Burnaby’s real estate market continues to soar and buyers are now seeing a slight bump in the number of available listings for them to bid on.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,424 in February 2022, a 49.8 per cent increase from the 2,285 homes sold in January 2022.
Last month’s sales were 26.9 per cent above the 10-year February sales average.
In Burnaby, there was a big jump in sales last month, with 459 in total – way above the 314 in January.
Prices, however, also soared again, with the average price for a detached house going from $2.2 million, up from $2,062,000 in January and way up from $1.7 million in February 2021.
“As we prepare to enter what’s traditionally the busiest season of the year, the Metro Vancouver housing market is seeing more historically typical home sale activity and a modest uptick in home listing activity compared to last year,” Taylor Biggar, REBGV chair said.
There were 5,471 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service (MLS) in Metro Vancouver in February 2022. This represents an 8.4 per cent increase compared to the 5,048 homes listed in February 2021 and a 31.2 per cent increase compared to January 2022 when 4,170 homes were listed.
The total number of homes currently listed for sale on the MLS system in Metro Vancouver is 6,742, a 19.3 per cent decrease compared to February 2021 (8,358) and a 19.1 per cent increase compared to January 2022 (5,663).
“Despite having a higher volume of people listing their homes for sale in February, the region’s housing market remains significantly undersupplied, which has been pushing home prices to new highs month after month,” Biggar said.
For all property types, the sales-to-active listings ratio for February 2022 is 50.8 per cent. By property type, the ratio is 34.9 per cent for detached homes, 64.3 per cent for townhomes, and 62.2 per cent for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,313,400. This represents a 20.7 per cent increase over February 2021 and a 4.6 per cent increase compared to January 2022.