Burnaby Mountain condo market "balanced" in February 

In February the Burnaby Mountain SFU condo and townhouse real estate market was in an upper “Balanced” market. Since December we’ve seen inventory increase slowly and upwards pressure on pricing on segments of the market.

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 22%, with 41 listings and 9 sales in February.

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 February:

  • Overall a “Seller’s” market with a 30%, list to sales ratio with an average  3 in 10 selling rate
  • The most active price range was for homes between $400K to $500K with an average 56% list to sales ratio
  • Condos & townhomes are selling on average 1% below list price.
  • Buyer’s Best Bet: Homes between $1M to $1.25M, in Oaklands, and minimum 2-3 bedroom properties
  • Seller’s Best Bet: Selling Homes in Central Park, Edmonds, Government Road and up to 1 bedroom properties.

When comparing February to January Burnaby condo & townhome inventory increased by 9%, total sales increased by 12%, and benchmark prices increased by 5%.

Any Q's or more specific information needed on a particular neighbourhood please contact us. 

We're here to help! Over 13 year’s of awarding winning experience and service for home buyers and sellers.

All stats derived from Dean Wegman & SnapStats.