The TL;DR:

• The Reality: Brentwood is in a Balanced Market with a 15.7% sales-to-active ratio. While some units move in days, the overall market is steady and selective.

• The Trend: Burnaby North has seen a significant 9.3% year-over-year correction. We are no longer in the 2025 market; success now requires pricing for today’s absorption rates.

• The Strategy: Liquidity is currently highest in the $500k–$750k band. Once you cross the $1M threshold, sales volume drops significantly as buyers hit a major psychological search filter.

At a Glance: March Snapshot

March "Hero" Sales

• Highest Sale: $1,425,000 (3-Bed Penthouse, The Amazing Brentwood 3)

• Lowest Sale: $535,000 (1-Bed, Older Woodframe on Dawson St)

• The Efficient Sale: 3 Days on Market (Concord Brentwood 1-Bed+Den)

The Narrative: A Tale of Two Markets

If you look at the broad headlines for Burnaby North, the 9.3% year-over-year benchmark drop is the figure that stands out. It’s a notable correction that has reset the baseline for the entire region. Inside the Brentwood Park pocket, we are seeing slightly more resilience, but we are still firmly in a Balanced Market.

With a 15.7% sales-to-active ratio, success in this market is no longer a given. For every 10 neighbors putting a sign in the ground, only about 1.5 are seeing a "Sold" sticker. To be that one person who sells, you have to understand exactly where the buyers are spending their money.

The Price Band Reality: Where the Liquidity Is

Our data shows that the Brentwood market isn't moving uniformly. When we look at where sales are actually closing, a clear "Liquidity Map" emerges:

• The High-Activity Zone ($500k – $750k): This remains the engine of the Brentwood market. This bracket has the highest concentration of sales and the lowest average days on market. Buyers here are active and decisive.

• The $1M+ Friction Point: There is a notable drop-off in sales velocity once we cross the million-dollar threshold. This appears to be a major psychological search filter. If your listing is positioned just above this mark (e.g., $1,025,000), you are competing for a significantly smaller pool of buyers who have adjusted their search filters to "luxury" tiers.

The "Failed" Listing Lesson

This month, 70% of the listings that didn't sell were "Terminated" and immediately re-listed at a lower price. This is the definition of "Chasing the Market." If you price your condo based on what your neighbor got at the peak of 2025, you risk becoming stale inventory.

The units that sold within the first 10 days this month achieved a much higher percentage of their asking price than those that sat for 30+ days. In this environment, your first price is your best opportunity to capture the most motivated buyers.

What This Means for You:

• For Sellers: A balanced market means neither side has total leverage, but the 96% median sales-to-list tells us that buyers are negotiating hard. If you aren't seeing inquiries within the first two weeks, the market is giving you a very clear signal that your value proposition isn't aligned with the current price band.

• For Buyers: You have more leverage than you’ve had in years, but quality inventory still moves. While most sales involved a negotiation, the newer concrete towers are still the first to go. Focus your search on "stale" inventory—units that have passed the 21-day mark—to find where your leverage is highest.

The Bottom Line:

The "rules" of the market haven't changed, but the margin for error has disappeared. Whether you are looking at a 20-year-old building on Dawson or a brand-new tower in the Amazing Brentwood, your strategy needs to be as specific as the data suggests.

Curious how your specific building or price bracket is performing against these March averages? Let’s connect and look at the floor-plan-specific data to help you make an informed decision.

As we close out 2024, the Metro Vancouver real estate market is showing signs of renewed activity, with a strong finish in December signaling a potential upswing in 2025. Here's a detailed breakdown of what the latest market trends mean for buyers, sellers, and investors in Burnaby, New Westminster, and the Tri-Cities.

Market Overview: A Year of Transition

2024 saw the market adapt to declining mortgage rates after significant rate hikes in previous years. By December, sales across Metro Vancouver increased by over 30% year-over-year, with renewed buyer activity driving momentum. However, sales remained below the 10-year seasonal average, reflecting cautious optimism.

Burnaby: A Balanced Market

• Detached Homes: The benchmark price for detached homes in Burnaby South is $2,233,000, marking an 8% increase year-over-year. Burnaby North followed a similar trend, with prices up 4.2%. Detached properties remain in demand, though buyers are cautious due to affordability challenges.

• Townhouses and Condos: Benchmark prices for townhouses in Burnaby East ($881,300) and Burnaby South ($1,056,300) showcase a mix of stability and moderate gains. Apartment benchmarks in Burnaby South rose to $837,000, offering affordability compared to detached options.

New Westminster: Modest Yet Steady Growth

• Overall Trends: Residential properties in New Westminster saw benchmark price increases of 1.4% year-over-year, with detached homes reaching $1,579,700. The sales-to-active listings ratio of 16.8% indicates a balanced market, though sellers may face price resistance in certain segments.

• Opportunities for Buyers: Townhouses in New Westminster, with a benchmark price of $956,600, represent value for those seeking family-friendly, central locations without the premium of detached homes.

Tri-Cities: Resilience Amid Fluctuations

• Port Moody: Detached home prices held at $2,095,800, with modest increases year-over-year. Townhouses and apartments in Port Moody also showed resilience, providing diverse opportunities for buyers.

• Coquitlam and Port Coquitlam: Coquitlam’s townhouse benchmark of $1,071,600 and Port Coquitlam’s apartment benchmark of $631,700 highlight relative affordability. Sales activity in both markets showed incremental recovery, positioning them as attractive for first-time buyers and investors.

2025 Forecast: A Year of Growth

According to the BCREA forecast, Greater Vancouver sales are expected to grow by 18.5% in 2025, with modest price increases of 1-1.5%. For buyers, this signals the importance of acting early to secure properties before potential price hikes. Sellers, on the other hand, may find stronger demand in the upcoming months.

What This Means for You

• For Buyers: Declining mortgage rates and balanced market conditions make this a strategic time to enter the market. Focus on neighborhoods with stable price trends, such as New Westminster and the Tri-Cities.

• For Sellers: A well-prepared listing and strategic pricing will be crucial to attract buyers in 2025’s competitive market. Highlight unique features and ensure your home stands out.

• For Investors: Burnaby’s mixed housing stock and New Westminster’s steady growth offer promising long-term potential. Consider areas with strong rental demand and access to transit.

Ready to Navigate the 2025 Market?

Whether you’re buying, selling, or investing, our expertise in Burnaby, New Westminster, and the Tri-Cities can help you achieve your real estate goals. Contact us today for personalized advice and insights tailored to your needs.