Fewer sales, listings continue Burnaby housing's downward trend: report

The previously hot real estate market continues to fizzle — and it includes Burnaby. 

In its August report, the Real Estate Board of Greater Vancouver (REBGV) says the region completed 1,870 sales last month, which is a 40.7 per cent drop compared to the 3,152 sales in August 2021. 

This year's August total equates to a 0.9 per cent decrease compared to the 1,887 homes sold in July 2022. 

"With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer," REBGV spokesperson Andrew Lis said in a news release today (Sept. 2). 

"This shift in market conditions caused prices to edge down over the past four months."

As of last month, Burnaby East saw a benchmark price of $1,109,000 (-3.9 per cent compared to July of this year) for residental/composite homes.

Burnaby North recorded a benchmark price of $1,012,200 (-3.7 per cent compared to July of this year) while Burnaby South held a benchmark price of $1,092,900 (-0.7 per cent compared to July of this year). 

Burnaby North saw a benchmark price of $1,962,000 in August (-5.5 per cent compared to July of this year) for single-family detached homes. 

Burnaby South was over two million at $2,105,200 (-0.2 per cent compared to July of this year) and Burnaby East's benchpark price was $1,130,000 (-4.2 per cent compared to July of this year). 

Townhomes also saw drops in all three Burnaby regions with Burnaby South at a benchmark price of $964,300 (-2.6 per cent compared to July of this year).

Burnaby East was recorded at $876,000 (-3.0 per cent compared to July of this year) and Burnaby North hit a benchmark price of $930,400 (-1.3 per cent compared to July 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.