Burnaby Housing Market Update for February 2023

In February, Burnaby's real estate market saw a significant decline in both detached home and condo sales. The 47 detached home sales in Burnaby represent a 54% decrease from the 102 sales recorded during the same month last year. This decline was mirrored in the condo market, which saw 180 apartments sold in February compared to 303 the previous year.

Despite the drop in sales, the Sales-to-Active listing ratio within the Burnaby detached housing market actually increased to 24% which would suggest there to be upward pressure on pricing in this marketplace. This is in large part due to a 58% decline in the number of homes that were brought to the market, which was 151 last year, versus just 81 homes this past February.

Similarly, the condo market also experienced a decrease in the number of listings, with 276 condos listed for sale this February compared to 393 in February of last year. This represents a reduction of almost 30% in the number of condominiums added to the market. With that, the sales-to-active listing ratio in the Burnaby condo market also increased this past month from just 16% at the end of January to 38% to begin March.

It's important to note that the decline in sales and new listings may be due to a variety of factors. While the increase in the sales-to-active listing ratio to figures above 20% in both the condo and detached housing marketing suggests that there may be upward pressure on prices in Burnaby there are also other contributing factors to that including the number of homes removed from the market without a sale.

Some other interesting stats to end February from the Burnaby housing market:

• The benchmark price of a Burnaby North townhouse was up 2.4% in February to $892,100
• The benchmark price of a Burnaby house, while down 10.4% over the year, was up this past month to $1,893,800.
• The benchmark price of a Burnaby condo has seen two consecutive positive months and now at $736,000
• At month's end there were 482 condos for sale, 68 townhouses and 203 homes across Burnaby.