Burnaby Market Update
East Burnaby, Government Road, Deer Lake, Capitol Hill BN, South Slope and all the sub-areas of Burnaby Real Estate Market Update Report.

Current:  Burnaby's Residential Detached housing market is in a Seller Market with 19 %SOLD rate.
                (This means 19 homes out of 100 sold last month  with an average $29,500  Discount  from  the original price) Lesson

Most Active Range: Homes below $1.3 mill. have 30.0 %SOLD rate
Least Active Range: Homes above $2.6 mill. have 14.0 %SOLD rate.

History: The Burnaby Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $404,309.
               The Burnaby Home PriceIndexHPIp (Lower 50%) Year-To-Date shows that prices increased $271,307.
                   *The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.

Forecast: Burnaby has a normal Listing supply; 329 homes are for sale and with the 19 %SOLD monthly rate gives us a ~5 months of inventory. 8% of the active listings have reduced their price by $126,619 on average or $100,000 median. We project Burnaby to be a continued Seller market.

June's Real Estate Statistics show that the Buyer's market has started. We have 57% of the Single-Family Homes in Metro Vancouver decrease. Average Monthly Price was down $199! This is a marked reversal from last month's $8,840 price increase, and is the 1st drop since winter of 2020. Meanwhile, 61% of the Fraser Valley Detached Markets went down with an Average Price decrease of $14,168 and is the first drop since fall of 2019. Due to tougher mortgage qualification rules, buyer exhaustion, we are forecasting that the majority of the Metro Vancouver Markets will continue to be a Buyer's Market in the coming months.

Currently, Condos have moved to a Buyer's Market with 57% of the Greater Vancouver (Lower Mainland) Condo Prices decreasing. The average monthly price decrease was $403. On the other hand, 71% Townhouse Markets (27 out of 28) prices increased $4,881 on average. We analyze and provide 97 individual City's Home Price Indexes to supply you with the MOST ACCURATE Market Trends every Saturday. Please contact us for your own Market Value Update with an in-depth Analysis and Forecast in your Local Market Area and more specifically - Your Neighborhood.

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