Burnaby’s real estate market continues to soar and sellers are reaping some excellent value, according to the Real Estate Board of Greater Vancouver (REBGV) and some recent sales.
In Burnaby, there was a big jump in sales in February, according to the REBGV, with 459 in total – way above the 314 in January.
More recently, a house on 13th Avenue in East Burnaby sold in mid-March for $1,630,000, which was $231,000 over the asking price. The house had only been on the market for four days. It’s 75 years old and 2,500 square feet on a .18-acre lot. The listings that were posted online only showed one or two exterior photos so it appears to be destined to be torn down with a new home built in its place.
Last month’s Metro Vancouver real estate sales were 26.9 per cent above the 10-year February sales average, said the REBGV.
In Burnaby, the average price for a detached house was 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.
Follow Chris Campbell on Twitter @shinebox44.
