Burnaby Real Estate Market Update for April 2023

Prices for Burnaby Real Estate are on the Rise.

In large part due to inventory levels that remain well below the 10-year seasonal averages, residential real estate of all types, has increased in value across Burnaby through the month of April and indications are that will continue in May.

Owners of Burnaby South Townhouses saw the biggest increase in value during the month of April according to the MLS Housing Price Index with a 4.4% increase. There were 19 townhouses sold in Burnaby South while just 22 new listings were brought to the market. Most notably, 13 of the 19 townhouse sales registered in Burnaby South this past month sold for full asking price or better. That’s a whopping 68% of townhouses that sold for full ask or better in Burnaby South.

Burnaby North saw the largest gains in the value of apartments and condos through the month of April with a 2.9% increase according to the MLS Housing Price Index. With the number of condos available for sale in Burnaby 12.9% below the available inventory at this time last year it is not an incredible surprise that the Active-to-Sale ratio sits at 31.2% for Burnaby North condos. What may be more evident of just how competitive the market is at the moment is that 41 of the 87 total condos sold in Burnaby North this past month sold for full asking price or more.

As for Detached, Single Family Homes, it was Burnaby South that saw the largest value appreciation through the month of April with an increase of 3.6% according to the MLS Housing Price Index. With a Sales-to-Active ratio that currently sits at 36.9% for Burnaby North detached homes we can expect that is likely to improve further in the short term. Of the 75 homes sold in Burnaby South 24 of them went for their full asking price or better.