Burnaby residents either paid more or less for a new home last month — depending on the type.
According to the Greater Vancouver Realtors, residential sales throughout the region hit 2,733 in May, which equated to a 19.9 per cent decreased compared to the 3,411 sales that were recorded in May 2023.
“The surprise in the May data is that sales have come in softer than what we’d typically expect to see at this point in the year, while the number of newly listed homes for sale is carrying some of the momentum seen in the April data,” GVR director of economics and data analytics Andrew Lis said in a news release.
“It’s a natural inclination to chalk these trends up to one factor or another, but what we’re seeing is a culmination of factors influencing buyer and seller decisions in the market right now. It’s everything from higher borrowing costs, to worries about the economy, to policy interventions imposed by various levels of government.”
While sales dropped, data from GVR shows more homes were listed in May (6,374) compared to the same month in 2023 (5,661) marking an increase of 12.6 per cent.
Locally, residential properties hit a benchmark price of $1,178,200 in Burnaby East (+1.1 per cent compared to April of this year), $1,019, 900 in Burnaby North (no change) and $1,158,200 in Burnaby South (+0.5 per cent).
A single-family detached house was recorded at $2,005,100 in Burnaby East (2.7 per cent), $2,154,100 for Burnaby North (+1.8 per cent) and $2,305,600 (+2.8 per cent).
Those looking to purchase a townhouse in Burnaby East were looking at a benchmark price of $897,400 in Burnaby East (-0.9 per cent), $928,600 in Burnaby North (+0.6 per cent) and $1,089,700 in Burnaby South (-0.7 per cent).
Areas covered by Greater Vancouver Realtors 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.
