Here is a closer look at 1 bedroom and studio condo units in Burnaby BC in October 2017. This market update will only focus on strata properties; detached houses are excluded. New construction buildings are also excluded.
Average Sales Price
Average Sales Price of one bedroom condos in Burnaby in October 2017 (see graph below)
Burnaby East: $459,000 | +16.2% (change since October 2016)
Burnaby North: $449,457 | +32.8% (change since October 2016)
Burnaby South: $483,581 | +37.2% (change since October 2016)
Average Percent of Original Price
Average Percent of Original Asking Price of one bedroom condos in Burnaby in October 2017 (see graph below)
Burnaby East: 98.3% | -3.2% (change since October 2016)
Burnaby North: 102.1% | +4.9% (change since October 2016)
Burnaby South: 101.5% | +2.9% (change since October 2016)
Average Price Per Square Foot
Average Price Per Square Foot for one bedroom condos in Burnaby in October 2017 (see graph below)
Burnaby East: $745 | +30.7% (change since October 2016)
Burnaby North: $674 | +39.5% (change since October 2016)
Burnaby South: $744 | +41.7% (change since October 2016)
Total Inventory
Total Inventory of one bedroom condo units in Burnaby in October 2017 (see graph below)
Burnaby East: 3 | -50.0% (change since October 2016)
Burnaby North: 26 | -21.2% (change since October 2016)
Burnaby South: 25 | -21.9% (change since October 2016)
New Listings
New Listings of one bedroom condo units in Burnaby in October 2017 (see graph below)
Burnaby East: 2 | -33.3% (change since October 2016)
Burnaby North: 28 | +33.3% (change since October 2016)
Burnaby South: 29 | +20.8% (change since October 2016)
Sales
Total Sales of one bedroom condo units in Burnaby in October 2017 (see graph below)
Burnaby East: 2 | +100.0% (change since October 2016)
Burnaby North: 27 | +35.0% (change since October 2016)
Burnaby South: 37 | +60.9% (change since October 2016)
Sales to Actives Ratio
Sales to Active Listings Ratio of one bedroom condo units in Burnaby in October 2017 (see graph below)
Burnaby East: 0.667 | +299.4% (change since October 2016)
Burnaby North: 1.038 | +71.3% (change since October 2016)
Burnaby South: 1.480 | +105.8% (change since October 2016)
In conclusion, the real estate market for condo units in Burnaby is still incredibly hot. A lot of units are selling over the asking price with multiple offers. We also see month after month a decreasing number of total inventory.