Burnaby Housing Market Update for March 2023

Burnaby Housing Market Update for March 2023

The Burnaby Real Estate market saw an increase in activity in the month of March versus February with a total of 318 sales and 516 new listings across all property types. While inventory and total sales remain well under the 10-year average for this time of year housing prices and activity improved more than was expected for the month. The following table provides the benchmark price for each property type and the % change during the month:

Burnaby East $1,727k / -0.1% $869k / -0.6% $794k / +3.5%
Burnaby North $1,878k / +2% $882k / -1.1% $713k / +1.6%
Burnaby South $2,071k / +3.7% $956k / -1.1% $774k / +1%

While the number of properties listed for sale in Burnaby increased during the month the amount of real estate currently for sale is still far lower than is typical of this time of year. This lack of inventory combined with the number of sales in the month has the Sales-to-Active listing ratios for all property types - as detailed in the table below - well above 20% across the City of Burnaby. Should this persist there will be upward pressure on real estate prices.

Houses 49 186 26.3%
Townhouses 27 82 32.9%
Condos 49 186 26.3%

Some points of interest on the Burnaby Real Estate Market for the month of March:

  • The highest sale in Burnaby during the month of March was for a property in Burnaby Souths Deer Lake Place neighborhood that was listed for $3,990,000 and sold $3,587,000.
  • The most inexpensive sale in Burnaby for the month of March was a 1-bedroom condo located in the Simon Fraser Hills neighborhood that was listed for $399,000 and sold for $389,000.
  • Houses in Burnaby South saw the most value appreciation with a 3.7% increase
  • Townhouses throughout the City of Burnaby decreased in value during the month
  • Condos in Burnaby East saw the most value appreciation with an increase of 3.5%


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