Faith’s Burnaby-New West Housing Market Insights

Faith Wilson Group November 2017 Burnaby-New West Property Insights

Townhouses

KEY INSIGHTS

Burnaby and New Westminster flow from the Burrard Inlet to the Fraser River. And in that entire expanse there were only 68 new listings for townhouses in November, the lowest level since January. Likely due to the low inventory, townhouse sales were down 20% in November from the same month last year, to 35. The sales-to-listing ratio was a startling 84%, a clear advantage to sellers. The benchmark prices were virtually unchanged from a month earlier – at $711,800 in North Burnaby, $760,300 in Burnaby South, $655,700 in Burnaby East and $682,300 in New Westminster. If you plan to sell a townhouse now could be an excellent opportunity to list. Many buyers want to close before mortgage regulations tighten January 1.

Condominium apartments

KEY INSIGHTS

Condominium apartment sales were up 8% in November from November 2016 as Burnaby-New Westminster continued as one of the top condo markets in Metro Vancouver. In November, 256 condos sold and the typical new listing was purchased in a median of just 9 days. The overall benchmark price is rising, up 3% from three months ago to $607,000. We expect condominium apartment sales and prices to increase as we move towards year-end. With more than 9 sales every day during November, the momentum is building.