Market Watch - The Average Selling Price of Homes in Burnaby Increased by 42%

Our latest market report, the rennie review, has found significant changes in market statistics in Burnaby which point to a seller’s market for both attached and detached homes. This monthly report takes a detailed look at the real estate marketplace in Vancouver and the Lower Mainland, as well as across the nation.

Notable changes for homes in Burnaby (detached homes)
The number of active listings have decreased year over year by 21%, from 293 to 369. The number of sales of detached homes also saw a decrease of 7% year over year, with 137 homes sold in April 2016. Although there were decreases in both listings and number of sales, it took less time to sell a home with the average days on market at 15 in April of 2016, in comparison to the same time last year where it was 23 -  a decrease of 35%. The average selling price of homes in Burnaby have risen considerably at 42% year over year, at $1,787,460 in April 2016 from $1,255,959 in April 2015.

Despite the decrease in active listings and sales, homes are selling quickly and prices have increased, which indicate a seller’s market for homes in Burnaby.

Notable changes for condominiums in Burnaby (attached homes)
In comparison to the previous year, active listings have decreased by 55%, from 939 to 418. Despite the drop in the number of listings, the number of sales have increased 4% year over year, with 296 condos sold in April 2016. What’s more, condominiums are selling faster this year with the average number of days on market at 18, compared to 33 last year - a decrease of 45%. The average selling price of condominiums in April 2016 has risen 18% year over year to $552,660, where in April 2015 it was $466,876.

A decrease in listings, and an increase in sales and average selling price indicate that it’s a seller’s market for condominiums in Burnaby.

Read the full rennie review here for more information on market statistics by neighbourhood, current rennie projects, team profiles and more.

Looking to buy or sell a home in Burnaby? Our rennie advisors specialize in every neighbourhood in the Lower Mainland and can help you find the home best suited to your needs.

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