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It’s been a sunny summer to be a condo seller in Burnaby. While August sales were down about 10 per cent over the previous month, they were up 29 per cent compared with August 2014, demonstrating that consumer demand has been far higher this year than last. Benchmark selling prices (which represent a typical property within a market) were up slightly over July sales in Burnaby East (2.6 per cent), Burnaby North (0.9 per cent) and Burnaby South (0.5 per cent).
Burnaby East has been a great location to invest… over the past three years, condo selling prices there have increased 30 per cent. As of September 4, there were 41 active condo listings in the area, ranging in price from $145,000 for a 40-year-old, one-bedroom in Edmonds to a $708,000 three-year-old, two-bedroom in the same neighbourhood.
If size matters in your Burnaby condo search (and money is no object), head to the South Slope neighbourhood. Here $1.8 million and change will buy you a 2,877-square-foot, three-bedroom home. That property had been on the market for 144 days at press time… a good indication that it is likely a tad overpriced.
Of the six Burnaby condos asking more than a million, four were in Metrotown. That community is experiencing remarkable growth and new condo developments typically sell fast. Thirty per cent of Burnaby condo sales during the August 22 to September 4 period were in that popular locale.
While the average condominium asking price throughout Burnaby between August 22 and September 4 was just shy of $430,000, the average selling price for the 17 properties that sold during that time period was $446,712. Notably, 88 per cent of those properties sold at or under their list price showing that Burnaby condos, at least, are immune to bidding wars.
Buyers were competing for a smaller number of properties in August, which is typical for this time of year. Only 242 new listings came onto the market, compared with 380 in July, a decrease of 36 per cent. With 717 condos listed as of September 4, there was still plenty of selection, although with the average number of days on the market at 64, many buyers may have already viewed most of the current inventory. Of sales between August 22 and September 4, only one condo sold on the same day as it was listed. That was a 942-square-foot two-bedroom near Central Park. The owners of the 24-year-old home accepted an offer of $375,000 – $4,900 less than asking price.
Burnaby Condo Market Snapshot
