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Faith’s Property Insights for Burnaby – October 2017

Faith Wilson Group October 2017 – Burnaby-New Westminster Real Estate Insights

Townhouses

KEY INSIGHTS

Townhouse sales and listings in Burnaby-New Westminster were in step during October, in that nearly every new listing sold, and quickly. But, with 77 new listings and 68 sales, this is not a balanced market. It is very much a seller’s advantage, as many buyers wish to purchase before rigid new mortgage regulations coming in January make it harder to qualify at the price they want to pay. October benchmark prices for townhouses were up around 2% from September across Burnaby-New Westminster, another indication of the extreme demand that drove sales up 44% from the same month a year earlier. The message to potential townhouse sellers is clear: now is the prime time to be listing.

Condominium Apartments

KEY INSIGHTS

It is hard to imagine a more active condo market. With October sales up 37.8% from the same month last year, to 339, condo apartment transactions were the highest in six months. The sales-to-new-listing ratio was a starling 94%, even with 351 new listings added, and the typical new listing sold within a median of 9 days. The average condo price in the region is above $564,400, up $24,000 from May. Yet we believe sales and prices will ramp even higher this year.

 

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