As interest rates continue to rise and fewer people are looking to buy due to affordability, it appears Burnaby housing prices are continuing to to decline.
The Real Estate Board of Greater Vancouver's (REBGV) monthly report for June 2022 shows there was a 16.2 per cent decrease last month compared to the 2,918 homes that were sold in May across the region.
June sales showed a 35 per cent decrease from the same month in 2021 when 3,762 sales were completed
And, compared to the same time period a decade ago, it's a drop of 23.3 per cent.
"Home buyers have more selection to choose from and more time to make decisions than they did over the past year," Real Estate Board of Greater Vancouver chair Daniel John said in a news release.
"We're seeing downward pressure on home prices as we enter summer in Metro Vancouver due to declining home buyer activity, not increased supply.
"To meet Metro Vancouver’s long-term housing demands, we still need to significantly increase housing supply."
The benchmark price for all residential properties in Metro Vancouver as of last month is $1,235,900.
The number equates to a 12.4 per cent increase from June 2021, a two per cent drop from May and 2.2 per cent decrease over the past three months.
The benchmark price of a residential property in Burnaby East sits at $1,178,300 (-3.1 per cent in one month), $1,070,700 in Burnaby North (-0.8 per cent in one month) and $1,149,100 in Burnaby South (-2.8 per cent in one month).
A single-family detached home is median priced at $1,888,500 in Burnaby East (-3.8 per cent in one month), $2,128,000 in Burnaby North (+0.5 per cent in one month) and $2,271,400 in Burnaby South (-2 per cent in one month).
Townhouses in Burnaby are also going down in price.
Burnaby East is at a benchmark price of $887,500 (-1.1 per cent in one month), Burnaby North at $982,000 (+/-0 per cent) and Burnaby South in six figures at $1,041,500 (-2.2 per cent in one month).
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.
