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Burnaby's housing prices continue upward swing

Real Estate Board of Greater Vancouver says housing prices in the region are up six per cent or more across all home types at the midway point of the year.
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Burnaby’s housing prices have increased again. Photo Jennifer Gauthier for Burnaby NOW

All housing types across Burnaby saw price increases last month, according to a new report.

The Real Estate Board of Greater Vancouver says there were 3,411 residential home sales throughout the region in May, which equated to a 15.7 per cent increase from the 2,947 sales recorded in May 2022.

There were 5,661 properties listed for sale on MLS last month.

“Back in January, few people would have predicted prices to be up as much as they are – ourselves included,” REBGV director of economics and data analytics Andrew Lis said in a news release.

“Our forecast projected prices to be up modestly in 2023 by about two per cent at year-end. Instead, Metro Vancouver home prices are already up about six per cent or more across all home types at the midway point of the year.”

The benchmark price for residential properties hit $1,159,600 in Burnaby East (+2.9 per cent compared to April 2023), $1,018,000 in Burnaby North (+1.5 per cent) and $1,112,300 in Burnaby South (+0.9 per cent).

Single family detached homes hit a benchmark of $1,824,200 in Burnaby East (+4.7 per cent), $1,981,800 in Burnaby North (+1.7 per cent) and $2,177,100 in Burnaby South (+1.4 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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