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Prices of most Burnaby homes dropped in June: report

Housing sales across Metro Vancouver dropped in June compared to one year prior.
Homes and apartments in Burnaby.

If you were looking to buy a house in Burnaby last month, you may have a slight decrease in prices. 

Single-family detached homes hit $1,963,600 in Burnaby East (-2.1 per cent), $2,173,900 in Burnaby North (+0.9 per cent) and $2,264,900 in Burnaby South (-1.8 per cent), according to the latest Greater Vancouver Realtors (GVR) report.

Burnaby South residential properties hit a benchmark price of $1,147,400 (-0.9 per cent compared to May), $1,022,400 in Burnaby North (+0.2 per cent) and $1,617,100 in Burnaby East (0.9 per cent). 

If you were looking to buy a townhouse, Burnaby's three real estate areas all saw increases with Burnaby East seeing a benchmark price of $928,000 (+3.5 per cent), $955,000 in Burnaby North (+2.9 per cent) and $1,101,400 in Burnaby South (+1.1 per cent). 

The GVR said sales totalled 2,418 last month throughout Metro Vancouver compared to 2,988 sales in June 2023, marking a 19.1 per cent decrease year over year. 

“The June data continued a trend we’ve been watching where buyers appear hesitant to transact in volumes we consider typical for this time of year, while sellers remain keen to bring their properties to market," Andrew Lis, GVR director of economics and data analytics, said in a news release. 

“This dynamic is bringing inventory levels up to a healthy range not seen since before the pandemic. This trend is providing buyers more selection to choose from and driving all market segments toward balanced conditions.” 

There was, however, an increase in newly listed sales in June with 5,723 listings, which equates to a seven per cent increased compared to 5,347 listings in June 2023.

“With an interest rate announcement from the Bank of Canada in July, there is a possibility of another cut to the policy rate this summer. This is yet another factor tilting the market in favour of buyers, even if the boost to affordability is modest,” Lis added. 

“But June’s lower-than-normal transaction volumes suggest many buyers remain hesitant, which has allowed inventory to accumulate and has kept a lid on upward price pressure across market segments. With that said, the transaction-level data do show that well-priced properties are still selling quickly, suggesting astute buyers are able to spot value and act when opportunities arise.”

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