Burnaby condo market strengthens in August while SFU sees record high inventory

The Burnaby condo and townhouse market saw inventory, sales, and sale prices climb in August as summer approaches its end. Historically low interest rates, an improving labour market, and increased consumer confidance are all contributing to a rebounding real estate sector across the lower Mainland.

The Burnaby Mountain/SFU area however is still in a “buyer’s market” and did not see the same type of recovery as many other neighbourhoods across Burnaby and the lower mainland. Home inventory on the mountain remains at record high levels so buyer’s looking int the area have many options to choose from, while Sellers have to price their homes competitively to stand out.

A quick look at the Burnaby Mountain/SFU real estate market in August:

  • Sales happened on average with 20 days on market (down from 25) 
  • Homes sold on average 4% below list price (previously 3%)
  • The most active market range was for homes between $500K to $600K
  • Inventory was up by 9% in August when compared to June and are now at the highest levels seen sine July 2015 

Buildings with sales in August:

The Hub
Novo II
Century 21
One University

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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 August was 10% (previously 11% July), with 96 listings (previously 87) and 10 sales (previously 10 in July).

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 August:

  • Overall a “Seller’s” market with a 26% list to sales ratio (up from 23% in July) with an average 2.6 in 10 selling rate
  • The most active price range was for homes between $500K to $600K with an average 42% list to sales ratio
  • Condos & townhomes are selling on average 1% below list price (previously 2%)
  • Buyer’s Best Bet: Homes between $1.25M to $1.5M, Forest Glen, SFU, and minimum 4 bedroom properties
  • Seller’s Best Bet: Selling Homes in Burnaby Hospital, Government Rd, Simon Fraser Hills, and minimum 1 bedroom properties.

When comparing August and July Burnaby condo & townhome inventory increased by 11%, total sales increased by 26%, and benchmark prices increased by 5%.

Burnaby condo market

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All stats derived from Dean Wegman & SnapStats.