Are we seeing the market for houses in Burnaby slowing down?
Some houses have been flying off the local real estate market in just a matter of days, especially older houses possibly earmarked to be torn down that have been selling for $2 million or more.
An opulent new home, just three years old, on Portland Street on the South Slope of Burnaby, however, ended up languishing on the market for 74 days before finally selling for $3.2 million, which was $400,000 under the original asking price.
The house is big at nearly 5,000 square feet, including seven bedrooms and eight bathrooms. It is loaded with marble on the floors and the countertops. Check out the photos above to see the attention to detail.
The lot is also huge at more than 10,000 square feet, although the backyard (as you can see from the photos) is a little awkward.
The house is amazing and was priced actually cheaper than many of the new houses that are on the market right now, including multiple homes price at more than $4 million.
The Real Estate Board of Greater Vancouver says there were 3,232 home sales last month, which equates to a 34.1% decrease from April 2021 and a 25.6% drop from the 4,344 homes sold in March of this year.
According to the report, some categories of housing saw small increases in price in Burnaby while others actually saw a decline.
Residential houses in Burnaby East hit a benchmark price of $1,276,000 last month, which equates to a 0.5% decline compared to March.
Burnaby North is at a benchmark price of 1,285,500 (+1.9% in one month) while Burnaby South comes in at $1,207,900 (+1.3% in one month).
When it comes to single-family detached homes, Burnaby East hit a benchmark price of $1,750,800 (-1.4% in one month), while Burnaby North and South both are more than two million dollars at $2,048,300 (+1.3% in one month) and $2,127,700 (+2.9%) respectively.
Two Burnaby areas saw a drop in townhouse prices with Burnaby East at a benchmark price of $816,500 (-1.5% in one month) and Burnaby South at $878,500 (-1.4% in one month).
Burnaby North saw an increase of 4.9% in one month with a benchmark price of $983,000.
- With additional reporting by Jess Balzer
Follow Chris Campbell on Twitter @shinebox44.