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 Stable Market with 13 %SOLD rate.
(This means 13 homes out of 100 sold last month  with an average $98,000  Discount  from  the original price) Lesson

Most Active Range: Homes below $1.3 mill. have 24.6 %SOLD rate
Least Active Range: Homes above $2.5 mill. have 5.3 %SOLD rate.

History: The Burnaby Year-To-Date Home Price Index HPIp (Top 50%) shows that prices decreased $130,000.
The Burnaby Home PriceIndexHPIp (Lower 50%) Year-To-Date shows that prices decreased $155,745.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.

Forecast: Burnaby has a normal Listing supply; 409 homes are for sale and with the 13 %SOLD monthly rate gives us a ~8 months of inventory. 12% of the active listings have reduced their price by $106,068 on average or $100,000 median. We project Burnaby to be a continued Stable market.

July's Real Estate Statistics shows 74% of Vancouver's Detached Home decreased in values this month. Overall, Single Family Homes in Metro Vancouver experienced an Average Monthly Price Decrease of $22,076. This demonstrates a trend of deeper declines as evidenced from the $18,158 drop in June, $14,880 drop in May and the $8,007 drop in April. On the other hand, the Fraser Valley also shows a declined this month with the monthly price decrease of $3,176. We are forecasting Declining Detached Home Prices across most of the Fraser Valley and Vancouver Markets the next quarter.

Currently, the Condo Market presents a Cool Market with 87% of the Greater Vancouver (Lower Mainland) Condo Prices decreasing $6,482 on average. On the same note, 81% of the Townhouse Markets decreased $3,507 on average (23 out of 28 Markets). We are forecasting a Buyer’s Market in most Condo and Townhouse Markets for the coming quarter. We analyze and provide 97 individual City's Home Price Indexes to supply you the MOST ACCURATE Market Trends every 2 weeks. 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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