The SFU condo market after a strong years ends 2018 favouring buyers

In December the Burnaby Mountain SFU condo and townhouse real estate market was in a “buyer’s” market as sales continue to decline and buyers adopt a wait and see approach. Though the main drivers of the housing market remain strong, there continues to be an adjustment to the new mortgage rules and tax’s introduced in 2018 by the federal and provincial government.

How do we know? List to Sales Ratio 

  • A buyer’s market has a 0-12% list to sales ratio
  • A balanced market has a 12-20% list to sales ratio
  • A seller’s market has a 21% or greater list to sales ratio

For Burnaby Mountain SFU the overall list to sales was 10%, with 30 listings and 3 sales in December.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The BIGGER picture 

Here’s the breakdown for condos and town homes in the city of Burnaby in December:

  • Overall a “balanced” market with a 14%, list to sales ratio with an average  1.4 in 10 selling rate
  • The most active price range was for homes between $300K to $400K with a 47% list to sales ratio
  • Condos & townhomes are selling on average 100% at list price.
  • Buyer’s Best Bet: Homes between $1M to $1.25M, in Forest Glen, Metrotown, SFU, and up to 2 bedroom properties
  • Seller’s Best Bet: Selling Homes in Central Park, South Slope and up to 1 bedroom properties.

When comparing December to November Burnaby condo & townhome inventory decreased by 20%, total sales decreased by 34%, and benchmark prices dipped by 2%.

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All stats derived from Dean Wegman & SnapStats.