Condos and townhomes in Burnaby are hot! March 2017 Market Update

The market for condos and townhomes in Burnaby is hot!
So hot, prices are up 25 per cent over this time last year. In fact, they’re even higher than the peak of the market we saw last spring and early summer.

One of the hottest neighbourhoods is Brentwood Park. This area, near Lougheed and Willingdon, is feeling the excitement from the redevelopment of the Brentwood Town Centre that is already underway.
When the $1.3 billion project is completed, it will be like its own city within the city.
And that’s boosted interest in existing developments nearby. Of the last 40 condo sales in Brentwood Park, 75 per cent of them went for list price or above.

Condos and townhomes in Burnaby are hot
A typical 2 bedroom 2 bath condo, 850-875 sq. ft., in an established development like Oma, is now going for about $600,000. Last year it would have sold for $480,000.

Condos and townhomes in Burnaby
A typical 630 sq. ft. 1 bedroom condo in an established concrete development like Tandem is now selling for $450,000. Last year it would have sold for $370,000.

 
We’re seeing similar stats in other areas of Burnaby as well, including South Slope and Burnaby East.
If you’re a buyer, the market for condos and townhomes in Burnaby might be more favourable in the Metrotown neighbourhood. An abundance of available product there means 60 per cent of  sales in the past 60 days have gone for below list.
And just as the market for high-end houses has been struggling a bit, the market for condos and townhomes in Burnaby above $600,000 is a little slower.
There’s a lot of new development coming down the pipe, so it’s hard to say how long the market for condos and townhomes in Burnaby will stay hot. But with interest in condos and townhomes high across the Lower Mainland right now, there’s no end in sight. That might be a little frustrating if you’re a buyer. But if you’re selling, you’ll be rewarded.