Is the party actually over for Burnaby residents trying to cash in on a hot housing market?
Some real estate experts are giving that indication.
According to the latest numbers released by the Real Estate Board of Greater Vancouver (REBGV), April saw home sales total 4,908 throughout the region, marking a 342.6 per cent rise compared to just 1,109 sales during the same month in 2020.
But the data didn't reach the same heights as March of this year, where 5,708 homes were purchased.
Kush Panatch, president of residential developer Panatch Group, Vancouver, who has been building real estate for 30 years, said the market exuberance of the last 10 months was based largely on buyers’ psychological fear of missing out.
That fear is over, he suggested.
“You have already missed out,” Panatch told Glacier Media.
When it comes to listings, 7,938 detached, attached and apartments were listed last month, which equates to a massive surge of 243.2 per cent compared to the 2,313 houses that hit the market in April 2020.
Listings also dipped from numbers in March when 8,287 were added.
“April could be the turning point in this historic market. In the last couple of weeks, we have seen evidence of a change in pace,” said Fraser Valley Real Estate Board president Larry Anderson. “In general, we’re seeing fewer multiple offers, fewer subject‐free offers, and homes over‐priced are starting to sit longer. These are positive signs that the market is responding to near‐record levels of new inventory.”
When it comes to Burnaby, the city saw 337 detached houses listed, 183 attached listed and 491 apartment listings.
The REGBV says 160 detached dwellings sold in Burnaby in April, while attached housing recorded 124 sales. There were also 371 apartment listings bought.
The following numbers show Burnaby benchmark prices, monthly and yearly changes as well as price index according to MLS Home Price Index data.
Residential/Composite
BURNABY EAST
- Benchmark price = $1,052,800
- Price Index = 292.0
- One-month change = Two per cent
- Three-month change = 5.1 per cent
- Six-month change = 6.2 per cent
- One-year change = 9.4 per cent
- Three-year change = 1.5 per cent
- Five-year change = 30.9 per cent
- 10-year change = 85.2 per cent
BURNABY NORTH
- Benchmark price = $966,100
- Price Index = 291.7
- One-month change = 2.3 per cent
- Three-month change = 5.8 per cent
- Six-month change = 7.5 per cent
- One-year change = 8.2 per cent
- Three-year change = 2.7 per cent
- Five-year change = 33.5 per cent
- 10-year change = 90.9 per cent
BURNABY SOUTH
- Benchmark price = $1,034,900
- Prince index = 292.3
- One-month change = 2.2 per cent
- Three-month change = 6.5 per cent
- Six-month change = 6.6 per cent
- One-year change = 7.1 per cent
- Three-year change = -0.9 per cent
- Five-year change = 33.1 per cent
- 10-year change = 83.1 percent
Single Family Detached
BURNABY EAST
- Benchmark price = $1,435,100
- Price index = 320.9
- One-month change = 3.8 per cent
- Three-month change = 8.6 per cent
- Six-month change = 12 per cent
- One-year change = 17.6 per cent
- Three-year change = 7.8 per cent
- Five-year change = 27.6 per cent
- 10-year change = 102 per cent
BURNABY NORTH
- Benchmark price = $1,709,000
- Price Index = 330.5
- One-month change = 4.7 per cent
- Three-month change = 10.5 per cent
- Six-month change = 13.8 per cent
- One-year change = 16.3 per cent
- Three-year change = 7.1 per cent
- Five-year change = 19.4 per cent
- 10-year change = 100.1 per cent
BURNABY SOUTH
- Benchmark price = $1,728,000
- Price index = 330.8
- One-month change = 1.9 per cent
- Three-month change = 8.2 per cent
- Six-month change = 10.5 per cent
- One-year change = 15.1 per cent
- Three-year change = 3.1 per cent
- Five-year change = 15.9 per cent
- 10-year change = 89.0 per cent
Townhouses
BURNABY EAST
- Benchmark price = $701.700
- Price Index = 259.2
- One-month change = 0.2 per cent
- Three-month change = 1.4 per cent
- Six-month change = -0.8 per cent
- One-year change = 6.7 per cent
- Three-year change = 0.3 per cent
- Five-year change= 46.8 per cent
- 10-year change = 66.2 per cent
BURNABY NORTH
- Benchmark price = $797,300
- Price Index = 297.6
- One-month change = 2.5 per cent
- Three-month change = 5 per cent
- Six-month change = 6.8 per cent
- One-year change = 9.5 per cent
- Three-year change = 5.2 per cent
- Five-year change = 38.9 per cent
- 10-year change = 88.7 per cent
BURNABY SOUTH
- Benchmark price = $842,200
- Price Index = 290.1
- One month change = 2.7 per cent
- Three month change = Five per cent
- Six month change = 4.5 per cent
- One year change = 7.8 per cent
- Three year change = 0.9 per cent
- Five year change = 44.3 per cent
- 10-year change = 83.3 per cent
Apartments
BURNABY EAST
- Benchmark price = $752,000
- Price Index = 288.5
- One-month change = 0.7 per cent
- Three-month change = Three per cent
- Six-month change = 3.7 per cent
- One-year change = 0.2 per cent
- Three-year chance = -6.7 per cent
- Five-year change = 35.4 per cent
- 10-year change = 79.4 per cent
BURNABY NORTH
- Benchmark price = $645,000
- Price Index = 275.6
- One-month change = 1.3 per cent
- Three-month change = 4.2 per cent
- Six-month change = Five per cent
- One-year change = 4.4 per cent
- Three-year change = 0.8 per cent
- Five-year change = 53.1 per cent
- 10-year change = 92.2 per cent
BURNABY SOUTH
- Benchmark price = $696,400
- Price Index = 279.6
- One-month change = Two per cent
- Three-month change = 5.9 per cent
- Six-month change = 5.4 per cent
- One-year change = 3.5 per cent
- Three-year change = -2.7 per cent
- Five-year change = 46.7 per cent
- 10-year change = 81.9 per cent
For Metro Vancouver, the region totalled 4,908 sales in April 2021, a 342.6 per cent increase from the 1,109 sales recorded in April 2020, and a 14 per cent decrease from the 5,708 homes sold in March 2021.
Last month’s sales were 56.2 per cent above the 10-year April sales average and is the highest total on record for the month.
More data and information can be found on the Real Estate Board of Greater Vancouver website.
- With additional reporting by Frank O’Brien of the Western Investor and Jess Fedigan, Burnaby NOW
