Burnaby housing sales continue to drop amid high interest rates

Housing prices across Metro Vancouver continue to drop, with Burnaby seeing significant declines for the second consecutive month. 

The Real Estate Board of Greater Vancouver (REBGV) says regional sales fell 43.3 per cent last month — that's 1,887 homes sold compared to the 3,326 sales competed in July 2021. 

The numbers are also a 22.8 per cent drop compared to the 2,444 homes sold in June of this year.

"Home buyers are exercising more caution in today's market in response to rising interest rates and inflationary concerns," REBGV chair Daniel John said in the organization's latest report. 

"After two years of market conditions that favoured home sellers, home buyers now have more selection to choose from and more time to make their decision.

"In today's changing housing market, both home buyers and sellers should invest the time to understand what these changes mean for their personal circumstances." 

As of last month, Burnaby East holds a benchmark of $1,154,200 (-2.1 per cent compared to June), while Burnaby North sits with an average price of $1,051,100 (-1.8 per cent compared to June). 

Burnaby South saw the largest drop, coming in at a benchmark of $1,100,600 (-4.2 per cent compared to June). 

Single family detached homes also went down with Burnaby East at $1,805,400 (-4.4 per cemt compared to June, Burnaby North at $2,076,700 (-2.4 per cent compared to June) and Burnaby South at $2,108,600 (-7.2 per cent compared to June). 

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.