The City of New Westminster tracks various economic indicators to monitor the economic health of
New Westminster over time and compared with the Metro Vancouver Region. These indicators are
divided into various theme areas: Demographic Indicators, Income and Financial Well-Being Indicators,
Employment Indicators, Development and Construction Indicators, Commercial Real Estate Indicators
and Housing Indicators.
The boundaries used for the Metro Vancouver Region coincide with the Greater Vancouver Regional
District boundaries for all indicators with the exceptions of industrial vacancy rate, home sales, benchmark sale prices for single-detached homes and benchmark sale prices for apartments. For industrial
vacancy rate, Abbotsford and Chilliwack, which are outside the Greater Vancouver Regional District
boundaries, are also included in the Metro Vancouver calculations. For home sales, benchmark sale
prices for single-detached homes and benchmark sale prices for apartments, the Metro Vancouver Region includes the geographic areas serviced by the Greater Vancouver Real Estate Board and the Fraser
Valley Board, including the following areas outside of the Greater Vancouver Regional District boundaries: Abbotsford, Mission, Sunshine Coast Regional District, Squamish, Whistler and Pemberton.
Green arrows represent a trend that is generally positive for the economy. Yellow arrows represent a
trend that is not moving in a positive or negative direction. Red arrows represent a trend that is generally negative for the economy. Hollow arrows represent trends for an indicator that is difficult to characterize as generally positive or generally negative for the economy, namely changes in the benchmark
sale prices for single-detached homes and apartments.
DEMOGRAPHIC
INDICATORS
Population Growth
Source: BC Stats Population Estimates
Percentage of main working
age adults (25-64 years
old) with a post-secondary
education
Source: Statistics Canada. 2006 Census
and 2011 National Household Survey
Net migration of New
Westminster with other Metro
Vancouver municipalities
Source: Statistics Canada. 2011
National Household Survey
NEW WESTMINSTER’S PERFORMANCE
TREND
METRO VANCOUVER’S PERFORMANCE
TREND
(2015 vs 2014): 2.1% growth,
1,473 people added
2015 population: 71,665 people
2014 population: 70,192 people
2015 (vs 2014): 1.2% growth,
28,737 people added
2015 population: 2,513,869 people
2014 population: 2,485,132 people
2011 (vs 2006):
2011: 69.3% of 25-64 year olds had a
post-secondary education (28,260 out
of 40,800 25-64 year olds)
2006: 65.0% of 25-64 year olds had a
post-secondary education (23,150 out
of 35,625 25-64 year olds)
2011 (vs 2006):
2011: 68.6% of 25-64 year olds had a
post-secondary education (912,495
out of 1,330,725 25-64 year olds)
2006: 65.9% of 25-64 year olds had a
post-secondary education (796,360
out of 1,208,775 25-64 year olds)
Between 2006 and 2011:
Net migration to New Westminster
w/ other Metro Vancouver
municipalities:2,915
In-migrants from other Metro
Vancouver municipalities to New
Westminster: 11,990
Out-migrants to other Metro
Vancouver municipalities from New
Westminster: 9,075
Not available
INCOME AND FINANCIAL
WELL-BEING INDICATORS
Family Income Growth
(unadjusted for inflation)
Source: Statistics Canada
Taxfiler Data
Singles Income Growth
(unadjusted for inflation)
Source: Statistics Canada
Taxfiler Data
Consumer bankruptcies per
1,000 adults (18+ years old)
Source: Office of the Superintendent
of Bankruptcy Canada and BC Stats
Population Estimates
NEW WESTMINSTER’S PERFORMANCE
TREND
2014 (vs 2013): 1.8% growth, $1,370
growth
2014 median family before-tax annual
income: $78,830
2013 median family before-tax annual
income: $77,460
2014 (vs 2013): 3.6% growth, $2,650
growth
2014 median family before-tax
annual income: $76,040
2013 median family before-tax
annual income: $73,390
2014 (vs 2013): 3.3% growth, $990
growth
2014 median singles before-tax
annual income: $31,250
2013 median singles before-tax
annual income: $30,260
2014 (vs 2013): 2.8% growth, $730
growth
2014 median singles before-tax
annual income: $26,880
2013 median singles before-tax
annual income: $26,150
2015 (vs 2014):
2015: 1.5 consumer bankruptcies per
1,000 adult (18+ years old) residents
2014: 2.3 consumer bankruptcies per
1,000 adult (18+ years old) residents
2015: 95 consumer bankruptcies
2014: 137 consumer bankruptcies
2015 (vs 2014):
2015: 1.1 consumer bankruptcies per
1,000 adult (18+ years old) residents
2014: 1.3 consumer bankruptcies per
1,000 adult (18+ years old) residents
2015: 2,345 consumer bankruptcies
2014: 2,721 consumer bankruptcies
EMPLOYMENT INDICATORS NEW WESTMINSTER’S PERFORMANCE
TREND
Number of employed workers
by place of work
Source: Statistics Canada
2006 Cansus and 2011 National
Household Survey
Ratio of employed workers
who work in New Westminster
to resident labour force
members (employed or
unemployed) who live in New
Westminster
Source: Statistics Canada. 2006 Census
and 2011 National Household Survey
Persons who recieved
“regular” EI (Employment
Insurance) benefits, monthly
average
Source: Statistics Canada
Administrative data on Employment
Insurance
Regular EI recipients (25-54
years old) as a % of total core
working age (25-54 years old)
population
Source: Statistics Canada
Administrative data on Employment
Insurance and BC Stats for Population
Estimates
METRO VANCOUVER’S PERFORMANCE
TREND
METRO VANCOUVER’S PERFORMANCE
TREND
2011 (vs 2006): 4.0% growth, 940 more
employed workers
May 2011: 24,405 employed workers
who worked in New Westminster
May 2006: 23,465 employed workers
who worked in New Westminster
2011 (vs 2006): 5.6% growth,
54,550 more employed workers
May 2011: 1,032,165 employed
workers who worked in Metro
Vancouver
May 2006: 977,615 employed
workers who worked in Metro
Vancouver
0.62 in May 2011, down from 0.68 in
May 2006
May 2011: 24,405 employed workers
worked in New Westminster, 39,360
labour force members resided in New
Westminster
May 2006: 23,465 employed workers
worked in New Westminster, 34,260
labour force members resided in New
Westminster
0.81 in May 2011, down from 0.84 in
May 2006
May 2011: 1,032,165 employed
workers worked in Metro Vancouver,
1,273,335 labour force members
resided in Metro Vancouver
May 2006: 977,615 employed
workers worked in Metro Vancouver
1,169,720 labour force members
resided in Metro Vancouver
2015 monthly average (vs 2014
monthly average): -2.6% change, -18
people on regular EI
2015 - Monthly average number of
people on regular EI benefits: 683
2014 - Monthly average number of
people on regular EI benefits: 701
2015 monthly average (vs 2014
monthly average): -8.7% change,
-1,875 people on regular EI
2015 - Monthly average number of
people on regular EI benefits: 19,654
2014 - Monthly average number of
people on regular EI benefits: 21,529
A monthly average of 1.4% of core
working age (25-54 year olds) New
Westminster residents were on regular
Employment Insurance in 2015, similar
to 1.5% in 2014.
A monthly average of 1.2% of core
working age (25-54 year olds) Metro
Vancouver residents were on regular
Employment Insurance in 2015,
similar to 1.3% in 2014.
DEVELOPMENT &
CONSTRUCTION
INDICATORS
Residential building permit
values (unadjusted for
inflation)
NEW WESTMINSTER’S PERFORMANCE
TREND
METRO VANCOUVER’S PERFORMANCE
TREND
2015 (vs 2014): Up 107.5%, increase
of $113.0 million
2015 residential building permit
values: $218.1 million
2014 residential building permit
values: $105.2 million
2015 (vs 2014): Up 35.5%, increase
of $1,684.6 million
2015 residential building permit
values: $6,433.6 million
2014 residential building permit
values: $4,748.9 million
2015 (vs 2014): Down 32.9%, change
of -$8.1 million
2015 commercial building permit
values: $16.6 million
2014 commercial building permit
values: $24.7 million
2015 (vs 2014): Up 5.3%, increase of
$82.6 million
2015 commercial building permit
values: $1,631.7 million
2014 commercial building permit
values: $1,549.1 million
2015 (vs 2014): Down 32.9%, change of
-$0.1 million
2015 industrial building permit values:
$0.3 million
2014 industrial building permit values:
$0.4 million
2015 (vs 2014): Up 64.8%, increase
of $93.9 million
2015 industrial building permit
values: $238.8 million
2014 industrial building permit
values: $144.8 million
2015 (vs 2014): Down 87.6%, change of
-$15.5 million
2015 institutional and government
building permit values: $2.2 million
2014 institutional and government
building permit values: $17.7 million
2015 (vs 2014): Down 31.1%, change
of -$215.6 million
2015 institutional and government
building permit values: $476.6 million
2014 institutional and government
building permit values: $692.2 million
Source: BC Stats Building Permits data
Commercial (retail and
office) building permit values
(unadjusted for inflation)
Source: BC Stats Building Permit data
Industrial building permit
values (unadjusted for
inflation)
Source: BC Stats Building Permits data
Institutional and government
building permit values
(unadjusted for inflation)
Source: BC Stats Building Permits data
COMMERCIAL REAL ESTATE NEW WESTMINSTER’S PERFORMANCE
TREND
INDICATORS
Office floor space
Source: Colliers International.
Vancouver Office Office Market Report
Office lease rent (gross rent
rate per square foot per
month)
Source: Colliers International
Vancouver Office. Office Market Report
Office vacancy rate
METRO VANCOUVER’S PERFORMANCE
TREND
Q3 2016 (vs Q3 2015): 0.0% change,
330 sq.ft increase
Q3 2016 office floorspace: 1,739,703
sq.ft
Q3 2015 office floorspace: 1,739,373
sq.ft
Q3 2016 (vs Q3 2015): 1.0 % change,
582,900 sq.ft change
Q3 2016 office floorspace:
56,964,247 sq.ft
Q3 2015 office floorspace:
56,381,347 sq.ft
Q3 2016 vs Q3 2015 (change in gross
office rent rate per square foot per
month): increase of $1.91, 5.3% change
Q3 2016 gross office rent per square
foot per month: $37.89
Q3 2015 gross office rent per square
foot per month: $35.98
Q3 2016 vs Q3 2015 (change in gross
office rent rate per square foot per
month): decrease of -$0.75, -1.9%
change
Q3 2016 gross office rent per square
foot per month: $38.09
Q3 2015 gross office rent per square
foot per month: $38.84
14.7% in Q3 2016, down from 15.8% in
Q3 2015
9.3% in Q3 2016, down from 10.3%
in Q3 2015
8.3% in Q3 2016, up from 2.7% in Q3
2015
1.7% in Q3 2016, down from 2.4% in
Q3 2015
Source: Colliers International
Vancouver Office. Office Market Report
Industrial vacancy rate
Source: Colliers International
Vancouver Office. Industrial Market
Report
Industrial lease rate (netnet-net per square foot per
month)
Source: Colliers International
Vancouver Office. Industrial Market
Report
Number of businesses
Q3 2016 vs Q3 2015 (change in net-netnet industrial space rate per square foot
per month): increase of $1.37, 24.5%
change
Q3 2016 net-net-net industrial space
rate per square foot per month: $6.97
Q3 2015 net-net-net industrial space
rate per square foot per month: $5.60
Q3 2016 vs Q3 2015 (change in netnet-net industrial space rate per
square foot per month): increase of
$1.08, 13.3% change
Q3 2016 net-net-net industrial space
rate per square foot per month: $9.21
Q3 2015 net-net-net industrial space
rate per square foot per month: $8.13
As of December 21, 2015, New
Westminster had 3,778 active business
licences.
Not Available
Source: City of New Westminster
Business Licence Data
HOUSING INDICATORS
Home sales
Source: Real Estate Board of Greater
Vancouver and Fraser Valley Real
Estate Board
Housing starts
Source: CMHC. Starts and Completions
Survey.
Benchmark sales price for
single family homes
Source: Real Estate Board of Greater
Vancouver and Fraser Valley Real
Estate Board
Benchmark sales price for
apartments
Source: Real Estate Board of Greater
Vancouver and Fraser Valley Real
Estate Board
NEW WESTMINSTER’S PERFORMANCE
TREND
METRO VANCOUVER’S PERFORMANCE
TREND
2015 (vs 2014): 32.8% increase in sales,
405 more sales
2015: 1,641 sales
2014: 1,236 sales
2015 (vs 2014): 29.5% increase in
sales, 14,465 more sales
2015: 63,421 sales
2014: 48,956 sales
2015 (vs. 2014): 67.0% increase in
housing starts, 369 more housing starts
2015: 920 housing starts
2014: 551 housing starts
2015 (vs. 2014): 8.6% increase in
housing starts, 1,651 more housing
starts
2015: 20,863 housing starts
2014: 19,212 housing starts
October 2016 (vs. October 2015):
$209,200 increase in price, 25.0%
increase in price
October 2016 benchmark price:
$1,046,000
October 2015 benchmark price:
$836,800
October 2016 (vs. October 2015):
$289,000 increase in price, 30.4%
increase in price
October 2016 benchmark price:
$1,238,700
October 2015 benchmark price:
$949,700
October 2016 (vs. October 2015):
$70,200 increase in price, 22.9%
increase in price
October 2016 benchmark price:
$376,800
October 2015 benchmark price:
$306,600
October 2016 (vs. October 2015):
$79,100 increase in price, 20.7%
increase in price
October 2016 benchmark price:
$462,100
October 2015 benchmark price:
$383,000