Burnaby Market Update
East Burnaby, Government Road, Deer Lake, Capitol Hill BN, South Slope and all the sub-areas of Burnaby Real Estate Market Update Report.

Current:  Burnaby's Residential Detached housing market is in a Seller's Market with 16 %SOLD rate.
                (This means 16 homes out of 100 sold last month  with an average $60,506 decrease from the original price) Lesson

Most Active Range: Homes below $1.7 mill. have 35.0 %SOLD rate
Least Active Range: Homes above $3.5 mill have 0.0 %SOLD rate.

History: The Burnaby Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $38,605.
               The Burnaby Home PriceIndexHPIp (Lower 50%) Year-To-Date shows that prices increased $66,110.
                   *The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.

Forecast: Burnaby has a normal Listing supply; 280 homes are for sale and with the 16 %SOLD monthly rate gives us a ~6 months of inventory. 6% of the active listings have reduced their price by $147,565 on average or $99,912 median. We project Burnaby now in Seller's market.

Greater Vancouver October 2024:

October's real estate report shows that 52% of detached homes in Greater Vancouver lost value this month. On average, single-family homes in Metro Vancouver saw a price drop of $1,045. With mortgage rates going down, buyers will be more active, especially in the condo and townhouse markets. We forecast that the Metro Vancouver area to remain a buyer's market until the end of the year.

In October, the average price of condos decreased by $3,925, and townhouses saw a decline of $3,155. We forecast that the condo and townhouse markets will remain a buyer's market in the coming months.

To keep up with the latest market trends, tune in every Saturday at noon on VancouverMarketReports.com. We analyze which areas in the Lower Mainland are rising or falling. For a full update on market values, forecasts, and a detailed analysis of your neighborhood, reach out to Bill Coughlin and the Coughlin Team at 778-374-3744.

Fraser Valley October 2024:

October's real estate statistics show that 50% of detached homes in the Fraser Valley lost value this month. Overall, single-family homes in the Fraser Valley had an average price drop of $2,083. With mortgage rates going down, buyers will be more active, especially in the condo and townhouse markets. For now, we expect the Fraser Valley to remain a buyer's market until the end of the year.

In October, the average price of condos decreased by $1,364, and townhouses saw a decline of $940. We forecast that the condo and townhouse markets will remain a buyer's market in the coming months.

To keep up with the latest market trends, tune in every Saturday at noon on VancouverMarketReports.com. We analyze which areas in the Lower Mainland are rising or falling. For a full update on market values, forecasts, and a detailed analysis of your neighborhood, reach out to Bill Coughlin and the Coughlin Team at 778-374-3744.

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