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Real Estate Trends

Burnaby Real Estate Trends: 2018 Year in Review [Infographic]

By REW (Real Estate Wire) January 23, 2019

Burnaby Real Estate Trends 2018

 

According to our infographics data, Burnaby’s most sought-after neighbourhood by the city’s house hunters was Central Burnaby North, edging out Oakdale, our 2017 most desirable neighbourhood.

Based on median list price increase, the Government Road community, located in east Burnaby nestled between Burnaby Lake and Burnaby Mountain, (where crooner Michel Bublé built his mansion), saw a whopping 44 per cent hike in growth year over year.

As the third-largest city in British Columbia by population, surpassed only by nearby Surrey and Vancouver, the per-square-foot condo prices in Burnaby were up 13 per cent to $754 per square foot, while the price for single family homes saw a marginal decrease of one per cent to $653 per square foot. Our data further shows that a two-bedroom condo, priced between $700-$800K was the most common type of housing searched for. On average, a condo in 2017 sold within 32 days, while detached homes took more than double the amount of time to 77 days.

The price per square foot for a detached home wasn’t the only housing value to drop. Like most Lower Mainland communities, the price of a detached home in Burnaby fell by three per cent year over year to $1.80 million.

 

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