Lots of interested homebuyers looked to Burnaby for getting into B.C.'s unpredictable real estate market despite slight upticks in prices.
The benchmark price for residential properties hit $1,192,600 in September for Burnaby East (+1.1 per cent compared to September 2022), $1,020,900 in Burnaby North (+0.7 per cent) and $1,122,000 in Burnaby South (-0.5 per cent).
Single family detached homes hit a benchmark of $1,894,800 in Burnaby East (+1.8 per cent), $2,079,300 in Burnaby North (+1.5 per cent) and $2,199,700 in Burnaby South (+0.1 per cent).
The latest report from the Real Estate Board of Greater Vancouver (REBGV) shows an increase in local sales for all forms of housing, including a near 20 per cent monthly uptick in detached homes.
Attached homes and apartments recorded inclines of 15 and 2.9 per cent respectively.
A total of 277 residences were sold in October across Burnaby (176 apartments, 55 detached homes and 46 attached) — 20 more sold (+8 per cent) from September, according to the data.
That was out of 562 listings, which was 11 per cent fewer homes compared to the 630 up for grabs in September.
Regionally, the REBGV said home sales in Metro Vancouver last month totalled 1,996, a 3.7 per cent increase from the 1,924 sales recorded the same month last year. But the total was 29.5 per cent below the 10-year seasonal average of 2,832 for October.
There were 4,664 new listings of detached, attached and apartment properties last month, a 15.4 per cent increase from a year earlier, as new listings were 4.8 per cent above the 10-year seasonal average.
REBGV spokesperson Andrew Lis said there is a renewed interest for sellers to participate in the market, but this is being counterbalanced by a lack of demand from buyers amid high borrowing costs.
"With more supply in the form of resale inventory, and weaker demand in the form of slower sales, we've seen market conditions overall adjust towards more balanced conditions. It's noteworthy that the multifamily segment remains more active than the detached segment at this time," Lis added in a news release.
"While the highest borrowing costs we’ve seen in over a decade continue to constrain affordability, a silver lining for buyers is that price increases have abated with these more balanced market conditions, meaning purchasing power is holding steady for the moment."
Areas covered by the REBGV include Burnaby, New Westminster, Coquitlam, Maple Ridge, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver and Whistler.
- with files from The Canadian Press
