Skip to content
  1. Home
  2. Local News

Burnaby housing prices continuing to drop, report says

Real Estate Board of Greater Vancouver says more houses were listed last month compared to September.
Jess Balzer
Jess Balzer
houseforsalejan2021-rk (1)-edit
A home with a for sale sign placed in front. Rob Kruyt/BIV files

Burnaby's housing prices are continuing to fall as interest rates are still on the rise. 

According to the Real Estate of Greater Vancouver's October report, residential housing sales in the region were 1,903 last month which equated to a 45.5 per cent decrease compared to October of 2021 when 3,494 homes were sold. 

However, last month's numbers were a 12.8 per cent increase compared to the 1,687 homes sold in September this year. 

“Inflation and rising interest rates continue to dominate headlines, leading many buyers and sellers to assess how these factors impact their housing options,” REBGV's director of economics and data analysis said in a news release. 

"With sales remaining near historic lows, the number of active listings continues to inch upward, causing home prices to recede from the record highs set in the spring of 2022.” 

As of last month, Burnaby East saw a benchmark price of $1,125,900 (+1.1 per cent compared to September of this year) for residental/composite homes.

Burnaby North recorded a benchmark price of $994,400 (-0.3 per cent compared to September of this year) while Burnaby South had a benchmark price of $1,064,300 (-0.3 per cent compared to September of this year). 

Burnaby North saw a benchmark price of $1,946,300 in October (-0.6 per cent compared to September of this year) for single-family detached homes. 

Burnaby South was over two million at $2,067,300 (-0.6 per cent compared to September of this year) and Burnaby East's benchpark price was $1,826,700 (+2.3 per cent compared to September of this year). 

Townhomes also saw drops in all three Burnaby regions with Burnaby South at a benchmark price of $942,300 (-1.3 per cent compared to September of this year).

Burnaby East was recorded at $840,300 (-1.5 per cent compared to September of this year) and Burnaby North hit a benchmark price of $879,500 (-1.8 per cent compared to September of this year)

Areas covered by the REBGV include Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver and Whistler.