Burnaby's real estate market saw a monthly dip in prices last month.
The benchmark price for residential properties hit $1,179,500 in September for Burnaby East (-1.3 per cent compared to August 2023), $1,014,400 in Burnaby North (-0.5 per cent) and $1,127,600 in Burnaby South (-0.9 per cent).
Single family detached homes hit a benchmark of $1,861,600 in Burnaby East (-3.2 per cent), $2,048,900 in Burnaby North (+0.1 per cent) and $2,197,100 in Burnaby South (-2.3 per cent).
The latest report from the Real Estate Board of Greater Vancouver (REBGV) shows an increase in sales for detached homes — 46 sold, +4.5 per cent compared to August.
However, attached properties and apartments recorded declines of 23.1 and 17.4 per cent respectively.
A total of 257 residences were sold in September across Burnaby (171 apartments, 46 detached homes and 40 attached) from 630 listings, which was 26 per cent more than the 501 up for grabs in August.
"The upward shift in new listings has allowed overall inventory levels to recover modestly from the low levels we saw earlier this year," said REBGV spokesperson Andrew Lis in a release.
"When we pair this dynamic with the slowdown in sales… the outcome is more balanced market conditions overall."
Metro Vancouver sales totalled 1,926 in September, a 13.2 per cent increase from the 1,701 sales recorded in September 2022, but 26.3 per cent below the 10-year seasonal average.
There was a total of 5,446 residential properties newly listed for sale on the multiple listing service in Greater Vancouver in September 2023. This represents a 28.4 per cent increase compared to September 2022.
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.
- with a file from Western Investor
