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Burnaby housing prices continued downward trend in September, report says

September 2022 housing sales represent 46.4 per cent drop compared to the same month in 2021.
burnaby-single-family-homes
The housing market continues fizzle throughout Metro Vancouver, including Burnaby.

The trend is continuing. 

According to the Real Estate Board of Greater Vancouver's September report, housing prices in Burnaby continued to dip as inflation and interest rates continue to rapidly rise. 

Residential home sales in the Greater Vancouver area last month marked a 46.4 per cent decrease (1,687) compared to the same month in 2021 (3,149). There were also 9.8 per cent less housing sales in August of this year compared to last month. 

“With the Bank of Canada and other central banks around the globe hiking rates in an effort to stamp out inflation, the cost to borrow funds has risen substantially over a short period,” Real Estate Board of Greater Vancouver director of economics and data analysis Andrew Lis said in a news release. 

“This has resulted in a more challenging environment for borrowers looking to purchase a home, and home sales across the region have dropped accordingly.” 

As of last month, Burnaby East saw a benchmark price of $1,113,200 (+0.4 per cent compared to August of this year) for residental/composite homes.

Burnaby North recorded a benchmark price of $997,800 (-1.4 per cent compared to August of this year) while Burnaby South held a benchmark price of $1,067,800 (-2.3 per cent compared to August of this year). 

Burnaby North saw a benchmark price of $1,957,400 in September (-0.2 per cent compared to August of this year) for single-family detached homes. 

 

Burnaby South was over two million at $2,079,400 (-1.2 per cent compared to August of this year) and Burnaby East's benchpark price was $1,784,800 (+3.2 per cent compared to August of this year). 

Townhomes also saw drops in all three Burnaby regions with Burnaby South at a benchmark price of $954,700 (-1.0 per cent compared to August of this year).

Burnaby East was recorded at $852,900 (-2.7 per cent compared to August of this year) and Burnaby North hit a benchmark price of $896,000 (-3.7 per cent compared to August of this year).

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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