More evidence that the Burnaby real estate market is out of control can be found by perusing the single-detached houses that are for sale on the Real Estate Weekly website.
Two of the most expensive houses I found for sale are so plain and mediocre that their price tags made me throw up in my mouth a little.
It’s ridiculous.
Look at the two photos above and you’ll find plain Jane houses in the Deer Lake area. One is prices at nearly $3.5 million and the other at $3.29 million.
The more expensive one does have a nice, leafy background, but the house is only 3,700 square feet (small by the standards of houses priced that high) and 16 years old – with a décor that screams, “spend a lot of money to update me!”
The other one is about the same size and was built in 1990. It has been renovated so it’s marginally more modern, but these are just crazy prices.
Is it because it’s Deer Lake? Is living in this neighbourhood some entrance to a magical wonderland?
Look, I know it might seem weird that I’m so harsh about these homes but it’s because so many people are being priced out of the market by these crazy asks.
According to the Real Estate Board of Greater Vancouver's June report, listing activities and sales have eased in Burnaby and beyond since record-setting paces were seen in March and April this year.
Greater Vancouver saw 3,762 sales last month, which is a 54% increase from 2,443 sales in June of 2020, but a decrease of 11.9% decrease from 4,268 listings sold in May of this year.
There were 5,849 detached, attached and apartment properties listed for sale on MLS during June of 2021 which marks a 17.9 decline compared to May when there were 7,125 homes listed.
In Burnaby, the numbers were as follows:
JUNE 2021 - NUMBER OF SALES
- Detached - 102
- Attached - 99
- Apartment - 273
MEDIAN SELLING PRICE
- Detached - $1,874,000
- Attached - $885,000
- Apartment - $633,000
MAY 2021 - NUMBER OF SALES
- Detached - 115
- Attached - 110
- Apartment - 296
MEDIAN SELLING PRICE
- Detached - $1,784,000
- Attached - $905,750
- Apartment - $635,000
May to June of 2021, listings fell by 27.6% for detached homes, -21.2% for attached and -10.3% for apartments.
Sales dropped 11.3% for detached homes, 10% for attached and 7.8% for apartments.
Areas covered by the Real Estate Board of Great Vancouver including 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.
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- With files from Jess Balzer
