Updated Jan 14, 2024

How To Find Cheap Houses for Sale In Vancouver, BC

Vancouver, BC, is home to a laid-back, diverse, cosmopolitan population.

As a west coastal town, it’s surrounded by stunning views of the sea and mountains. There you’ll experience plenty of art, culture, music, and tasty food within communities that promote good health and well-being.

Ranked as one of the most livable cities in the world and close to major tech hubs like Seattle, investors trust that cheap properties in Vancouver, BC, are absolutely the way forward.

However, in such a large city and with so much choice, where do you start?

In this article, we’ll show you how to find cheap houses for sale in Vancouver, BC, and discuss the pros and cons involved.

How to Find Cheap Houses for Sale in Vancouver, BC

Use Online Market Places

In 2023, 52% of buyers found and purchased a suitable property on the internet, according to the National Association of Realtors.

In addition, more investors use online real estate platforms like valentehomes.ca to access cheap properties for sale over a large geographic area.

If you use this method, you’ll find by default that the property listings start from the “most expensive” and range to the “cheapest first” option.

By doing so, over time, you’ll notice a pattern of which neighborhoods typically have the cheaper properties then you can focus your search on those areas.

Pros

Access to a Large Property Database

From the comfort of your own home, you’ll have access to an extensive database of current and credible properties for sale to preview, with options to filter your search to focus on the type of properties you’re looking for specifically.

Remove the Middleman

One of the problems with going through a broker or agency is you will pay a finder’s fee. However, when searching online, the website is the middleman, and most real estate platform services are free.

A Huge Time Saver

You won’t need to make time to go out looking for properties or do as much research. You’ll save time making trips to properties as you only need to start seeing it physically once you’ve found a place of interest.

Set Up Automatic Alerts

Being one of the top places to live in the world, they’ll be loads of investors looking for cheap houses for sale in Vancouver, BC. Therefore, you need to have your finger on the pulse.

Many online platforms allow you to set up alerts, so you are notified as soon as the properties you’re interested in become available.

Cons

Missing Property Details

Though property listings try to be as informative as possible, there may be details missing that are important to you in making a decision. You’ll still need to thoroughly inspect the house and check out the area before deciding on going to the next stage.

No Middleman

Granted, you’ll be saving on the finder’s fee that comes with an estate agent, but the personal touch will be missing.

Nothing beats working with another person on things like this. Professional and experienced agents will provide support in helping you to decide by offering advice from a place of knowledge and empathy.

An online listing may have beautiful pictures and a description to support it, but it can’t advise you on things like potentially incompatible neighbors.

Use Open House Auctions

Auctions are available to anyone wanting to purchase a property. It’s like a real-life eBay only for houses and apartments.

Here, you’ll have the opportunity to bid and buy foreclosed properties for lower than market prices. There is an assumption that properties sold this way tend to be problematic.

However, over time this opinion is slowly changing.

Types of Property Auctions

• A confirmation auction, where the lender can decide whether to accept the winning bid or not. Therefore, your bid could be declined if considered too low
• An absolute auction, where the property is sold to the highest bidder

Pros

Access to Heavily Discounted Properties

This method offers you the opportunity to purchase properties well under the market price as banks attempt to recoup as much money as they can on the remaining balance. Perfect for buying fixer-uppers and turning them into gems.

Quick Turn-Around

Houses bought at auctions can be completed within 28-days, which is a lot faster than the traditional methods.

Possibility of Less Competition

There is less competition using this method compared with online real estate platforms or other traditional methods. Also, due to the transparency of other bidders being in the same room as you, you may be less pressured to put in a rushed offer.

Cons

Less Time for Surveying

House auctioneers typically don’t allow you to inspect a property before placing a bid on it. If you win a bid, you’ll be getting the property as-is.

If you’re allowed to take a look, there is only so much you’ll be able to determine about the condition of the property unless you are skilled in this area.

Without running utilities, you’ll miss potential problems with leaks and electrical faults, and any other hazards.

Explore Neighborhoods Outside of the City

Cheaper properties are found outside of the busy inner-city, therefore, focus on rural areas.

They don’t need to be in the middle of nowhere, but the lower-priced properties are typically within an hour or two of the major real estate markets.

In short, the further away you go from the metropolitan areas, the more chances you’ll have of finding cheaper properties.

Look at Lots of Them

Looking at lots of cheap houses will help you to identify better deals. Gain a good understanding of the real estate market for the neighborhoods you’re looking into by attending as many open houses as possible.

Try and team up with a real estate agent in the area to look at as many potential properties as you can.

Alternatively, drive around the area to check out the properties yourself - the more comprehensive your search, the better your odds at finding something.

Pros

Get to Know the Neighborhood

Get a real feel for the area by exploring the neighborhood and seeing what local amenities are available. By talking to the business owners and residents, you can get first-hand information about the area.

Cons

Could Take Some Planning

Some intervention from the internet will be required as you’ll need to know where the properties are before scheduling time to have a look.

This could be time-consuming. For that reason, concentrate on planning a visit to the neighborhoods where you’ll most likely purchase a property.

High Returns on Low-Priced Properties

Vancouver, BC, is typically ranked as one of the world's top ten most livable places. Real estate investors do well from purchasing cheaply priced properties in promising neighborhoods.

There are plenty of cheap houses for sale in Vancouver, BC, right now, and fortunately, plenty of stress-free ways to find them.

We hope this article on finding cheap houses for sale in Vancouver, BC, has proved of help, and we wish you every success in your investment.

Updated January 14, 2024

Apartments in Burnaby, BC | Is Burnaby a Good Place to Live?

Are you thinking about settling down in Burnaby, BC? The easily accessible third-largest city in British Columbia is one of the best places to live in this part of the world.

Why You Should Consider Apartments in Burnaby, BC

Burnaby has so much going for it, and if you’re searching for houses or apartments in Burnaby, BC, we’ll give you the lowdown on what to expect.

The Burnaby real estate market is booming these days. But before you consider moving to the area, you need to know everything about Burnaby to help you make an informed decision.

Living in Burnaby is Ideal for All Ages

Let's first talk about Burnaby's demographics. The median age is 42 years old, less than the British Columbia average of 42.3 years old.

The population is around 249,000, which some would argue is the perfect size for the city. Regardless of how old you are, Burnaby has something to offer.

However, before you browse through the apartments in Burnaby, BC listings, here are a few details to keep in mind.

For families with small kids, moving to Burnaby, BC, is a great idea. There are 41 elementary and 8 secondary schools in the area.

There are fun programs at the Shadbolt Centre for Arts and many public libraries with high-quality programs. For teenagers, a plethora of sports activities and teams are available

A college student is likely to thrive in Burnaby, BC, as it hosts two significant educational institutions. The British Columbia Institute of Technology (BCIT) and Simon Fraser University (SFU) are both situated in Burnaby.

For senior citizens, Burnaby is an excellent place to live as well, as there are many residential options where they can safely get some low-impact exercise.

Burnaby Real Estate Market

If you select Burnaby for your new home, you'll be off to the real estate races. According to most recent data, the housing market in Burnaby right now is rising again.

There is competition among buyers, depending on the property type.

No wonder - Burnaby is an amazing place to live. But what does that look like in numbers? Here are the current prices for apartments in Burnaby, BC:

· 1-bedroom: $605,000

· 2-bedroom: $752,000

· 3-bedroom: $874,000

Compared to where these numbers were a year ago, you're looking at a price increase in the 1 and 2 bedroom.

We saw a decrease in the 3-bedroom listings, which are nearly 19% less in price than the previous year but we saw an increase in the 1 and 2 bedrooms for an average of 2.5%.

Many factors impact this shift in the real estate market of Burnaby, BC. But undoubtedly, people familiarizing themselves with all the fantastic things Burnaby has to offer is the most significant factor of all.

Aside from the cost of apartments in Burnaby, BC, we should note that the prices of detached homes and townhouses have also increased.

For example, the average price for a 3-bedroom detached house in Burnaby is $2.2 million, and for a 4-bedroom townhouse, it's $1.4 million.

Top 5 Neighbourhoods in Burnaby

To get a better sense of Burnaby and what the area is like, we want to introduce you to the top five neighborhoods where you might want to search for homes.

1. Metrotown is the city center which hosts 17 movie theatres and numerous shops and restaurants.

2. Simon Fraser is the largest geographical area and home to Burnaby Mountain Conservation Area.

3. Willingdon Heights provides excellent routes in any direction and has newer condos.

4. Vancouver Heights is a quiet residential area with the best views of Vancouver.

5. Government Road has 10 km of jogging trails, excellent schools, and many shopping destinations.

Transportation in Burnaby

It’s impossible to talk about Burnaby, BC, and not mention the SkyTrain, a light rapid transit system located in the city. It moves from east to west and promotes a closer connection to Vancouver and Surrey.

If you work in Vancouver and want to live in Burnaby, the commute will take no longer than 30 minutes. Taking the SkyTrain makes traveling from one place to another so much more convenient.

If you gravitate towards looking for apartments in Burnaby, BC, moving to this city becomes even more appealing as it’s within walking distance of SkyTrain stations.

What is the Weather Like in Burnaby, British Columbia?

Before moving to a new place, you have to be sure you'll appreciate the local climate. Fortunately, one of Burnaby's main advantages is its oceanic or maritime climate.

You will be able to enjoy mild and mostly dry summers and rainy winters.

However, it's important to point out that official climate records for Burnaby city register a colder climate than the city.

That's because the city's official weather station is located on Burnaby Mountain and above sea level. You don't have to worry about extreme weather conditions, which is reflected in the average cost of utilities.

Is Burnaby a Safe Place to Live?

It’s only natural to wonder about the safety of a place where you’re considering buying real estate. However, British Columbia, in general, is one of the safest provinces in Canada.

Burnaby, specifically, is considered very safe.

Compared to the national average, there is 31% less violent crime in Burnaby, 8% less total crime, and 1% less property crime. These stats speak volumes in this respect.

Things to Do in Burnaby

Burnaby welcomes people of all ages, has a great climate, and its residents feel safe. All amazing facts, but are there any fun things to do?

When searching for houses and apartments in Burnaby, check how far the properties are from the fantastic parks in the city.

Did you know that it’s not only New York City that has a Central Park? This is because the second mayor of Burnaby was born in NYC, and the beautiful city park was a tribute to him.

You can find many children’s playgrounds, tennis courts and golf courses, outdoor swimming pools in this temperate rainforest ecosystem.

Other popular parks in Burnaby are Kensington Park, Taylor Park, Robert Burnaby Park, and Burnaby Mountain Conversation Area.

You can check out Metropolis at Metrotown, British Columbia's biggest shopping mall, for a different kind of fun. It's the third-largest mall in all of Canada as it hosts nearly 30 million customers every year.

There are also many museums such as Burnaby Village Museum, where you can ride the historic carousel, and Nikkei Place, a national museum of Japanese culture.

Moving to Burnaby is Worth the Investment

To answer the question "Is Burnaby a good place to live?", the answer is yes. 

Still, should you choose to purchase an apartment or a house in this beautiful city, you’re unlikely to regret it. 

You'll become the owner of a high-value property in a safe city with an oceanic climate and low crime rates.

Also, the proximity and accessibility of Vancouver are a bonus for those who have to commute.

Update January 14, 2024

Houses for Sale in East Vancouver, BC | Is East Vancouver Safe?

East Vancouver, aka “East Van” or “East Side,” is a district of Vancouver, British Columbia. 

Historically, it’s been a first home to immigrants and a more affordable place for the working class.

There are many houses for sale in East Vancouver, BC, in the promising areas of Mount Pleasant, Riley Park, and the discreet Victoria-Fraserview.

Unfortunately and undeservedly, it has been branded as a region with high crime. But Is East Vancouver safe?

We’ll look at the crime stats in recent years for various neighbourhoods across East Vancouver and provide information about the houses on sale in the area.

East Vancouver, BC

East Vancouver’s trendy cafes, stylish clothing stores, thriving bars, and diverse mix of cultures contribute to a lively scene overflowing with personality.

It is a popular living choice with professionals, young families, and students. Commuting to work and getting around generally is not a problem, with a reliable public transportation service.

We’ll now look at three neighbourhoods in East Vancouver: Mount Pleasant, Riley Park, and Victoria-Fraserview, to discuss the crime figures and what they have to offer their residents.

Mount Pleasant

Up-and-coming, eclectic, and affordable Mount Pleasant offers a relaxed pace of life. It’s mainly residential with high street shops, restaurants, and gastropubs.

It can be described as a youthful neighbourhood with 60% of residents younger than 40.

Schools

There are many good educational institutions, including:

• Elementary schools
• Secondary schools
• Private schools
• Colleges
  

Recreation

There is plenty to do in Mount Pleasant. Main St. offers trendy cafés, vintage clothing shops, tons of restaurants, and practical stores, all close to each other.

Also, many green spaces and breathtaking views of the city, North Shore mountains, and False Creek encourage a healthy lifestyle and tranquility.

Transportation

A significant advantage of Mount Pleasant is the “99 B-Line” express bus line. Other forms of transportation are the Skytrain and Canada Line.

Housing

Across Mount Pleasant, you’ll find a mixed bag of property pricing. However, if you’re interested in property close to or off the Main Street strip, there are options.

Riley Park – Little Mountain

Riley Park, previously known as Little Mountain, is home to the Vancouver Olympic/Paralympic Centre. Infamous “Main Street” runs through its center with abundant restaurant choices, coffee hangouts, cool bars, and music performances.

Schools

There are a variety of types of schooling dotted around Riley Park:

• Elementary schools
• Secondary schools
• Montessori Schools
• Pre-Schools
• French Immersion for Early (K-7), Late (6-7), and Secondary (8-12)

Recreation

Riley Park is also home to one of Vancouver's largest green public spaces – Queen Elizabeth Park. Other main attractions include a mini-golf course, tennis courts, an arboretum, and a rose garden.

Transportation

Public transport options include bus and light rail.

Housing

Property prices in Riley Park can be on the more expensive end of the scale.

Victoria-Fraserview

Victoria-Fraserview is an established and residential family-oriented neighbourhood, with proportionally more youth, senior citizens, and fewer middle-aged adults in the city overall.

Victoria–Fraserview’s Victoria Drive has diverse ethnic shops with fresh produce, imported goods, and endless delicacy options. There are plenty of scenic views, great parks, and schools.

However, if you’re looking for a place to live with great nightlife, evening dining, and bars, Victoria-Fraserview will not be for you.

Its ethnic grocery stores and international cuisine make it a place for hosting great dinner parties and entertaining at home.

Schools

Victoria-Fraserview has a variety of public and private primary schools and secondary schools across the neighbourhood.

Transportation

You can get to, from, and around Victoria-Fraserview by bus or the Canada and Expo Metro lines.

Housing

Victoria-Fraserview has some really inexpensive well-kept properties.

Is East Vancouver Safe?

Next, we’ll discuss how safe Mount Pleasant, Riley Park, and Victoria-Fraserview are based on recently reported crime stats for neighbourhoods across East Vancouver according to Areavibes.

Mount Pleasant

Though Mount Pleasant is up and coming and has plenty of reasons to be selected as a great neighbourhood to buy a home, its 66% crime rate is more than the national average.

However, it is 29% safer compared to other BC neighbourhoods. This year, there has been a slight increase in monetary theft reports, though; other types of crime have reduced.

Riley Park

The crime rate in Riley Park has consistently been low over 2021, 2020, and 2019 in April compared to other neighbourhoods in BC.

However, the property crime rates there are 5% higher than the national average but 5% lower than the total crime average and is safer than 64% of the cities in British Columbia. Again, monetary theft reports are the most frequent.

Victoria-Fraserview

The crime rate here is relatively low and has been reducing over the years. Their biggest problem is monetary theft seeing a 35% spike in the property crime rate higher than the national average.

However, Victoria-Fraserview is still considered 48% safer than other BC neighbourhoods.

Houses for Sale in East Vancouver, BC

Throughout East Vancouver, you’ll experience the culture, history, and close-knit communities.

Its diverse neighbourhoods range from lively and buzzing to discreet. Each has a unique character; whether you’re looking for a home or an investment, you’re almost guaranteed to find a suitable and affordable property.

Today we’ve gone through the most promising areas for living in East Vancouver, discussed different housing options to give you an idea of what you can expect, and shown you the reported crime stats for neighbourhoods across East Vancouver.

We hope this article has helped in your search for a house for sale in East Vancouver, BC, and answered your question on whether East Vancouver is safe.

All that’s left to do now is find the ideal property.

Updated February 23, 2024

Condos for Sale in Coquitlam | Best Tips for Buying a Condo in 2024

Are you thinking about becoming a homeowner in Coquitlam, British Columbia? That makes perfect sense as the real estate market is vibrant and versatile.

The sixth-biggest city in the province has a lot to offer, especially if you're considering a condo instead of a house.

The lower price tag and even lower maintenance costs associated with condos are among the many upsides. Fortunately, the real estate market is filled with condos for sale in Coquitlam.

Here’s everything you need to know about the prices, as well as what to consider when searching for the ideal Coquitlam condo for your needs.

Is Coquitlam a Good Place to Live?

Before we present some vital tips for buying a condo in Coquitlam, let's discuss whether this city is a good place to live in 2024.

This city comprises multicultural demographics and predominately small families and offers genuinely great outdoor activity options – it has over 90km of bike and hike trails.

For nature lovers, it’s one of the best cities to live in. At its heart, there's the Town Centre Park, which offers countless recreational activities.

But, most importantly, Coquitlam has a sense of community found in smaller towns while not compromising any of the urban amenities.

Prices of Condos for Sale in Coquitlam

Like many real estate markets in British Columbia, Coquitlam housing and condo prices have risen over the past few years and are seeing another rise after a slight dip. That’s unsurprising, as this has been the trend since 2018.

Millennial buyers, in particular, have been flocking to the area in search of houses and condos. Many are first-time buyers confident of investing in a condo instead of a house.

If you're looking for condos for sale in Coquitlam, these are the current prices:

• 1-bedroom condo – $569,000
• 2-bedroom condo – $774,000
• 3-bedroom condo – $949,000

Compared to the prices a year ago, we're looking at an increase of over 10%, which is significant.

However, the demand slowed down this winter. For example, from mid-January to mid-February, the number of condos sold in Coquitlam was 78.

Things to Consider When Buying a Condo in 2024

It's essential to know what to pay attention to so you can purchase a fantastic condo in Coquitlam. Here are several crucial tips to keep in mind when browsing condos for sale in Coquitlam.

Building’s Strata Insurance

First and foremost, ensure you’ve asked about premiums and deductibles associated with the property. Strata insurance is essential for buildings as it covers accidental damage, theft, and other legal liabilities.

During 2019 and 2020, the strata insurance fees skyrocketed, even up to 30% for some buildings. Therefore, one of the most important things to do is see the strata insurance certificate and pay attention to the renewal date.

Choose a Realtor With Experience in Condos

It’s crucial to work with a real estate agent that has your best interests in mind. If your heart is set on a condo in Coquitlam, that means hiring someone who has valuable experience.

For example, someone who has a track record with condos in Coquitlam will know a lot about building developments in the area in general.

They'll also tell you more about community finance issues and talk to you about building infrastructure problems if there are any.

Decide on the Type of Amenities You Need

Modern condos for sale in Coquitlam usually offer a wide range of amenities. However, not all will have exactly what you or your family needs.

Don’t hesitate to talk to your realtor to address these issues. When buying a condo, you’re also buying access to specific amenities.

For example, if you want a gym in your building, be sure to point it out.

Learn About the Condo Board

Shared ownership is at the core of condo buildings. That means a condo board manages them. This is a group of elected owners that make the decisions regarding the building.

When you're shopping for a condo, you can't address the board directly. However, you can review the minutes from board meetings.

Scanning these documents will give you an idea of how things work in the building. It will also tell you if there are any notable red flags.

For example, are the repairs always postponed? That's something you can learn from the minutes of the meetings.

Check Out the Property Management Company

The building upkeep is fundamental, and you have the right to know about the company in charge of this task.

Ensuring that the building is well-maintained provides more enjoyable daily living, and it ensures the property value doesn't decrease over time.

Ask who’s in charge of the day-to-day operations and how they handle direct requests from building residents.

Find the Best Condo in Coquitlam and Enjoy the City

Coquitlam residents have a lot going for them, including the climate, outdoor activities, SkyTrain access, art galleries, restaurants, and so much more.

They also have a booming housing market and many brand-new condos ready for sale.

Prices might be on the rise, but that's because Coquitlam is thriving, and many people want to benefit from this positive change.

If you're looking for condos for sale in Coquitlam, keep the tips we’ve discussed in mind. They can make all the difference.

Don't hesitate to call me for the latest information about condos for sale in Coquitlam, I will work to answer any questions you may have. 

Updated February 23, 2024

Burnaby Heights Homes for Sale: Buying Tips   

Burnaby Heights, also referred to as “The Heights” or “Vancouver Heights,” is a family-oriented residential neighborhood located in North Burnaby.

Within walking distance, you’ll find stunning views, history, and a thriving business district.

In addition, easy access to other cities and great schools in a sustainable and emerging city makes it an ideal location for real estate investors.

In this article, I’ll look at the current state of Burnaby Heights homes for sale, including tips on what to consider and whether the property you want to buy will be financially viable for you.

Burnaby Heights Homes for Sale

The majority of properties for sale in Burnaby Heights are detached houses and townhouses, though the number of condos/apartments is increasing.

Burnaby Heights Homes for Sale Buying Tips

There is a lot that goes into buying a home. From where you buy it to who you deal with, and how it gets inspected, there is a lot of responsibility. Here are some tips to ease your mind when considering a home in Burnaby Heights. 

Buy With Your Target Tenants in Mind

Your property could have tenants as a mortgage helper.

When checking out properties in Burnaby Heights, it's better to avoid purchasing based on your taste.

With buy-to-let investments, carry out some research into the type of people who rent properties in the different parts of Burnaby Heights, what attracts them, and what they expect.

Look for the Best Deals

Keep an eye out for the cheaper properties in Burnaby Heights. The less you spend on buying a property, the higher your returns will be.

Focus on properties like condos/apartments when in line with your target tenant.

Consider Investment Potential

Your most important consideration should be finding a property to generate returns aligned with your cash flow targets.

.

Calculate Your Margins

To meet your passive income targets, you’ll need to determine the type of returns it should generate.

A goal of 10% return is ideal; factor in an estimate of annual maintenance costs at 1% of the property value.

Consider all the additional costs that will reduce your rental income, including homeowners’ insurance and property taxes.

In addition, monthly expenses such as regular landscape maintenance and costs for repairs should also be considered.

Ensure You’re Prepared for Unexpected Expenses

When owning property, the potential for something to go wrong in an emergency – burst water pipes in the kitchen, for example – is always likely.

In preparation for such unwelcome surprises, consider setting aside 20%-30% of your rental income to cover these types of repairs.

Compare Properties of Interest With Other Rentals

A great way to establish whether your investment will yield the returns you want is to determine what properties are being rented in the surrounding area.

To verify this, you can look at online real estate platforms. Once you’ve found the property you want to purchase, consider seeking advice from a Burnaby Heights-based realtor like Adriano Valente about rentals in the area for comparison with your estimates.

Burnaby Heights Homes for Sale: Finding the Right Investment

Burnaby Heights or “Vancouver Heights” is an ideal place for a thriving business in real estate.

This location creates a happy place for the communities living there with its liveliness, peaceful scenic views, leading education, and easy access to other major cities.

When purchasing your investment property in Burnaby Heights, you should consider balancing how much money you want to make and how your goals can be achieved through the right property and tenants.

Hopefully this article has helped guide you in your search for the best properties for your real estate venture in Burnaby Heights.

I wish you the best of luck in achieving your investment goals. Call me anytime for the latest information on Burnaby Heights Real Estate, I'm happy to help. 

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. 

Updated February 23, 2024

Coquitlam Real Estate Market Forecast | What Are the Predictions for 2024?

Coquitlam is a city situated on the lower mainland of British Columbia. There you’ll find something for everyone – from peaceful walks in the mountains and fishing to restaurants and shopping.

The cherry on the cake is the warm temperatures experienced during the summer months as Coquitlam is located in the warmest region of Canada.

Coquitlam’s current and planned building developments and redevelopment projects make it a strong contender for a place to settle down or invest in real estate.

If you want to know more about the Coquitlam real estate market forecast and predictions for 2024, I've got you covered in this article.

First, I’ll discuss how Coquitlam compares to neighbouring areas regarding real estate pricing and growth.

Coquitlam Real Estate Market Forecast: How Does Coquitlam Compare to Neighbouring Areas?

At the time of writing, these are the ZOLO results for some real estate comparison data based on 19 areas in Greater Vancouver:

Real Estate Pricing

• 1st West Vancouver – Average Price: $2.5M Median Price: $2.4M
• 8th Coquitlam – Average Price: $1.1M Median Price: $925K
• 16th Pitt Meadows – Average Price: $984K Median Price: $875K

Fastest Growing Prices

• 1st Lions Bay ­– 26.7%
• 2nd Coquitlam ­– 16.7%
• 3rd Pitt Meadows – 12.7%

Fastest Selling

(Number of days on the market)

• 1st Anmore – 9 days
• 15th Coquitlam –25 days
• 19th Anmore - 39 days

Highest Turnover

• 1st Tsawwassen – 48.4%
• 4th Coquitlam – 37.7%
• 19th West Vancouver – 16.6%
• 
  

Coquitlam Real Estate Market Forecast: What Are the Predictions for 2024?

The Coquitlam real estate market is hot at the moment. On average, properties are selling faster as compared to 2023.

Activity is primarily concentrated in the detached market – where demand is visible.

Reasons for Coquitlam’s Popularity

Millennial-aged buyers are currently attracted to Coquitlam living as they desire properties with more space for home working, starting a family, and being part of a suburban community.

In addition, they’ve acquired more savings due to increased home-working and are ready to buy their first home. Its culture, historical sites, and breathtaking mountain backdrops enhance its appeal for long-term residency.

Plus, its geographic location in Metro Vancouver is easily accessible by car, public transport, and the SkyTrain, with plenty of options to get around.

Interest From Real Estate Investors

Real estate investors will essentially look at the same pros and cons of buying property in an area as those who are purchasing homes.

In addition, their decision-making process includes the area's potential for evolvement. Right now, Coquitlam has plenty of growth possibilities because of the planned transformation of the city.

The redevelopment of the downtown center into a self-sufficient urban core is the primary transformation. This includes new residential offices and an entertainment district to extend south of the Lincoln SkyTrain station.

Also, there are many new home developments.

Coquitlam Real Estate Market Forecast: What Are the Predictions for 2024?

Real estate in Coquitlam is forecasted for continued growth during 2024. This is driven by a demand for living in Coquitlam and its proximity to the many suburbs while being within driving distance of the city core. 

Other predictions for 2024 include:

Property Value Will Continue to Increase

Currently, there is an increased buyer demand for nice homes. The market will become more competitive as interested buyers enter the spring season. The upcoming announcements on interest rates will play a large part of what happens. 

Increased Popularity of Detached Houses and Townhouses

Detached houses and townhouses offer an excellent option to meet the buyer’s need for more space in and outdoors, privacy, a yard, and a garage.

Detached housing is more expensive.

However, those with the budget to cover it find this option most appealing as it includes the freedom to make decisions regarding the structure of the land.

This is important for buyers planning to start/expand their families.

Townhouses are less expensive than detached; therefore, buyers with slightly smaller budgets tend to go for these.

Overall, buyers will find a mix of old and new detached homes and a smaller selection of townhouses and condos.

Price Increase of Condos

Pricing of condos is expected to increase – though not as much compared to detached houses and townhouses. Its demand stems from being the best option economically for first-time home buyers.

The condo supply will increase slightly as buildings invested in years ago are completed.

More Interest From Real Estate Investors

Interest from new and existing real estate investors will increase. Vancouver is one of the most desirable places to live in the world.

With current activities and future growth potential, investors view Coquitlam as a reliable and secure strategy to create and preserve wealth.

2024 Predictions for the Coquitlam Real Estate Market

Coquitlam offers the best of both worlds and is a great choice for growing families wanting to settle down and investors aspiring to make lucrative real estate investments.

With warm summer months, picturesque sites, outdoor activities, restaurants, parks, and museums, there’s always something to do for everyone.

In addition, the downtown redevelopment plans and housing developments will boost its predicted growth throughout 2024.

Here I’ve discussed the Coquitlam real estate market forecast and predictions for 2024.

I hope the comparison details and reasoning behind each prediction have helped with your inquiry. If you would like to discuss your upcoming purchase don't hesitate to call me.