Burnaby's housing prices continue downward trend: report

Those looking to buy a house in Burnaby might notice prices have slightly dropped again.

According to the Greater Vancouver Realtors (GVR), residential units dropped 1.4 per cent in Burnaby East during September (benchmark price of $1,139,400), 1.5 per cent in Burnaby North ($997,600) and 3.4 per cent in Burnaby South ($1,101,500). 

Single-family detached homes also saw drops in all three Burnaby areas with Burnaby East dropping 1.3 per cent ($1,982,200), 0.3 per cent in Burnaby North ($2,133,300) and 4.3 per cent in Burnaby South ($2,154,400). 

Throughout Metro Vancouver, GVR's data showed 1,852 homes sold last month, a 3.8 per cent drop from the $1,926 sales that were recorded during the same month in 2023. 

There has been a large increase in houses listed for sale, with 14,932 currently listed, which marks a 31.2 per cent increase compared to September 2023. 

“Real estate watchers have been monitoring the data for signs of renewed strength in demand in response to recent mortgage rate reductions, but the September figures don’t offer the signal that many are watching for," GVR director of economics and data analytics Andrew Lis said in the report. 

“Sales continue trending roughly 25 per cent below the ten-year seasonal average in the region, which, believe it or not, is a trend that has been in place for a few years now. With the September data, sales are now tracking slightly below our forecast however, but we remain optimistic sales will still end 2024 higher than 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.