From my experience, most of the people searching for 1 bedroom condos in Burnaby BC are either first time buyers or investors. However, you don’t have to be a first time buyer or an investor to find the information in this article useful.
We will breakdown 1 bedroom, resale (no new construction), condo and apartment units in Burnaby BC. Townhouses are not included in these graph and statistics. We will focus on November 2016 and the changes in the real estate trends over the past year. Each graph is from January 2013 to November 2016.
Lets start by looking at Average Sale Price for 1 bedroom condo in Burnaby in November 2016 (see graph below)
Burnaby: $344,681 | +17.6% (change since November 2015)
We see huge market price gains in November 2016 as compared to November 2015. There is a slight dip in prices as compared to Summer 2016. Not a big deal. Slight price variations are expected over the annual cycle of the real estate market.
Next, lets look at Average Percent of Original Price in November 2016 (see graph below)
Burnaby: 99.2% | +2.9% (change since November 2015)
Sellers in Burnaby are still getting almost full asking price for their 1 bedroom condos. 99.2% of the asking price is well above the 10 year average. This tells us that the demand for 1 bedroom condos in Burnaby is high.
Lets talk about Average Price Per Square Foot in November 2016 (see graph below)
Burnaby: $547 | +24.0% (change since November 2015)
The average price per square foot is up quite a bit since November of last year. We see record breaking numbers here.
Now, lets look at the Total Number of 1 Bedroom Condos for Sale in Burnaby in November 2016 (see graph below)
Burnaby: 50 | -71.8% (change since November 2015)
Huge drops in total inventory numbers. In fact it’s the lowest it has been since December 2007. With high buyers’ demand and record low inventory it’s likely for prices to go up even higher.
Lets take a look at the Number of New Listing on the Market next (see graph below)
Burnaby: 33 | -45.0% (change since November 2015)
Big drop in the number of new listings as compared to November 2015. However, it’s not unusual for the number of new listings to be low for this time of year.
Now, lets take a look at the Total Number of 1 Bedroom Condos Sold in November 2016 (see graph below)
Burnaby: 43 | 0.0% (change since November 2015)
We have identical number of sales as we did last November. It is well about the 10 year average for this time of year. Buyers demand for 1 bedroom condos in Burnaby is high.
Lastly, lets have a look at Sales to Active Listings Ratio in November 2016 (see graph below)
Burnaby: 0.860 | +253.9% (change since November 2015)
Huge increase in the sales to active listings ratio since November 2015. Currently Burnaby 1 bedroom condo market is a very strong “sellers” market. 8.6 out of 10 condos were sold this November.
In summery, Burnaby 1 bedroom condo market is a very strong “sellers” market. The inventory levels are very low and the demand is high. We see record breaking prices.
I hope you found this article helpful. If so, please, share it with someone who’s looking for a Burnaby condo or someone who owns a condo in Burnaby and would appreciate the extra info.
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*All of the statistics and graphs have been taken from Real Estate Board of Greater Vancouver.