The Burnaby real estate market has been seeing a lot of really old houses – 60 and 70 years old – selling for as much as $2 million despite being broken down as speculators look to tear them down and build large new homes.
But the market is also hot for newer houses too, like the house pictured above on Humphries Avenue in Burnaby.
This house, built five years ago, sold for $3 million, $500,000 over the asking price after just six days on the market. It’s a marble palace, with shiny floors and 3,350 square feet of space on a .13-acre lot. It has six bedrooms and five bathrooms.
By comparison, a house on Dufferin Avenue (click here to read more and see the awful photos) that was built 43 years ago and looks like a teardown was just sold for $2 million. Measuring at 2,851 square feet on a .19-acre lot, with four bedrooms and three bathrooms, the house sold in 10 days on the market. But if it’s a teardown and a new house is built – likely at a $1 million cost – it will need to sell for a lot more than $3 million to make it worthwhile.
Interesting math on this.
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.
Burnaby single-family detached homes hit a benchmark price of $2 million
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 additional reporting by Jess Balzer
Follow Chris Campbell on Twitter @shinebox44.
