Sales of Burnaby homes hit new heights in 2021, according to the latest data.
How high? So high you might get a nosebleed.
The Burnaby real estate market reached an all-time high, according to the Real Estate Board of Greater Vancouver (REBGV) and 2022 is off to a hot start as well.
But don’t be discouraged. There are homes available – dream homes, according to Sarah who spoke to me about the experience she had with her husband.
“It’s worth it to buy your first home and stop renting,” Sarah said. “But you have to be prepared for the hot market. There was a lot of bidders on the home we wanted in Burnaby and we were determined to get it. We needed to go $300K over asking to get our dream Burnaby home, but that’s what it takes. The good news is that we expect it to continue to rise in value as we start a value. It’s a smart investment even if it feels like a rough ride at the time.”
For Burnaby, from January to December 2021, 5,644 resident units were sold, soaring past the 2020 total of 3,372. But the average price for a detached house also soared to $1,790,000 from the 2020 mark of $1,525,000.
This was also reflected in BC Assessment numbers, which show the value of a single-detached house in Burnaby jumped to an average of $1,725,000, a 19% increase from 2020’s $1,449,000. For strata-type homes, such as townhouses and condos, the increase was 10% to $646,000.
For the region, the REBGV reports that residential home sales totalled 43,999 in 2021, a 42.2 per cent increase from the 30,944 sales recorded in 2020, a 73.6 per cent increase from the 25,351 homes sold in 2019, and a four per cent increase over the previous all-time sales record of 42,326 set in 2015.
Last year’s sales total was 33.4 per cent above the 10-year sales average.
“Home has been a focus for residents throughout the pandemic. With low interest rates, increased household savings, more flexible work arrangements, and higher home prices than ever before, Metro Vancouverites, in record numbers, are assessing their housing needs and options,” Keith Stewart, REBGV economist said.
Home listings on the Multiple Listing Service (MLS) in Metro Vancouver reached 62,265 in 2021. This is a 14.7 per cent increase compared to the 54,305 homes listed in 2020 and a 19.9 per cent increase compared to the 51,918 homes listed in 2019.
Last year’s listings total was 11 per cent above the 10-year average.
Follow Chris Campbell on Twitter @shinebox44.
