Here is a real estate market update of one bedroom condo unit in Burnaby BC in June 2017. This market update only includes condos; townhouses and houses are excluded. Statistics only include 1 bedroom condos, but the 2+ condo market is very similar.
Average Sales Price
Average Sales Price of one bedroom condo in Burnaby in June 2017 (see graph below)
Burnaby East: $457,500 | +22.5% (change since June 2016)
Burnaby North: $392,209 | +20.7% (change since June 2016)
Burnaby South: $470,880 | +34.5% (change since June 2016)
Average Percent of Original Listing Price
Average Percent of Original Price of one bedroom condo in Burnaby in June 2017 (see graph below)
Burnaby East: 105.6% | +2.9% (change since June 2016)
Burnaby North: 104.2% | +1.6% (change since June 2016)
Burnaby South: 108.0% | +5.8% (change since June 2016)
Average Price Per Square Foot
Average Price Per Square Foot of one bedroom condos in Burnaby in June 2017 (see graph below)
Burnaby East: $809 | +43.7% (change since June 2016)
Burnaby North: $572 | +18.9% (change since June 2016)
Burnaby South: $729 | +29.3% (change since June 2016)
Total Inventory
Total Inventory of one bedroom condos in Burnaby in June 2017 (see graph below)
Burnaby East: 4 | -20.0% (change since June 2016)
Burnaby North: 26 | -21.2% (change since June 2016)
Burnaby South: 25 | -47.9% (change since June 2016)
New Listings
Total number of New Listings of one bedroom condos in Burnaby in June 2017 (see graph below)
Burnaby East: 6 | +20.0% (change since June 2016)
Burnaby North: 27 | -15.6% (change since June 2016)
Burnaby South: 40 | -11.1% (change since June 2016)
Sales
Total number of Sales of one bedroom condos in Burnaby in June 2017 (see graph below)
Burnaby East: 2 | -66.7% (change since June 2016)
Burnaby North: 39 | -4.9% (change since June 2016)
Burnaby South: 42 | -14.3% (change since June 2016)
Sales to Active Listings Ratio
Sales to Actives Ration of one bedroom condos in Burnaby in June 2017 (see graph below)
Burnaby East: 0.500 | -58.3% (change since June 2016)
Burnaby North: 1.500 | +20.8% (change since June 2016)
Burnaby South: 1.680 | +64.5% (change since June 2016)
In conclusion, Burnaby condo market is very active. On average condos are selling 5-8% over the original listing price. Sales to actives ratio indicates very strong sellers market. Prices continuously climbing and inventory levels are unusually low for the season.