Burnaby BC Condo Market Update for July 2017 (One Bedroom Units)

Oleg First time buyers, For Buyers, For Sellers, Market update, Statistics
Burnaby BC Condo Market Update for July 2017 (One Bedroom Units)

Burnaby condo market update for July 2017

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.

Vancouver BC Housing Market Real Estate Update for July 2017

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Vancouver housing market update July 2017

It’s been one year since “foreign buyer’s” tax was introduced in Metro Vancouver. Here is a real estate update for detached housing in Vancouver East and Vancouver West in July 2017. Brand new construction and attached units are excluded form this update.

Average Sales Price

Average Sales Price of detached houses in Vancouver BC in July 2017 (see graph below)

Vancouver East: $1,604,689 | -5.8% (change since July 2016)

Vancouver West: $4,465,498 | +6.3% (change since July 2016)

 

Average Percent of Original Price

Average Percent of the Original Asking Price of detached homes in Vancouver BC in July 2017 (see graph below)

Vancouver East: 98.7% | -3.5% (change since July 2016)

Vancouver West: 95.5% | -5.3% (change since July 2016)

Total Inventory

Total Inventory of detached homes available in Vancouver BC in July 2017 (see graph below)

Vancouver East: 791 | +23.8% (change since July 2016)

Vancouver West: 728 | +7.2% (change since July 2016)

New Listings

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

Vancouver East: 248 | -20.3% (change since July 2016)

Vancouver West: 224 | -12.8% (change since July 2016)

Sales

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

Vancouver East: 104 | -9.6% (change since July 2016)

Vancouver West: 72 | -30.8% (change since July 2016)

Sales to Actives Ratio

Sales to Active Listings Ratio of detached houses in Vancouver BC in July 2017 (see graph below)

Vancouver East: 0.131 | -27.2% (change since July 2016)

Vancouver West: 0.099 | -35.3% (change since July 2016)

In conclusion, Vancouver housing market is currently a buyer’s market. Inventory levels are a bit high. Sales are slowing down as we head into late summer real estate market. Housing prices in Vancouver are “treading water”.

Downtown Vancouver Condos Market Update for July 2017 (1 bedroom)

Oleg First time buyers, For Buyers, For Sellers, Market update, News, Statistics

vancouver downtown condo market update july 2017

Downtown Vancouver condo units are in high demand. Here a detailed condo market update for 1 bedroom units in downtown Vancouver. We’ve excluded townhouses and detached houses form the statistics.

Average Sales Price

Average Sales Price of ONE bedroom condo units in downtown Vancouver in July 2017 (see graph below)

Coal Harbour: $705,322 | +5.8% (change since July 2016)

Downtown VW: $631,732 | +15.9% (change since July 2016)

West End: $603,633 | -5.3% (change since July 2016)

Yaletown: $722,642 | +18.6% (change since July 2016)

Average Percent of Original Listing Price

Average Percent of Original Price of ONE bedroom condo units in downtown Vancouver in July 2017 (see graph below)

Coal Harbour: 103.4% | +0.1% (change since July 2016)

Downtown VW: 103.5% | -2.3% (change since July 2016)

West End: 99.3% | -4.9% (change since July 2016)

Yaletown: 103.3% | -0.2% (change since July 2016)

Average Price Per Square Foot

Average Price Per Square Foot of ONE bedroom condo units in downtown Vancouver in July 2017 (see graph below)

Coal Harbour: $1,191 | +6.0% (change since July 2016)

Downtown VW: $1,057 | +15.1% (change since July 2016)

West End: $940 | +6.1% (change since July 2016)

Yaletown: $1,133 | +15.5% (change since July 2016)

Total Inventory

Total Available Inventory of ONE bedroom condo units in downtown Vancouver in July 2017 (see graph below)

Coal Harbour: 15 | -16.7% (change since July 2016)

Downtown VW: 108 | +24.1% (change since July 2016)

West End: 43 | +43.3% (change since July 2016)

Yaletown: 25 | -47.9% (change since July 2016)

New Listings

All New Listings of ONE bedroom condos in downtown Vancouver in July 2017 (see graph below)

Coal Harbour: 16 | +23.1% (change since July 2016)

Downtown VW: 84 | -6.7% (change since July 2016)

West End: 37 | +48.0% (change since July 2016)

Yaletown: 32 | -25.6% (change since July 2016)

Sales

Total Number of Sales of ONE bedroom condos in downtown Vancouver in July 2017 (see graph below)

Coal Harbour: 9 | +28.6% (change since July 2016)

Downtown VW: 59 | +3.5% (change since July 2016)

West End: 18 | +28.6% (change since July 2016)

Yaletown: 24 | -14.3% (change since July 2016)

Sales to Active Listings Ratio

Sales to Actives Ratio for ONE bedroom condos in downtown Vancouver in July 2017 (see graph below)

Coal Harbour: 0.600 | +54.2% (change since July 2016)

Downtown VW: 0.546 | -16.6% (change since July 2016)

West End: 0.419 | -10.3% (change since July 2016)

Yaletown: 0.960 | +64.7% (change since July 2016)

In conclusion, downtown Vancouver condo market is a strong seller’s market. Most condo units are selling for more than the original asking price. Average sales price and average price per square foot is significantly higher as compared to last year.

Burnaby Condo Market Update (1 bedroom) – June 2017

Oleg First time buyers, For Buyers, For Sellers, Market update, Statistics

Burnaby BC condo market update

Here is a real estate market update of one bedroom condo unit in Burnaby BC in June 2017. This market update only includes condos; townhouses and houses are excluded. Statistics only include 1 bedroom condos, but the 2+ condo market is very similar.

Average Sales Price

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

Burnaby East: $457,500 | +22.5% (change since June 2016)

Burnaby North: $392,209 | +20.7% (change since June 2016)

Burnaby South: $470,880 | +34.5% (change since June 2016)

Average Percent of Original Listing Price

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

Burnaby East: 105.6% | +2.9% (change since June 2016)

Burnaby North: 104.2% | +1.6% (change since June 2016)

Burnaby South: 108.0% | +5.8% (change since June 2016)

Average Price Per Square Foot

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

Burnaby East: $809 | +43.7% (change since June 2016)

Burnaby North: $572 | +18.9% (change since June 2016)

Burnaby South: $729 | +29.3% (change since June 2016)

Total Inventory

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

Burnaby East: 4 | -20.0% (change since June 2016)

Burnaby North: 26 | -21.2% (change since June 2016)

Burnaby South: 25 | -47.9% (change since June 2016)

New Listings

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

Burnaby East: 6 | +20.0% (change since June 2016)

Burnaby North: 27 | -15.6% (change since June 2016)

Burnaby South: 40 | -11.1% (change since June 2016)

Sales

Total number of Sales of one bedroom condos in Burnaby in June 2017 (see graph below)

Burnaby East: 2 | -66.7% (change since June 2016)

Burnaby North: 39 | -4.9% (change since June 2016)

Burnaby South: 42 | -14.3% (change since June 2016)

Sales to Active Listings Ratio

Sales to Actives Ration of one bedroom condos in Burnaby in June 2017 (see graph below)

Burnaby East: 0.500 | -58.3% (change since June 2016)

Burnaby North: 1.500 | +20.8% (change since June 2016)

Burnaby South: 1.680 | +64.5% (change since June 2016)

In conclusion, Burnaby condo market is very active. On average condos are selling 5-8% over the original listing price. Sales to actives ratio indicates very strong sellers market. Prices continuously climbing and inventory levels are unusually low for the season.

Vancouver Housing Market Update – June 2017

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vancouver housing update

Here are the real estate stats for the Vancouver housing market in June 2017. We will only look at resale detached houses. Condos and townhouses are excluded. Brand new construction is also excluded. Each graph goes back 3 years.

Average Sales Price

Average Sales Price of detached houses in Vancouver BC in June 2017 (see graph below)

Vancouver East: $1,692,376 | +1.8% (change since June 2016)

Vancouver West: $3,931,582 | -5.3% (change since June 2016)

Average Percent of Original Price

Average percent of original price of detached houses in Vancouver BC in June 2017 (see graph below)

Vancouver East: 100.7% | -4.7% (change since June 2016)

Vancouver West: 97.9% | -4.4% (change since June 2016)

Total Inventory

Total Inventory of detached houses in Vancouver BC in June 2017 (see graph below)

Vancouver East: 785 | +37.5% (change since June 2016)

Vancouver West: 712 | +11.8% (change since June 2016)

New Listings

Total number of the new listings of detached houses in Vancouver BC in June 2017 (see graph below)

Vancouver East: 332 | +4.7%(change since June 2016)

Vancouver West: 323 | +2.5% (change since June 2016)

Sales

Total number of detached houses sold in Vancouver BC in June 2017 (see graph below)

Vancouver East: 156 | +1.3% (change since June 2016)

Vancouver West: 108 | -27.5% (change since June 2016)

Sales to Active Listings Ratio

Sales to the active listings ratio of detached houses in Vancouver BC in June 2017 (see graph below)

Vancouver East: 0.199 | -26.3% (change since June 2016)

Vancouver West: 0.152 | -35.0% (change since June 2016)

In conclusion, Vancouver housing prices are holding steady. Properties are selling reasonably well. We see good inventory levels and good influx of new listings every month. The housing market in Vancouver East is stronger than in Vancouver West with more buyer activity. Overall both Vancouver East and Vancouver West are balanced markets (based on sales to active listings ratio).

Burnaby Housing Market Real Estate Update – June 2017

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burnaby housing market update

Here is a real estate update of Burnaby housing market for June 2017. We will look at detached market only. Condos and townhouses have their own market update in a separate blog post. We will only look at resale homes (no new construction).

Average Sales Price

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

Burnaby East: $1,634,000 | +12.6% (change since June 2016)

Burnaby North: $1,737,458 | -3.6% (change since June 2016)

Burnaby South: $1,846,264 | +4.6% (change since June 2016)

Average Percent of Original Asking Price

Average Percent of Original Price of houses in Burnaby in June 2017 (see graph below)

Burnaby East: 99.6% | -3.2% (change since June 2016)

Burnaby North: 97.3% | -3.4% (change since June 2016)

Burnaby South: 98.8% | -5.4% (change since June 2016)

Total Inventory

Total inventory of detached houses in Burnaby in June 2017 (see graph below)

Burnaby East: 58 | 0.0% (change since June 2016)

Burnaby North: 177 | +13.5% (change since June 2016)

Burnaby South: 224 | +15.5% (change since June 2016)

New Listings

Total number of New Listings of detached houses in Burnaby in June 2017 (see graph below)

Burnaby East: 28 | -15.2% (change since June 2016)

Burnaby North: 101 | +6.3% (change since June 2016)

Burnaby South: 107 | 0.0% (change since June 2016)

Sales

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

Burnaby East:  9 | -55.0% (change since June 2016)

Burnaby North: 43 | -8.5% (change since June 2016)

Burnaby South: 46 | -8.0% (change since June 2016)

Sales to Active Listings Ratio

Sales to Active Listings Ratio of detached houses in Burnaby in June 2017 (see graph below)

Burnaby East:  0.155 | -55.1% (change since June 2016)

Burnaby North: 0.243 | -19.3% (change since June 2016)

Burnaby South: 0.205 | -20.5% (change since June 2016)

In conclusion, Burnaby detached housing market is a little slower than it was at this time last year. Average sale price prices remain strong. Average sale price of detached houses in Burnaby East is at it’s all time high. We see healthy inventory levels in all the Burnaby areas. Total number of sales is about the same as June 2016.  Based on the Sales to Active Listings Ration all three Burnaby areas are in a balanced market with a slight favourability of sellers.

Vancouver Downtown Condo Market Update – June 2017

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Downtown Vancouver has experienced high levels of market activity over the last couple of months. Price increases, high sales to active listings ratio and low inventory levels.

Here is a detailed breakdown of Downtown Vancouver condo market for June 2017. Only resale real estate is accounted for. The statistics below represent one bedroom and studio condo units.

Average Sales Price

Average Sales Price of ONE bedroom condo units in downtown Vancouver in June 2017 (see graph below)

Coal Harbour: $867,889 | +5.3% (change since June 2016)

Downtown VW: $655,465 | +15.2% (change since June 2016)

West End: $600,197 | +9.3% (change since June 2016)

Yaletown: $711,028 | +13.1% (change since June 2016)

 

Average Percent of Original Price

Average Percent of Original Asking Price for ONE bedroom condo units in downtown Vancouver in June 2017 (see graph below)

Coal Harbour: 105.2% | -0.8% (change since June 2016)

Downtown VW: 104.0% | -1.9% (change since June 2016)

West End: 103.7% | -4.1% (change since June 2016)

Yaletown: 101.1% | -4.1% (change since June 2016)

 

 

Average Price Per Square Foot

Average Price Per Square Foot for ONE bedroom condo units in downtown Vancouver in June 2017 (see graph below)

Coal Harbour: $1,270 | +13.2% (change since June 2016)

Downtown VW: $1,065 | +15.1% (change since June 2016)

West End: $991 | +17.6% (change since June 2016)

Yaletown: $1,096 | +11.3% (change since June 2016)

 

 

Total Inventory

Total Inventory of ONE bedroom condo units for sale in downtown Vancouver in June 2017 (see graph below)

Coal Harbour: 12 | -14.3% (change since June 2016)

Downtown VW: 51 | -22.7% (change since June 2016)

West End: 32 | +14.3% (change since June 2016)

Yaletown: 22 | -42.1% (change since June 2016)

 

 

New Listings

New Listings of ONE bedroom condo units for sale in downtown Vancouver in June 2017 (see graph below)

Coal Harbour: 9 | -25.0% (change since June 2016)

Downtown VW: 76 | -23.2% (change since June 2016)

West End: 29 | +3.6% (change since June 2016)

Yaletown: 24 | -51.0% (change since June 2016)

 

Total Sales

Number of Sales of ONE bedroom condo units in downtown Vancouver in June 2017 (see graph below)

Coal Harbour: 9 | 0.0% (change since June 2016)

Downtown VW: 65 | -30.9% (change since June 2016)

West End: 18 | -35.7% (change since June 2016)

Yaletown: 25 | -44.4% (change since June 2016)

 

 

Sales to Actives Ratio

Number of Sales of ONE bedroom condo units in downtown Vancouver in June 2017 (see graph below)

Coal Harbour: 0.750 | +16.6% (change since June 2016)

Downtown VW: 1.275 | -10.5% (change since June 2016)

West End: 0.563 | -43.7% (change since June 2016)

Yaletown: 1.136 | -4.1% (change since June 2016)

In conclusion, all of Vancouver Downtown neighbourhoods are very active. Condos are selling for over the asking price with multiple offers. Prices have increased since last year. The inventory levels decreased as compared to last year June, which already had record low inventory levels.

Downtown Vancouver Condos Market Update – March 2017

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March was a busy months for the downtown condo market. Here is a detailed breakdown. Let’s take a look at 1 and 2 bedroom resale condo market. No townhouses; no new construction. All graphs go back 3 years.

Average Sales Price

Average Sales Price of ONE bedroom condo units in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: $680,250 | -3.0% (change since March 2016)

Downtown VW: $555,303 | +10.1% (change since March 2016)

West End: $532,850 | +22.3% (change since March 2016)

Yaletown: $661,967 | +13.5% (change since March 2016)

 

Average Sales Price of TWO bedroom condo units in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: $1,592,200 | -14.0% (change since March 2016)

Downtown VW: $950,038 | +10.8% (change since March 2016)

West End: $931,133 | -8.0% (change since March 2016)

Yaletown: $1,217,538 | -0.3% (change since March 2016)

Average Percent of Original Price

Average Percent of Original Asking Price for ONE bedroom condo units in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: 98.7% | -4.2% (change since March 2016)

Downtown VW: 100.5% | -3.7% (change since March 2016)

West End: 103.3% | +0.6% (change since March 2016)

Yaletown: 101.8% | -3.8% (change since March 2016)

Average Percent of Original Asking Price for TWO bedroom condo units in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: 101.2% | +3.3% (change since March 2016)

Downtown VW: 99.0% | -4.1% (change since March 2016)

West End: 100.0% | -1.4% (change since March 2016)

Yaletown: 100.9% | -0.5% (change since March 2016)

 

Average Price Per Square Foot

Average Price Per Square Foot for ONE bedroom condo units in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: $1,113 | +13.5% (change since March 2016)

Downtown VW: $940 | +14.1% (change since March 2016)

West End: $905 | +24.0% (change since March 2016)

Yaletown: $1,037 | +16.9% (change since March 2016)

Average Price Per Square Foot for TWO bedroom condo units in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: $1,480 | +15.4% (change since March 2016)

Downtown VW: $1,010 | +16.6% (change since March 2016)

West End: $938 | +4.5% (change since March 2016)

Yaletown: $1,142 | +6.0% (change since March 2016)

 

Total Inventory

Total Inventory of ONE bedroom condo units for sale in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: 11 | +22.2% (change since March 2016)

Downtown VW: 59 | -15.7% (change since March 2016)

West End: 23 | -17.9% (change since March 2016)

Yaletown: 29 | +52.6% (change since March 2016)

 

Total Inventory of TWO bedroom condo units for sale in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: 38 | +65.2% (change since March 2016)

Downtown VW: 51 | -5.6% (change since March 2016)

West End: 32 | -22.0% (change since March 2016)

Yaletown: 46 | +27.8% (change since March 2016)

New Listings

New Listings of ONE bedroom condo units for sale in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: 12 | 0.0% (change since March 2016)

Downtown VW: 62 | -46.6% (change since March 2016)

West End: 31 | +3.3% (change since March 2016)

Yaletown: 38 | -2.6% (change since March 2016)

 

New Listings of TWO bedroom condo units for sale in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: 25 | +66.7% (change since March 2016)

Downtown VW: 43 | -29.5% (change since March 2016)

West End: 24 | -38.5% (change since March 2016)

Yaletown: 42 | +10.5% (change since March 2016)

Total Sales

Number of Sales of ONE bedroom condo units in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: 12 | 0.0% (change since March 2016)

Downtown VW: 58 | -44.8% (change since March 2016)

West End: 29 | -31.0% (change since March 2016)

Yaletown: 30 | -25.0% (change since March 2016)

 

Number of Sales of TWO bedroom condo units in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: 5 | -77.3% (change since March 2016)

Downtown VW: 39 | -25.0% (change since March 2016)

West End: 18 | -56.1% (change since March 2016)

Yaletown: 39 | +5.4% (change since March 2016)

 

Sales to Actives Ratio

Number of Sales of ONE bedroom condo units in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: 1.091 | -18.2% (change since March 2016)

Downtown VW: 0.983 | -34.5% (change since March 2016)

West End: 1.261 | -15.9% (change since March 2016)

Yaletown: 1.034 | -50.9% (change since March 2016)

Number of Sales of TWO bedroom condo units in downtown Vancouver in March 2017 (see graph below)

Coal Harbour: 0.132 | -86.2% (change since March 2016)

Downtown VW: 0.765 | -20.6% (change since March 2016)

West End: 0.563 | -43.7% (change since March 2016)

Yaletown: 0.848 | -17.5% (change since March 2016)

In conclusion, downtown condo market is still very active. On average one bedroom units are selling for over the asking price with multiple offers. The prices for two bedroom units continue “treading water”. We see low inventory levels for both 1 and 2 bedroom units. Overall the market in downtown Vancouver is active this spring season.

Burnaby BC Condo Market Update – February 2017

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Here is a detailed breakdown of Burnaby BC condo market for February 2017. We will look at both 1 and 2 bedroom units. Townhouses and detached properties are not included in the statistics. Only resale properties are accounted for; no new construction.

Average Sales Price for 1 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: $373,057 | +17.3% (change since February 2017)

Average Sales Price for 2 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: $571,335 | +20.6% (change since February 2017)

Average Percent of Original Price for 1 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 99.8% | +1.8% (change since February 2017)


Average Percent of Original Price for 2 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 99.9% | +0.9% (change since February 2017)

 

 

Average Price Per Square Foot for 1 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: $582 | +13.9% (change since February 2017)

Average Price Per Square Foot for 2 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: $576 | +13.8% (change since February 2017)

 

 

Total Inventory of 1 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 61 | -46.0% (change since February 2017)

Total Inventory of 2 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 136 | -40.4% (change since February 2017)

 

 

New listings of 1 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 55 | -20.3% (change since February 2017)

New listings of 2 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: $388,204 | +25.5% (change since February 2017)

 

 

Total Sales of 1 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 40 | -42.0% (change since February 2017)

Total Sales of 2 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 72 | -36.8% (change since February 2017)

 

 

Sales to Active Listings Ratio of 1 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 0.656 | +7.4% (change since February 2017)

Sales to Active Listings Ratio of 2 Bedroom Condos in Burnaby in February 2017 (see graph below)

February 2017: 0.529 | +5.8% (change since February 2017)

 

In conclusion, Burnaby condo market is still a very strong sellers market. We see a very strong buyer demand for both 1 and 2 bedroom units. Low inventory demand and hight buyer demand are driving the market. Many condos are still selling with multiple offers and over the asking price.

What you need to know about Burnaby housing market – February 2017

Oleg First time buyers, For Buyers, For Sellers, Market update, Statistics

Here is a detailed breakdown of Burnaby BC housing market for February 2017. We will only look at resale detached houses; no new construction; no townhouses.

Average Sales Price of Houses in Burnaby in February 2017 and for the past 3 years (see graph below)

Burnaby: $1,634,617 | +0.2% (change since February 2016)

January 2017: $1,498,939

There is a slight improvement in the average sales price as compared to January 2017. However, it’s to early to tell.

Average Percent of Original Asking Price for houses in Burnaby in February 2017 and for the past 3 years (see graph below)

Burnaby: 95.9% | -11.6% (change since February 2016)

January 2017: 90.8%

On average houses were sold for about 4-5% under the original asking price.

Average Amount of Time it Took to Sell a House in Burnaby  in February 2017 and for the past 3 years (see graph below)

Burnaby: 39 | +143.8% (change since February 2016)

January 2017: 68

Average length of time for the sale of a detached house in Burnaby was just over a month. That number is consistent with what we’ve seen over the last 10 years.

Total Inventory of Houses for Sale in Burnaby in February 2017 and for the past 3 years (see graph below)

Burnaby: 373 | +47.4% (change since February 2016)

January 2017: 344

We are reaching the 10 year inventory average for this season. Last year there were unusually low levels of inventory.

New Listings of Houses for Sale in Burnaby BC in February 2017 and for the past 3 years (see graph below)

Burnaby: 139 | -41.4% (change since February 2016)

January 2017: 160

Total Sales in February 2017 and for the past 3 years (see graph below)

Burnaby: 48 | -66.0% (change since February 2016)

January 2017: 39

The total sales are still lower than the 10 year average.

Sales to Active Listings Ratio in February 2017 and for the past 3 years (see graph below)

Burnaby: 0.129 | -76.8% (change since February 2016)

January 2017: 0.11

Based on the sales to active listings ratio Burnaby housing market is currently “balanced” market. However, it’s very close to being a “buyers market”.

In conclusion, Burnaby housing market is a balanced market with average inventory levels. The average sales price over the last few months has been about the same.