Burnaby Mountain a buyer's market for condos & townhouses in November

The Burnaby condo and townhouse market remained in a Seller’s market in November despite inventory, sales, and sale prices dipping as we approach the end of the year.  The greatest type of properties in demand in November were 1 bedroom condos priced between $300k to $400K. 

The Burnaby Mountain/SFU housing market however weakened further in November with rising inventory and fewer sales. Home inventory on the mountain is now at levels comparable to the high’s seen in summer of 2013 and only superseded in 2012.

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

  • Sales happened on average with 61 days on market (up from 26) 
  • Homes sold on average 4% below list price (previously 3%)
  • The most active market range was for homes between $400K to $500K
  • Inventory was up by 2% in November when compared to October and are now at the highest levels seen since June 2013

Buildings with sales in November:

The Hub
Center Block
The Peak

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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 November was 9% (previously 12% October), with 111 listings (previously 109) and 10 sales (previously 13 in October).

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 November:

  • Overall a “Seller’s” market with a 26% list to sales ratio with an average 2.6 in 10 selling rate
  • The most active price range was for homes between $300K to $400K with an average 48% list to sales ratio
  • Condos & townhomes are selling on average 2% below list price
  • Buyer’s Best Bet: Homes between $900K to $1M, SFU, Willingdon Heights, and minimum 2 bedroom properties
  • Seller’s Best Bet: Selling Homes in Cariboo, and minimum 1 bedroom properties.

When comparing October and November Burnaby condo & townhome inventory decreased by 7%, total sales decreased by 12%, and benchmark prices decreased by 2%.

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All stats derived from Dean Wegman & SnapStats.