$500,000 doesn’t go far in Burnaby’s new condo market, report finds

Half-a-million dollars will get you a 450-square-foot condo in Burnaby, according to a recent real estate survey.

The survey by real estate data firm Altus Group Ltd. explored what kind of new condo $500,000 could buy in downtown markets across the country. The data shows Burnaby’s new condo market is nearly aligned with Toronto’s market, where buyers with $500,000 to spend can get a 430 sq. ft. one-bedroom.

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In cities like Calgary and Edmonton, buyers can get double the space for the same $500,000. In Calgary, for example, buyers with a $500,000 budget would have no trouble finding a new condo with 900 sq. ft., while in Edmonton, new condos with an average of 1,000 sq. ft. are going for the same $500,000, according to the report.

“Comparing the pricing of available new condominium apartment units found that consumers have considerably more buying power in smaller markets such as Calgary, Edmonton and Kitchener versus the two largest markets, Vancouver and Toronto,” noted the report.

Compared to Vancouver, however, Burnaby is relatively affordable, according to the report.

Altus Group could not find any new condos for sale in Vancouver at the $500,000 price point. 

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