REAL ESTATE MARKET SUMMARY – Spotlight Region > BURNABY
The bright-spot in the current real estate market can be found in Burnaby. Burnaby is currently in a strong position compared to other Lower Mainland cities.
Sales volumes are up in all real estate categories (detached, townhouse, condo) in June 2019 compared to June 2018.
In the last 90 days - Home Price Index:
Burnaby East +2.2%
Burnaby North -0.8%
Burnaby South -3.2%
Burnaby East -4%
Burnaby North -0.1%
Burnaby South -2.2%
Burnaby East +1.9%
Burnaby North +0.8%
Burnaby South -2.2%
The largest significant price adjustment has come in East Burnaby townhouses that saw a 4% loss in value, whereas their neighbours in the detached home world saw a 2.2% increase in price.
The total year-to-date (YTD) Home Price Index for Burnaby
Detached - 14%
Townhouse - 4%
Condo - 5%
Burnaby, as most regions, has seen a steady correction in pricing over the last 18+months, including the last 6 months shown above. However, we are seeing a very calm hold and even some gains on prices over the last 90 days.
Burnaby Sales Stats – last 90 days compared to same period 2018.
Condo sales volumes have seen the largest decrease of 19.5% in the last 90 days compared to Apr-June ‘18
Townhouse new inventory has increased by 128 units May to June, with 52 sales. June ’18 saw 102 units.
Detached homes - 138 new units to market with 60 sales in June ‘19. YTD sales in ’19 are 180 vs 188 in ’18. Only a 4% decrease in sales volumes which is VERY promising for Burnaby
Overall Burnaby is not along the same dramatic rhetoric we are hearing in the media. Yes prices are down, less than 1.02% in the last 90 days. Sales volumes are down by an avg of 11.43%. Townhouses and condos will need to be priced competitively, and detached home will depend on their selling attributes to gain top dollar: location & updates; if you don’t have these two detached sellers… you will need to compete on pricing even though detached sales are strong.