apartment price for Vancouver East in the same September 2026 package is $634,800, which is $54,900 above New Westminster’s $579,900, and it is the figure that liv.rent’s Vancouver buy-vs-rent post took from that package.
CMHC’s October 2025 survey recorded average rents of $1,645 for a one-bedroom and $2,134 for a two-bedroom in its New Westminster zone, which is the City of New Westminster alone. Both carry CMHC’s top reliability grade. They come from CMHC’s average rent table for the Vancouver area (Row / Apartment structure type), part of the survey results CMHC released on December 11, 2025.
liv.rent’s October 2026 Metro Vancouver rent report would normally give a cross-check against CMHC, but the text available to us carries only a metro-wide dollar rent ($2,083 for an unfurnished one-bedroom), not a New Westminster one. It does state that furnished one-bedroom rents in New Westminster dropped 2.76% from September, that all unfurnished unit types in the city decreased in price (per its October 2026 city breakdown), and that unfurnished one-bedroom rents in all nine of its cities were lower in October 2026 than a year earlier.
Property tax uses the City of New Westminster’s 2026 residential rate of 4.79312 per $1,000, multiplied by the apartment price in place of an assessed value we do not have. The City’s 2026 tax rates sheet builds that rate from a municipal total of 3.10387 (3.07283 general plus a 0.03104 capital levy), then adds 0.05745 for Metro Vancouver, 0.35860 for TransLink, 0.03810 for BC Assessment, 0.00020 for the Municipal Finance Authority, and 1.23490 for school tax. On $579,900 that is roughly $2,780 a year, or $232 a month, in 2026, rising 2.2% a year in the model alongside the strata fee and rent. We did not deduct the basic Home Owner Grant, which the City’s property tax page lists at up to $570, and we left out the B.C. government’s additional school tax, which applies only to the part of a residential property’s value over $3 million.
New Westminster month one: owning at $3,299 against rent from $1,645 to $2,134
At September 2026 prices and with October 2025 survey rents, a New Westminster owner spends more than a renter in month one against both rents. The owner pays $1,165 more a month than the two-bedroom renter and $1,654 more than the one-bedroom renter, according to the shared calculator. Owner cost adds the mortgage payment, property tax, and a fixed $500 for strata fees and insurance, so every row shows $3,299.
| Pairing | Mortgage payment | Owner cost, month one | Rent (CMHC, October 2025 survey) | Owner cost above rent |
| New Westminster ($579,900) against one-bedroom rent | $2,568 | $3,299 | $1,645 | $1,654 |
| New Westminster ($579,900) against two-bedroom rent | $2,568 | $3,299 | $2,134 | $1,165 |
Even the mortgage payment alone, $2,568 a month in the model, tops both October 2025 rents, by $923 against the one-bedroom and $434 against the two-bedroom. Property tax of about $232 and the $500 fee allowance bring the total to $3,299; each figure shown is rounded on its own, so the pieces can differ from the total by a dollar.
| Up-front cash | New Westminster |
| Apartment price (GVR, September 2026) | $579,900 |
| 20% down payment | $115,980 |
| B.C. property transfer tax | $9,598 |
| Closing costs including $3,000 legal and inspection | $12,598 |
Buying takes $115,980 for the down payment plus $12,598 in closing costs, which is $128,578 of cash in this September 2026 scenario, and the renter invests the same sum on day one. Transfer tax follows the standard schedule on the B.C. government’s property transfer tax page, last updated December 3, 2025: 1% on the first $200,000 of fair market value and 2% on the slice from $200,000 to $2 million. For $579,900 that comes to $2,000 plus $7,598, or $9,598, with no exemption applied.
New Westminster break-even: not on flat prices, the 10th year at best with prices up 2% a year
Against flat prices, buying does not catch up within 25 years in either pairing, according to the shared calculator. With prices rising 2% a year, the owner draws level in the 10th year against the two-bedroom rent and never within 25 years against the one-bedroom rent. Against the one-bedroom rent the renter stays ahead throughout.
| Pairing | Break-even, flat prices | Break-even, prices up 2% a year |
| New Westminster against one-bedroom rent | Not within 25 years | Not within 25 years |
| New Westminster against two-bedroom rent | Not within 25 years | 10th year |
The next table follows net worth at three checkpoints, with the owner’s figure first and the renter’s second in each cell.
| Pairing and price path | After five years | After 10 years | After 25 years |
| One-bedroom rent, flat prices | $149,399 / $263,304 | $220,123 / $419,970 | $556,704 / $1,064,733 |
| One-bedroom rent, prices up 2% a year | $207,341 / $263,304 | $342,038 / $419,970 | $913,332 / $1,064,733 |
| Two-bedroom rent, flat prices | $149,399 / $229,544 | $220,123 / $341,256 | $556,704 / $751,756 |
| Two-bedroom rent, prices up 2% a year | $207,341 / $229,544 | $342,038 / $341,256 | $913,332 / $751,756 |
The owner’s figures do not change with the rent chosen, because they depend only on the price path. The renter’s do: a lower rent frees more money each month to invest, which is why the one-bedroom renter holds $1,064,733 after 25 years and the two-bedroom renter $751,756 in the September 2026 model.
The single break-even is narrow. If prices climb 2% a year from the September 2026 level, the owner holds $342,038 at the end of year 10 against the two-bedroom renter’s $341,256, ahead by only $782, though the lead reaches $161,576 by year 25. With flat prices, the same owner is $195,052 behind that renter after 25 years.
The 2% column is a thought experiment rather than a prediction. GVR’s September 2026 package shows the New Westminster reference price down 7.5% over the year, and the model has no scenario with falling prices; a further drop would put the owner’s figures under even the flat column.
New Westminster buyer profile: a long horizon, a gap near $1,165 a month, and a two-bedroom unit
Run on September 2026 prices and October 2025 survey rents, the model has renting cheaper in month one against both rents, by $1,165 to $1,654. Buying fits a long-horizon buyer of a two-bedroom unit who can carry a gap near $1,165 a month and expects prices to start rising again, since on flat prices the model never catches up. A renter whose cash flow or time horizon cannot absorb that gap spends less each month and keeps the money invested.
Local data shapes this answer in three ways. GVR publishes one price for the whole city, so no neighbourhood differences show through. That price fell 7.5% in the year to September 2026, on 56 sales that month, which makes the flat column the more cautious test. And CMHC’s rents describe occupied purpose-built units, not what a new tenant would be asked today.
CMHC’s October 2025 vacancy table for the New Westminster zone reports 5.8% vacancy across all unit sizes, but grades it “d” (poor, use with caution) and suppresses its one-bedroom cell, so we give it little weight. CMHC’s 2026 Mid-Year Rental Market Update (June 9, 2026) leaves New Westminster out, but for the Vancouver area it reports 2025 apartment vacancy of 3.7%, slightly over what CMHC estimates as a balanced 2.0% to 3.0%.
The model leaves out the first-time buyer exemption, though it matters at this price. The B.C. government’s first-time home buyers’ exemption amounts page (updated December 3, 2025) sets a flat $8,000 exemption for fair market value above $500,000 and up to $835,000, so an eligible buyer of a $579,900 apartment would owe $1,598 in transfer tax rather than $9,598. Eligibility has several conditions, including Canadian citizenship or permanent residence plus a year of B.C. residency or two B.C. tax returns in the past six taxation years, set out on the program page (updated June 20, 2025). The saving cuts up-front cash by $8,000 but leaves the month-one gap untouched.
Other changes would also shift the answer. Another price path moves break-even by years, another mortgage rate moves the payment, and a real building will carry its own strata fee and assessed value. For an owner thinking of renting a unit out, CMHC’s October 2025 averages of $1,645 and $2,134 fall short of the $3,299 monthly cost, although a particular condo’s asking rent can differ. The B.C. government also caps annual rent increases at 2.3% for 2026 and 2.2% for 2027, a limit that matters to any owner who becomes a landlord. This post is general information only, and anyone weighing a purchase should take their own numbers to a mortgage broker or financial planner.
New Westminster next steps: checks to make before you commit to an apartment
Before you decide, price the unit you would really live in on both sides: ask for the strata fee, the assessed value, and a written mortgage quote on a specific apartment, and compare them with a current New Westminster asking rent. Check the latest direction of asking rents in liv.rent’s October 2026 Metro Vancouver rent report, and see what a new lease costs today on current New Westminster rental listings.
If you are still deciding whether to buy at all, liv.rent’s guide to renting vs buying sets out the trade-offs, and if you rent or let a unit, its guide to B.C. rent increases explains the limits on annual increases.
Renting vs buying in New Westminster: the short answer
In liv.rent’s model, renting is cheaper than buying in New Westminster in month one. Owning a typical apartment costs about $3,299 a month at GVR’s September 2026 price of $579,900, against CMHC’s October 2025 average rents of $1,645 for a one-bedroom and $2,134 for a two-bedroom, a gap of $1,165 to $1,654 a month.
On flat prices from September 2026, buying does not catch up within 25 years against either rent. If prices rise 2% a year, the owner draws level in the 10th year against the two-bedroom rent and not within 25 years against the one-bedroom rent. Owning therefore suits a long-horizon buyer of a two-bedroom unit who can carry a gap near $1,165 a month and expects prices to start rising again.
The model rests on GVR’s one price for the whole city and CMHC rents from occupied purpose-built units, so it is an illustration, not a forecast or advice. For how Canadian cities compare, see Canada’s 2026 price-to-rent ranking, and for what each neighbourhood is like, see our New Westminster neighbourhood guide.
What is the average rent in New Westminster?
CMHC’s October 2025 survey put average rent in its New Westminster zone at $1,645 for a one-bedroom and $2,134 for a two-bedroom. These are averages for occupied units, often on older leases, so a new lease may cost more. liv.rent‘s October 2026 Metro Vancouver report puts the metro-wide average asking rent for an unfurnished one-bedroom at $2,083.
Where is rent lowest near New Westminster?
Of the five CMHC zones in our table, Southeast Burnaby had the lowest averages in CMHC’s October 2025 survey, $1,564 for a one-bedroom and $1,824 for a two-bedroom, against $1,645 and $2,134 in New Westminster. CMHC measures rents in occupied purpose-built units, so a lease signed today may cost more.
Is it cheaper to rent or buy in New Westminster in 2026?
In liv.rent‘s model, renting costs less in month one. Owning a $579,900 apartment (Greater Vancouver REALTORS, September 2026) runs about $3,299 a month, against CMHC’s October 2025 average rents of $1,645 for a one-bedroom and $2,134 for a two-bedroom. That leaves a monthly gap of $1,165 to $1,654.
How much does an apartment cost in New Westminster?
Greater Vancouver REALTORS put the typical New Westminster apartment price at $579,900 in September 2026, down 7.5% from a year earlier. It is a reference price built from the MLS Home Price Index, not an average of sales, and GVR counted 56 New Westminster apartment sales that month.
When does buying break even with renting in New Westminster?
In liv.rent‘s model, buying never catches up within 25 years if prices stay flat. If prices rise 2% a year, owning catches up in the 10th year against the two-bedroom rent and not within 25 years against the one-bedroom rent. The 2% path is a what-if, not a forecast.
How much is property transfer tax on a $579,900 apartment in B.C.?
Under the B.C. government’s standard schedule, the tax is 1% on the first $200,000 and 2% on the portion up to $2 million, so $2,000 plus $7,598, or $9,598, as of October 2026. An eligible first-time buyer at this price would receive a flat $8,000 exemption, leaving $1,598 to pay.
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