The attached and condo markets in Burnaby continue to be in hot demand in the first quarter of 2017, with properties in this sector regularly selling for $100,000 over asking price, according to realtor Alex Jopson. Jopson recently sold a three-level corner unit on Southpoint Drive in south Burnaby for $921,000, a home which sat on the market for just seven days before being snapped up by the highest of seven bids.
“The current condo market seems to be extremely hot because of last year’s market and the first time home buyer’s program,” says Jopson. “Well-priced condos and townhouses are seeing multiple offers. Detached homes, although slower than last year, can see multiple offers too, if they are priced right.”
Jopson believes buyers who adopted a wait-and-see approach in the aftermath of the 15% foreign buyer’s tax are slowly making their way back into the market. He adds that most of his buyers are locals upgrading or downsizing, while some are from Greater Vancouver looking for more space or their first home.
“We have both sides of the market interested in townhouses,” says Jopson. “Condo owners have finally seen increases in their home equity, making it easier to make the jump to larger homes.”
According to Jopson, buyers are attracted to Burnaby for its walkability and access to transit, while young families especially place emphasis on good schools.
“Ultimately, it comes down to affordability,” he says.
