Burnaby's current housing market favours neither the seller nor the buyer, but it's being heralded as balanced by those in the industry.
According to the Real Estate Board of Greater Vancouver, real estate sales and listings are proving to be nearly equal in ratio between the number of homes for sale and the number of those looking to buy a home.
Ray Harris, past president of the Burnaby and New Westminster division of the board, said Burnaby's market is a stronger balanced market, compared to the Lower Mainland as a whole with its sales ratio at 17 per cent. The full market ratio is at 15 per cent.
"It's a great place to live," said Harris, also a Tri-Cities and Burnaby region Realtor.
"It's the point between the Vancouver market, and the Tri-Cities and Maple Ridge market, and the one we all watch and appreciate."
Sales have also increased slightly from last year, with 311 sales between January and May 2012, compared to 345 in the same time frame this year.
"Another interesting factor is, as of May of last year, benchmark pricing was at $878,000," he said. "Even with the moderate growth, we're seeing an average of $915,000 this year."
There were 79 detached, 83 attached homes and 149 apartment sales this June, ranging from $365,000 to $899,000 in price.
In June last year, there were 83 detached, 73 attached homes and 132 apartments sold.
As for listings, there were 582 in total for this June, down by 113 listings compared to June 2012.
"It's not a huge jump, but it is moderate growth," he said. "I think Burnaby is doing fairly well with the number of listings. In general, it's pretty upbeat."
Looking forward, Harris said he does not expect much change from now until the fall.
"We have every expectation that a balanced market will continue into the fall," he said. "It's good for buyers and sellers, which means there's some consistency in selling."
The real estate board also reported that residential property sales in the Lower Mainland reached 2,642 on the Multiple Listing Service this June.
"As the term suggests, a balanced market means that many of the key housing market indicators, such as price, are stable, and conditions therefore don't tilt in favour of buyers or sellers," said Sandra Wyant, the real estate board's president, in a media release. "If you plan to enter the market today, identify your needs, consult your Realtor and work to build a 'win-win' scenario with the people on the other side of the sale."
The real estate board represents more than 11,000 Realtors and their companies. In 2012, the value of residential sales transacted through the Multiple Listing Service system, provided by the board, was $18.6 billion.
For more information on statistics or real estate, visit www.rebgv.org. www.twitter.com/stefania_seccia
