Burnaby Mountain remains in a "Buyers" market in May

The month of May saw real estate conditions remain in favour of home buyers for the Burnaby Mountain/SFU area as the lockdown and social distancing procedures of the COVID 19 continued.  Inventory and sales both rose slightly when compared to April.

Quick look at the Burnaby Mountain real estate market in May:

  • Sales happened on average with 21 days on market 
  • Homes sold 3% below list price
  • Sales were for homes priced between $400k to $700K. 
  • The greatest demand was for 1- 2 bedroom homes with no sales of 3 bedroom or larger homes. 
  • Inventory was up by 10% in May when compared to April, but is 22% below May 2019 levels. 

Buildings with sales in May:

  • Altaire 
  • Novo II 
  • Veritas 
  • Terraces (assignment of contract) 
  • Altitude 

To view listings currently for sale by building click here.

How do we know we’re in a Buyer’s market? 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 ratio in May was 9% (previously 2% April), with 58 listings (previously 52) and 5 sales (previously 2 in April).

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 May:

  • Overall a “Balanced” market with a 19% list to sales ratio (up from 12% in April) with an average 1.9 in 10 selling rate
  • The most active price range was for homes between $300K to $400K with an average 50% list to sales ratio
  • Condos & townhomes are selling on average 4% below list price.
  • Buyer’s Best Bet: Homes between $900 to $1M, Central, Government Rd, South Slope, and minimum 2 bedroom properties
  • Seller’s Best Bet: Selling Homes in Central Park, Vancouver Heights, and minimum 4 bedroom properties.

When comparing May to April Burnaby condo & townhome inventory decreased by 1%, total sales increased by 58%, but benchmark prices decreased by 11%.

While benchmark prices decreased in Burnaby in May after seeing upwards pressure in April, benchmark composite prices across Greater Vancouver remained relatively stable as reported the the REBGV May report.

Home buyers and sellers with the assistance of their REALTORS® are getting used to the new tools available that enables them to complete different stages of the real estate transaction virtually. When in-person interactions are necessary, there are processes in place to ensure physical distancing requirements set out by WorkSafeBC and the provincial health officer are met.

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