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$738,000

401 78 RICHMOND STREET

New Westminster · MLS® R3121239

2 bed · 2 bath · 1,416 sq ft · 1 parking

Condo · Single Family · built 1994 · 152 days on market

Listed by Matt Gul, RE/MAX Masters Realty

GROUND FLOOR UNIT! Welcome to Governors Court in the heart of New Westminster´s Fraserview. This beautiful unit offers over 1400 SQ.FT of bright, spacious, and elegant living, dining, and bedroom spaces. Breathtaking river-views from all front facing rooms, as well as two large balconies/patios. Two bedrooms, two full bath rooms, gas fireplace + fully renovated kitchen & bathroom in primary bedroom. Meticulously maintained gardens offering a private and serene environment. Amenities include visitor parking, guest suite, and spacious underground storage + parking. Situated on a quiet street just moments away dining, shopping, transit and more!

Type: Condo, Single Family
Bedrooms: 2
Bathrooms: 2
Living area: 1,416 sq ft
Parking: 1
Year built: 1994
Property tax: $3,116 / yr
Strata fee: $703 / mo ($0.50 / sq ft)
Strata rules: Adult Oriented, Pets Allowed With Restrictions, Rentals Allowed With Restrictions
Days on market: 152
MLS®: R3121239

Buying in a building from 1982 to 2000: what to read first

Below typical for the area (-19%)

2026 assessment: $702,000 · asking is +5.1%
Price per sq ft: $521 vs $642 median for condos in New Westminster for sale (342)

An estimate from public BC Assessment records, registered sales and the listings for sale right now, not an appraisal. Condition, renovations, views and lot all move real value.

Central location
Cul-de-sac
Private setting
Elevator
Adult Oriented
Pets Allowed With Restrictions

On market 152 days

Listed now: 48 days; median for 342 condos for sale; this one 152 days

Condos in New Westminster. Sale prices register 1 to 3 months after a sale closes.

FloodplainNo
Not within a designated floodplain on the provincial floodplain maps. These maps are historical and don't cover every river or the coast.
Source: Province of BC, Mapped Floodplains in BC
Agricultural Land ReserveNo
Not inside the Agricultural Land Reserve on the provincial map.
Source: Agricultural Land Commission, ALR boundary
HeritageNo
Not on the BC Register of Historic Places or in a heritage conservation area.
Source: BC Heritage Branch, historic places and conservation areas

From public government maps, matched to the listing's map pin. Maps can be out of date or miss a lot line; confirm with the municipality.

$4,178/mo

Mortgage $3,215 · Tax $260 · Strata $703

20% down at 4.34% fixed (Ratehub.ca), 25 years; tax from the listing; strata fee from the listing.

estimated payment

$3,215/ monthly

loan $590,400

25-year amortization

down payment20% · $147,60020%+ down: no mortgage insuranceinterest rate4.34%Rates from Ratehub.ca (best 5-year fixed and variable), checked Oct 7, 2026. Semi-annual compounding; your lender's rate may differ.amortizationpayment frequency

total interest: $374,219
property transfer tax: $12,760; BC general rate
cash to close: $160,360; down + PTT
total paid: $964,619

Estimates only. Rates change daily and lenders qualify at the stress-test rate; first-time-buyer and newly-built PTT exemptions aren't applied. Talk to a mortgage broker before you offer.

Rent: $2,134/mo
After all costs: −$2,250/mo
Cap rate: 1.6%; yearly net rent ÷ price

Rent / moDown payment %Rate %

Costs: mortgage $3,215 · tax $260 · strata $703 · insurance ~$35 · vacancy 3% · upkeep 5%.

Rent starts at CMHC's average for a 2-bedroom in New Westminster (CMHC Rental Market Survey, October 2025). Averages include long-time tenants, so new leases usually ask more; houses usually rent for more than apartments. 25-year mortgage; rental purchases need at least 20% down.

BC rules for landlords

Short-term rentals are limited to the host's principal residence in most communities. gov.bc.ca
Rent increases are capped once a year at the province's set amount. gov.bc.ca
The speculation and vacancy tax applies in many areas to homes not lived in or rented out. gov.bc.ca
Selling within two years of buying can trigger the BC home flipping tax. gov.bc.ca

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