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.
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.