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With more people determining that condo living is the life for them regardless of their family size, Burnaby’s 5,500 acres of green space is a great enticement for those who still hanker to get outside. The city, which is well-served by transit, is becoming increasingly denser as new, very tall towers pop up close to its many SkyTrain stations.
Over the past 10 years, each of the city’s regions has watched as the benchmark sales prices of condos have risen. In Burnaby North that increase has been 47 per cent, in Burnaby East 55.6 per cent, and in Burnaby South 60.1 per cent. Condo listings increased a touch over 25 per cent in October as compared with September and sales during that same time period were down by just less than one per cent.
Of the 22 recently reported sales at the time of writing, accepted offers ranged from six per cent under asking to 10 per cent over.
Edmonds
This neighbourhood is a great example of how rapid transit can transform an area into a densely populated community with many towers as well as low-rises. There are 22 active listings here with a median list price of $471,400 – above the city’s overall median of $449,900.
The least you can pay to call this Burnaby neighbourhood home is $255,000. Listed earlier this month, this two-bedroom is in the 40-year-old Chateau Lyon. The area’s most expensive listing has been on the market for close to two months. At $758,800, this penthouse suite in a four-year-old building has three bedrooms spread across its 1,076 square feet.
Metrotown
West of Edmonds is the ever-popular Metrotown neighbourhood, which is undergoing a condo tower renaissance. Of the area’s 283 active listings, half are for brand-new units that completed recently or will not be ready for occupancy until as far out as 2018.
While the cheapest condo to be had in this ’hood is $230,000, it will cost you at least $289,900 to buy yourself a brand-new home here. That’s for a one-bedroom, ground-floor unit in the boutique Subora Living development, which should be ready for its welcome mat in February.
There are plenty of new luxury properties available in Metrotown as well. The most expensive current listing is for a penthouse suite in The Met, which is in its preconstruction phase. This 295-unit, 40-storey tower is scheduled for completion in 2017. The cost to be the king of the castle: $1,698,000.
There were 12 sales recently reported in Metrotown; seven were for new homes. Developers generally don’t accept offers under asking, but three of these new suites went for two per cent less than their sticker price.
Burnaby Condo Market Snapshot: Nov 13
