Single-family detached homes throughout Burnaby now sit at a benchmark price of more than $2 million, according to a new report from Greater Vancouver Realtors.
Burnaby East increased by 3.2 per cent in August to a average of $2,007,200 while Burnaby North and South saw drops of 1.2 per cent and 0.3 per cent for average prices of $2,140,900 and $2,250,100 respectively.
Residential and composite properties all saw decreases with Burnaby East dropping 0.1 per cent to $1,55,700, -0.6 per cent in Burnaby North to $1,012,800 and -0.1 per cent in Burnaby South to $1,139,700.
Burnaby South saw the largest decrease for townhouses, falling 3.5 per cent in August to $1,050,100 while Burnaby North dropped 0.7 per cent to $945,700 and -1.8 per cent in Burnaby East to an average of $927,900.
Greater Vancouver Realtors said there were 1,904 total sales throughout the region last month, which is a 17.1 per cent decrease from the 2,296 sales in August of 2023.
Listed properties increased in August 2024 by 4.2 per cent with 4,019 listings recorded compared to 3,943 in August 2023.
“From a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different,” Greater Vancouver Realtors Director of Economics and Data Analytics Andrew Lis said in the report.
“With that said, sales remain in a holding pattern, trending roughly 20 per cent below their 10-year seasonal average, which suggests buyers are still feeling the pinch of higher borrowing costs, despite two recent quarter percentage point reductions to the policy rate this summer.”
The Bank of Canada announced on Wednesday, Sept. 4, it was dropping its key interest rate by 25 basis points to 4.25 per cent.
With files from The Canadian Press
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