The local real estate market is still slowing down as far as sales go, but it’s still “crazy” according to some Burnaby buyers frustrated by the demands of sellers.
Sonia contacted me after reading my recent blog about the “multiple offer madness” detailed by a dad who was helping his daughter buy a new place.
“It was so much like our experience,” said Sonia, a 30-something Vancouver renter looking to buy a condo with her husband in Burnaby. “We were told right away by one agent that we would have to forget about subjects and go way over asking if we wanted any shot at a place we like in Metrotown. I was livid because that's just so unfair and risky.”
That’s because there were so many other bidders – bidders willing to ditch common sense in order to score a place.
“I said we have to at least be able to have someone inspect the place,” Sonia said. “They laughed at us for wanting an inspection. It’s such a crazy market we’re thinking of just waiting to see if things calm down.”
The Metro Vancouver housing market did see steady home sale and listing activity in May, but it’s been a downward shift from the record-breaking activity seen in the earlier spring months.
But things are still red hot in Burnaby, with some staggering numbers in May compared to May 2020.
The Real Estate Board of Greater Vancouver (REBGV) reports that in Burnaby, there were 521 homes sold between apartments, townhouses and single-detached houses.
That’s down from 655 in April, but up a lot from May 2020’s 160 homes sold. Prices also skyrocketed, with a single-detached house going for $1.8 million compared to $1.4 million in May 2020.
The REBGV reports that residential home sales in the region totalled 4,268 in May 2021, a 187.4 per cent increase from the 1,485 sales recorded in May 2020, and a 13 per cent decrease from the 4,908 homes sold in April 2021.
Last month’s sales were 27.7 per cent above the 10-year May sales average.
Follow Chris Campbell on Twitter @shinebox44.