After a steady downward trend in home prices across Burnaby, there was a slight shift during October, a new report says.
According to the Greater Vancouver Realtors (GVR), Burnaby East saw a benchmark price of 1,448,600 (+0.7 per cent) for single-family detached homes, $2,130,700 in Burnaby North (-0.1 per cent) and $2,241,800 in Burnaby South (+4.1 per cent).
Townhouses hit a median price of $897,100 in Burnaby East last month, $941,200 in Burnaby North (-1.0 per cent) and $1,035,500 in Burnaby South (+1.3 per cent).
Meanwhile, apartments saw a benchmark price of $787,200 in Burnaby East (+0.1 per cent), $745,000 in Burnaby North (+0.3 per cent) and $833,500 in Burnaby South (+0.2 per cent).
Throughout Metro Vancouver, GVR says there were 2,632 houses sold in October, a 31.9 per cent increased compared to the 1,996 houses that were sold in October 2023.
“Typically, reductions to mortgage rates boost demand, and the strong October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months,” GVR director of economics and data analytics Andrew Lis said in the report.
“To some market watchers, this rebound may come as a surprise, but with four consecutive rate cuts from the Bank of Canada – and more likely to come on the horizon – it was only a matter of time until signs of renewed strength in demand showed up.”
More homes were also listed for sale across the region, with 5,452 listings last month, a 16.9 per cent increase compared to 4,664 in October of 2023.
Areas covered by Greater Vancouver Realtors include Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Maple Ridge, North Vancouver, Pitt Meadows, Richmond, South Delta, Squamish, Bowen Island, Sunshine Coast, Vancouver, West Vancouver and Whistler.
