New Westminster

Review the Business Climate

How it's done

The business climate is the general economic environment that local businesses operate in. Reviewing and understanding the local business climate provides valuable insights about the economy, costs, risks, and incentives that may impact the success of your business. This activity will guide you to better understand the business climate in New Westminster and help you answer the following fundamental questions.

What is the business climate in New Westminster?

We have compiled the most important aspects of New Westminster’s business climate as an interactive dashboard below. This dashboard provides valuable economic, resident, household, dwelling and development indicators that may influence the success of your business.

What costs and assistance should I know about?

Whether you have a new or existing business it is critical to be aware of costs, incentives and grants that impact your business. This dashboard provides you with a snapshot of the major costs of conducting business in New Westminster and assistance available to New Westminster businesses.

Each year, properties in the City of New Westminster are assessed property taxes that help pay for City services such as recreation facilities, parks and trails, City streets and sidewalks, police, fire & rescue, libraries, development service, parking, cemetery and animal control. Some property taxes are based on the assessed values, while other taxes are a flat amount for each parcel.

New Westminster property taxes are calculated and billed annually using the property’s assessed value, as found on your property assessment notice, and the City Council-approved property tax rate. The current property tax rates are provided in the following table:

Assignment Class Municipal School GVRD GVTA BCA MFA Total
Residential 2.7415 1.3343 0.0462 0.2193 0.0432 0.0002 4.3846
Utilities 27.5741 13.4000 0.1616 2.4992 0.4981 0.0007 44.1338
Supportive Housing 2.7415 0.1000 0.0462 0.0000 0.0000 0.0002 2.8878
Major Industry 29.4223 4.8000 0.1570 1.8756 0.4981 0.0007 36.7537
Prov. School Tax Credit   -2.8800   0.0000     -2.8800
Light Industry  15.4207 4.8000 0.1570 1.3442 0.1393 0.0007 21.8620
Business/Other  11.3385 4.8000 0.1132 1.0772 0.1393 0.0005 17.4686
Rec./Non. Profit  2.7415 2.7000 0.0462 0.2105 0.0432 0.0002 5.7415
Farm 2.7415 6.9000 0.0462 0.3531 0.0432 0.0002 10.0841
GVRD - Greater Vancouver Regional District
GVTA - Greater Vancouver Transportation Authority
BCA - BC Assessment
MFA - Municipal Finance Authority

How do I use this information?

Having access to business climate statistics and information is one thing, but it's quite another to use data effectively and in a way that will benefit your business. This next section will help you do just that. Learn how to use this information to make better business decisions.

Monitor the local business climate

On-going assessment of the business climate is an essential part of operating a competitive business. In any business climate, there are numerous factors outside your control that will impact your business, both positively and negatively. The health of the economy impacts all businesses, but small businesses usually feel the effect of economic changes faster than big businesses. Improvements in the economy typically provide a rapid increase in new opportunities for small businesses, while an economic downturn can have a significant and prolonged negative impact.

Unfortunately, you can’t influence the economy, but you can monitor the business climate indicators provided above and then take the necessary actions to minimize risks to your business. Staying up to date with the business climate can also help you identify new opportunities that your business can take advantage of.

Know your costs

All industries are unique and incur different types of costs when starting or operating. Understanding these costs is essential when it comes to setting prices, budgeting and planning for growth or downturns. We’ve provided some of the local costs associated with taxes, development and labour that often get overlooked by businesses. There may be other municipal and provincial costs that apply to your business so we encourage you to contact us to find out more.

Where can I learn more about the business climate?

While we are providing you with a range of valuable information about the business climate, the fact is that there's much more available. In this section we provide you with links to other websites that will supplement our information and help to keep your finger on the pulse.

There may also be other municipal and provincial costs that apply to your business so we encourage you to contact us to find out more.

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City of New Westminster
Economic Development Office

511 Royal Avenue, New Westminster, BC, V3L 1H9