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.
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.