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After months on the decline, Burnaby home prices increased in February: report

It's all positive for Burnaby regional sales, the Real Estate Board of Greater Vancouver says.
Home prices increased throughout Burnaby in February, according to new data.

February was a different story for Burnaby real estate by comparison to recent months.

The Real Estate Board of Greater Vancouver (REBGV) says regional home sales hit 1,808 last month, marking a 47.2 per cent drop compared to February 2022, but a 76.9 per cent rise from the 1,022 homes sold this past January. 

February's numbers were 33 per cent below the 10-year sales average for the month. 

"While we continue to expect home price trends to show year-over-year declines for a few more months, current data and market activity suggest pricing is firming up. In fact, some leading indicators suggest we may see modest price increases this spring, particularly if sales activity increases and mortgage rates hold steady," REBGV spokesperson Andrew Lis said in a news release today (March 2). 

"In the somewhat unusual market environment we find ourselves in right now with higher mortgage rates, fewer sales, and inventory that is inching higher but remains far from abundant, working with a Realtor who understands your local market conditions and has experience navigating challenging markets is paramount."

Locally, residential housing hit a benchmark price of $1,102,900 in Burnaby East (+2.2 per cent compared to January of this year), $963,600 in Burnaby North (+0.9 per cent) and Burnaby South came in at $1,060,000 (+0.7 per cent). 

A single-family detached house was recorded at $1,729,700 in Burnaby East (+3.4 per cent), $1,841,100 for Burnaby North (+0.8 per cent) and almost $2 million in Burnaby South at $1,997,200 (+0.4 per cent). 

Townhouses in Burnaby also got a little more expensive with Burnaby East rising to $874,700 (+0.5 per cent), $892,100 in Burnaby North (+2.4 per cent) and $966,500 in Burnaby South (+1.9 per cent). 

Areas covered by the REBGV include Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver and Whistler.

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