Updated February 23, 2024
Burnaby Real Estate Market Review 2024
British Columbia is home to some of the most beautiful and vibrant cities in the world. Located in Metro Vancouver's regional district, the city of Burnaby is the perfect example.
The proximity of Vancouver and all its amenities, combined with the slow pace of life, make the Burnaby real estate market fascinating.
Like any market, it comes with some volatility, but we have been able to track the trends and movements that tell a compelling story.
We're going to review the real estate market for the thriving city of Burnaby and tell you what to expect now and in the future.
Factors such as the global pandemic, lower mortgage rates, and the increase in the higher-income jobs market in 2020 impacted the greater Vancouver area, including Burnaby significantly. With the current landscape of increased interest rates, things have again been affected.
It's helpful to examine it from a specific perspective to get an accurate picture of the Burnaby BC real estate market. For example, does the Burnaby housing market favour buyers or sellers these days?
When the Real Estate Market Favours the Buyer
In simple terms, a buyer's market is when there is more inventory (houses and apartments) than ready buyers.
Naturally, this type of real estate market benefits the buyers as they have more time to search for their perfect home. When it comes to prices, sometimes they will go down, but often they remain flat for longer.
A buyer’s market also means that the sellers are competing against each other. In strictly data talk, when the ratio between sales to active listings is below 12%, you’re dealing with a buyer’s market.
When the Real Estate Market Favours the Seller
On the other hand, when there are more interested buyers than available homes, the real estate market belongs to the seller.
Buyers have fewer options and compete with other buyers, often as the prices rise. Sellers have most of the negotiating leverage. The sales-to-active-listings ratio is at 20% and higher.
Is Burnaby Buyer’s or Seller’s Market?
Understanding the difference between a buyer's and a seller's market is essential as it allows you to ask the most crucial question. Where does Burnaby, BC real estate market fit it?
Starting from July 2018 until the start of 2020, Burnaby had a relatively balanced real estate market.
Overall, that means the market was optimal for both parties.
For example, detached houses typically favored buyers, while apartments and townhouses went in both directions.
However, during 2020 and throughout 2021, the entire Burnaby real estate market favored sellers.
The main reason is the low inventory levels, as the real estate industry in general was in many ways on hold.
Currently, the market has seemed to stabilize and with large demand for the Burnaby area, homes are still selling just not as fast as they were in recent history.
Burnaby Real Estate Market Report
As of February 2024, a Burnaby home will be on the housing market for 25 days. Keep in mind, this is a median number of days, and that number might be significantly different depending on the type of property.
From January - February 2024, the sales volume by property type was the following:
- Detached homes – 28 sold
- Townhouses – 30 sold
- Apartments – 146 sold
This is a significant decrease in year-over-year sales.
Average Home Prices in Burnaby in 2024
The demand for Burnaby homes, regardless of the type, has stabilized. This trend is reflected in home prices.
Determining the average real estate price in Burnaby can be challenging, as the prices will considerably vary from one neighborhood to another.
However, when homes from the high-end and low-end pricing scale are excluded, a clearer picture emerges.
Keeping these circumstances in mind, here are the average home prices in Burnaby at the moment:
- 3-Bedroom detached home – $2.2 million
- 3-Bedroom townhouse - $1.1 million
- 3-Bedroom apartment - $956,000
So far, there have been around 470 new listings in the last four weeks. We should also point out that Burnaby, BC real estate market is considered the 14th most expensive in the Greater Vancouver area.
Future Real Estate Trends in Burnaby
No one can predict the future – not even the savviest real estate experts. There are too many variables to consider.
However, having all the data and assessing the bigger picture allows us to see how things may play out in the future.
It’s estimated that the property prices in Burnaby are to continue to rise. Here are a few reasons why.
Lifestyle Changes in the Neighborhoods
People moving from Vancouver looking for more space are likely to continue to flock to Burnaby.
The SkyTrain connection provides an easy and fast commute, which is crucial for professionals with children.
In addition, Burnaby offers a significant change in pace while offering many activities.
Millennial Homebuyers
Often touted as the generation with much less wealth than Baby Boomers at their age, Millennials are starting to buy homes.
During 2021, Millennials became a significant portion of first-home buyers – and that will continue in the years to follow.
Burnaby offers lower-cost entry for more spacious townhomes and, at the same time, provides densely populated areas with vertical living options. That makes Burnaby, BC real estate potentially captivating for many Millennial buyers.
More Construction Developments Coming
The construction industry in Burnaby was also very active during 2023 and has continued the trend in 2024 as well.
This is excellent news for people on the hunt for a brand-new home or an apartment. As Burnaby's population is on an average annual increase of 1.56%, it's natural to expect that the number of housing units will continue to grow too.
Is Burnaby a Great Place to Live?
When you consider the proximity of many great public schools, two universities, excellent sporting events, and the SkyTrain alone – the answer is a resounding yes.
Add the oceanic climate and low crime rates into the mix, and we go from "great" to "perfect."
However, it's impossible not to put the Burnaby, BC real estate market at the top of the list of factors determining the final answer.
While it's undoubtedly a great market and unlikely to change any time soon, a Burnaby home can be a fantastic investment.
What the future holds is uncertain in any case, but it’s safe to predict that Burnaby, British Columbia, is on the rise in every meaning of the term.
If you have any further questions about your real estate decisions, please call me to speak to a specialist.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.