Home sales declined in Burnaby
|Type||Jan-Jun 2012||Jan-Jun 2011||% Variance||Price Index|
|Detached||537||775||- 31%||+ 6%|
|Townhouses||394||491||- 20%||- 2%|
|Condos||816||1,010||- 19%||+ 2.5%|
|Total Sale||1,747||2,276||- 23%||+2.8%|
The first 6 months home sales in Burnaby declined by 23% compared to the same period in 2011. Burnaby followed other areas when home sale activities cooled off since April 2011. The slow down in sales for Burnaby homes was in-line with other cities in the lower mainland of Vancouver.
However, home prices held their grounds, with the exception of townhouses which slipped 2% point compared to a year ago. Detached homes maintained a 6% gain compared to the same period last year. In 2011, there was an upsurge in demand for Burnaby detached home, mainly due to home buyers finding better values there compared to Richmond and Vancouver West.
Outlook for Burnaby real estate
Burnaby detached homes deteriorated and turned to a buyer market in . Similarly, Burnaby condos tipped over into a buyer market in June when the supply of condos reached 7.3 months compared to around 5 months supply 3 months ago.
The tightening of credit and adverse media report had resulted in home buyers becoming more cautious. Many home buyers prefer to stay on the side-line to watch how the market will turn out the next few months. Although showing activities and sales were down significantly in Burnaby, the pace of buyers visiting open houses and making inquiries were still fairly high.
Burnaby real estate so far manages to hold onto their current prices fairly well. As can be seen from the average and median price chart above, Burnaby detached homes edged higher since the beginning of the year. On the other hand, home sellers in Richmond and Vancouver West were in more difficult position as there were signs of home prices coming down. These two areas also witnessed a high number of expiry the past few weeks.
If you have questions as to the real estate and housing market in Burnaby or other areas in the lower mainland of Vancouver, you are welcome to contact James Wong at 604-721-4817 or Louie Pulice at 604-341-0006 for a discussion.