Month: August 2017

It’s been 1 year since the Provincial government introduced “foreign buyers” tax. Here an update of Burnaby detached housing market for July 2017. We will only look at detached properties; townhouses and condos are not included.

• Also see “Burnaby Housing Market Real Estate Update – June 2017“

Average Sales Price

Average Sales Price of detached house in Burnaby in July 2017 (see graph below)

Burnaby East: $1,550,369 | +8.9% (change since July 2016)

Burnaby North: $1,777,200 | +4.5% (change since July 2016)

Burnaby South: 1,916,196 | -5.0% (change since July 2016)

Average Percent of Original Price

Average Percent of the Original Asking Price for detached houses in Burnaby in July 2017 (see graph below)

Burnaby East: 96.9% | -0.9% (change since July 2016)

Burnaby North: 96.4% | -2.1% (change since July 2016)

Burnaby South: 97.7% | -4.6% (change since July 2016)

Total Inventory

Total Inventory of detached houses in Burnaby in July 2017 (see graph below)

Burnaby East: 54 | -22.9% (change since July 2016)

Burnaby North: 196 | +9.5% (change since July 2016)

Burnaby South: 244 | +8.4% (change since July 2016)

New Listings

New Listings of detached houses in Burnaby in July 2017 (see graph below)

Burnaby East: 18 | -35.7% (change since July 2016)

Burnaby North: 75 | -15.7% (change since July 2016)

Burnaby South: 99 | -2.9% (change since July 2016)

Total Sales

Total Sales of detached houses in Burnaby in July 2017 (see graph below)

Burnaby East: 13 | +62.5% (change since July 2016)

Burnaby North: 17 | -41.4% (change since July 2016)

Burnaby South: 23 | -34.3% (change since July 2016)

Sales to Actives Ratio

Sales to the Active Listings Ratio for detached houses in Burnaby in July 2017 (see graph below)

Burnaby East: 0.241 | +111.4% (change since July 2016)

Burnaby North: 0.087 | -46.3% (change since July 2016)

Burnaby South: 0.094 | -39.7% (change since July 2016)

In conclusion, Burnaby detached housing market is a seller’s market in July 2017. There are healthy inventory levels and a good amount of new listings. Prices have gone up slightly since July 2016 but mostly remain about the same. A lot of buyers still lack confidence in the Burnaby housing market.

Metro Vancouver condo market has been very active in the last few months. Here is a detailed look at the Burnaby BC condo market for July 2017. The statistics include one bedroom condo units,only. Detached properties and townhouses are excluded.

• Also see “Burnaby Condo Market Update (1 bedroom) – June 2017“

Average Sales Price

Average Sales Price of one bedroom condo in Burnaby in July 2017 (see graph below)

Burnaby East: $458,300 | +9.6% (change since July 2016)

Burnaby North: $380,776 | +8.8% (change since July 2016)

Burnaby South: 458,538 | +23.9% (change since July 2016)

Average Percent of Original Price

Average Percent of Original Asking Price of one bedroom condo in Burnaby in July 2017 (see graph below)

Burnaby East: 105.4% | +4.0% (change since July 2016)

Burnaby North: 100.7% | -3.1% (change since July 2016)

Burnaby South: 106.5% | +4.4% (change since July 2016)

Average Price Per Square Foot

Average Price Per Square Foot for one bedroom condos in Burnaby in July 2017 (see graph below)

Burnaby East: $743 | +14.3% (change since July 2016)

Burnaby North: $579 | +10.3% (change since July 2016)

Burnaby South: $728 | +30.9% (change since July 2016)

Total Inventory

Total Inventory of one bedroom condos in Burnaby in July 2017 (see graph below)

Burnaby East: 4 | -50.0% (change since July 2016)

Burnaby North: 27 | -37.2% (change since July 2016)

Burnaby South: 37 | -17.8% (change since July 2016)

New Listings

Total New Listings of one bedroom condos in Burnaby in July 2017 (see graph below)

Burnaby East: 5 | 0.0% (change since July 2016)

Burnaby North: 28 | -26.3% (change since July 2016)

Burnaby South: 42 | -17.6% (change since July 2016)

Sales

Total Sales of one bedroom condo units in Burnaby in July 2017 (see graph below)

Burnaby East: 4 | +100.0% (change since July 2016)

Burnaby North: 21 | -22.2% (change since July 2016)

Burnaby South: 26 | -38.1% (change since July 2016)

Sales to Actives Ratio

Sales to Active Listings Ratio for one bedroom condo units in Burnaby in July 2017 (see graph below)

Burnaby East: 1.000 | +300.0% (change since July 2016)

Burnaby North: 0.778 | +23.9% (change since July 2016)

Burnaby South: 0.703 | -24.7% (change since July 2016)

In conclusion, Burnaby condo market in July was a very strong sellers’ market. One bedroom units were selling 1-2% over the original asking price. Low inventory and few new listings are the contributing factors fuelling this hot sellers’ market. Not surprisingly average sales price and average price per square foot are up in July 2017.