The real estate market in Burnaby continues to stay hot, but not everything is selling these days for ridiculous prices.
We’ve all heard the term “Vancouver Special” that describes the old generic ‘70s houses.
Well, look at the Burnaby house above, built 32 years ago on Burke Street near Central Park, and it’s what many call the “Burnaby Special” for its distinctive tile roof and pink stucco.
The house has languished on the market for more than 71 days – an eternity in today’s market in which 70-year-old houses are selling for more than $2 million in just days.
The house is selling for $4,588,000, which is a lot of money for an older house. It’s two storeys and 3,400 square feet on a .39-acre lot.
It looks in good condition and it’s a decent size, but based on recent listings, only near-new, modern homes are selling in the $4.5 million range.
The Real Estate Board of Greater Vancouver's monthly report for March shows the cost to buy a single-family detached home, apartment, townhome or residential all increased last month.
REBGV chair Daniel John said in the report when it comes to listings, there's less than half of what is needed to help shift the market into better conditions.
“We’re still seeing upward pressure on prices across all housing categories in the region. Lack of supply is driving this pressure.
"The number of homes listed for sale on our MLS® system today is less than half of what’s needed to shift the market into balanced territory.”
The real estate board says sales last month were 25.5% above the 10-year March sales average.
According to the report, two out of three Burnaby areas surpassed the $2 million mark for a benchmark price last month.
Burnaby South currently sits at a benchmark price of $2,067,100 (+4.2% in one month) while Burnaby North was at $2,021,400 (+4.9% in one month).
Burnaby East stayed under $2 million at $1,776,300 (+2.7% in one month).
- With files from Jess Balzer
Follow Chris Campbell on Twitter @shinebox44.
