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How will the BC Election change future home prices and your income? How many cities have had price increases in the last month?

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Price Reductions Work! In April, in the Vancouver area, 49% of the single family home sales over 30 Days On Market REDUCED their list price by $49,000 (median)
At the same time 48% of the April single family sales in FV/Chilliwack that were over 30 DOM REDUCED their list price by $20,000 (median)
Note: 66% of the listings now expiring have no price reduction at all! Last year 63.5% of the listing expired! All that time, money and future client lifetime value is GONE!

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Index Abbotsford Burnaby North Burnaby Chilliwack Coquitlam North Delta Delta Ladner Langley N. Langley Maple Ridge Mission New West Port Coquitlam Port Moody Richmond Surrey West Surrey East South Surrey White Rock Vancouver Westside Downtown-West End East Vancouver West Van North Van

Burnaby May 1, 2013

Current: Burnaby's Residential Detached housing market is in a Buyers Market with a LOW 11 %SOLD rate. (This means 11 homes out of 100 sold in Apr with an average $54,950 discount from the original price) Lesson

Most Active Range: Homes below $800,000 have 19.3 %SOLD rate.
Least Active Range: Homes between $1.5 million - $1.75 million have 1.8 %SOLD rate.

History: The Burnaby Home Price Index HPIp (Top 50%) shows that prices increased $15,682 in 2012.
The Burnaby Home Price Index HPIp (Lower 50%) shows that prices decreased $13,955 in 2012.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.

Forecast: Burnaby has high Listing supply; 502 homes are for sale and with the low 11 %SOLD monthly rate gives us a ~ 9 months of inventory. At this sell through rate approximately 359 of these listings will not sell. Currently 22% of the active listings have reduced their price by $75,679 on average or $50,000 median. The next few weeks should see increased sales in the local real estate market. The Spring Fever and the Election Resolve should inspire a new buyers confidence. With this new affordability Move-Up Buyers thinking location should consider this a prime time to do so.

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Re/Max Market Share Reports

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These Re/MAX Market Share Reports are sponsored by the Canada's Most Referred Referral Network! we thank them for their support and please refer to them in your appreciation.

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NOTE: This representation is based in whole or in part on the Real Estate Boards of Greater Vancouver, Fraser Valley, Chilliwack which assume no responsibility for its accuracy.

We thank Albert Yen for his support of these Burnaby Real Estate Updates which include sub-areas such as East Burnaby, Capitol Hill BN, South Slope, Government Road, Deer Lake etc. Contact Albert as the Local Expert.... more details.