May is here and it\u2019s time for a\u00a0Burnaby<\/a>\u00a0condo market update! It\u2019s been a bit of a crazy year, we had a lot of snow at the beginning followed by record amounts of rain and we feel that this held back the number of sales compared to previous years. BURNABY CONDO MARKET UPDATE BY REALTOR JAMES GARBUTT May is here and it\u2019s time for a\u00a0Burnaby\u00a0condo market update! It\u2019s been a bit of a crazy year,…<\/p>\n","protected":false},"author":3,"featured_media":22623,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[891],"tags":[125,129,138,141,627,765,798,811],"acf":[],"taxonomy_info":{"category":[{"value":891,"label":"Buyers"}],"post_tag":[{"value":125,"label":"burnaby"},{"value":129,"label":"burnaby condos"},{"value":138,"label":"burnaby real estate"},{"value":141,"label":"burnaby realtor"},{"value":627,"label":"real estate agent"},{"value":765,"label":"top real estate agent"},{"value":798,"label":"vancouver real estate"},{"value":811,"label":"Video Blog"}]},"featured_image_src_large":false,"author_info":{"display_name":"James Garbutt","author_link":"https:\/\/www.garbuttdumas.ca\/author\/james\/"},"comment_info":0,"category_info":[{"term_id":891,"name":"Buyers","slug":"buyers","term_group":0,"term_taxonomy_id":891,"taxonomy":"category","description":"","parent":0,"count":156,"filter":"raw","cat_ID":891,"category_count":156,"category_description":"","cat_name":"Buyers","category_nicename":"buyers","category_parent":0}],"tag_info":[{"term_id":125,"name":"burnaby","slug":"burnaby","term_group":0,"term_taxonomy_id":125,"taxonomy":"post_tag","description":"","parent":0,"count":249,"filter":"raw"},{"term_id":129,"name":"burnaby condos","slug":"burnaby-condos","term_group":0,"term_taxonomy_id":129,"taxonomy":"post_tag","description":"","parent":0,"count":85,"filter":"raw"},{"term_id":138,"name":"burnaby real estate","slug":"burnaby-real-estate","term_group":0,"term_taxonomy_id":138,"taxonomy":"post_tag","description":"","parent":0,"count":262,"filter":"raw"},{"term_id":141,"name":"burnaby realtor","slug":"burnaby-realtor","term_group":0,"term_taxonomy_id":141,"taxonomy":"post_tag","description":"","parent":0,"count":216,"filter":"raw"},{"term_id":627,"name":"real estate agent","slug":"real-estate-agent","term_group":0,"term_taxonomy_id":627,"taxonomy":"post_tag","description":"","parent":0,"count":7,"filter":"raw"},{"term_id":765,"name":"top real estate agent","slug":"top-real-estate-agent","term_group":0,"term_taxonomy_id":765,"taxonomy":"post_tag","description":"","parent":0,"count":5,"filter":"raw"},{"term_id":798,"name":"vancouver real estate","slug":"vancouver-real-estate","term_group":0,"term_taxonomy_id":798,"taxonomy":"post_tag","description":"","parent":0,"count":296,"filter":"raw"},{"term_id":811,"name":"Video Blog","slug":"video-blog","term_group":0,"term_taxonomy_id":811,"taxonomy":"post_tag","description":"","parent":0,"count":126,"filter":"raw"}],"_links":{"self":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts\/22590"}],"collection":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/comments?post=22590"}],"version-history":[{"count":0,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts\/22590\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/media?parent=22590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/categories?post=22590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/tags?post=22590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nAs of April 26, 2017, the\u00a0year-to-date number of condos sold in Burnaby is\u00a0636 units*, compared to 1022 units in 2016 and 708 units in 2015. Sales volumes may be down, but prices are up, and condos are hot. The REBGV<\/a>\u00a0just released the latest market stats and it shows Burnaby condos are up 25% compared to 1 year ago.
\nTo get a good indication of how the market doing, we like to look at the sales ratio<\/a>. The sales ratio is the sales-to-active listings ratio or the number of sales that take place in a given month divided by the number of active listings. A seller\u2019s market is considered to have a sales ratio of 21% or higher. Currently, Burnaby condos are experiencing a strong seller\u2019s market. When looking at the last 60 days of activity, the sales ratio is 65% for 2 bedroom condos and 85% for 1 bedrooms. This tells us that condos are in demand, and even more so for lower price points.
\nhttps:\/\/youtu.be\/AvuYct79br4
\nLet\u2019s look at Brentwood Park<\/a>\u00a0for a moment as it is a popular neighbourhood for many condo buyers due to it\u2019s central location and ample supply of newer condos.
\nThe price per square foot for a typical 2 bedroom, 2 bathroom, mid level unit that is 850-880 sqft in a 10ish year old building at OMA (2345 & 2355 Madison Ave, and 4250 Dawson St) or Tandem (4118, 4178 & 4182 Dawson St) is currently selling for about $775\/ sqft or $675,000 (as of April 2017). In April 2016, they were selling for $635\/ sqft or $540,000, and in April 2015 they were selling for $520\/ sqft or $450,000. It is a climbing market and Burnaby has seen back-to-back years of 20% plus appreciation.
\nThe highest price per square foot recorded this year was $980\/ft in Brentwood Park, and if that is the start of the new trend, expect Burnaby to get even more expensive!
\n*Note that this information was taken on April 26, 2017. They are likely firm sales that have not registered on the MLS. Actual 2017 figures may be slightly higher than noted above.
\nFull Real Estate Board of Greater Vancouver Stat Package for April 2017<\/a>
\nIf you\u2019re thinking of buying, selling or just curious about the value of a property, contact us today!
\n
\nContact Us Today<\/a>
\n
\nJames Garbutt
\nBurnaby Realtor
\n <\/p>\nCLICK HERE FOR YOUR MAY 2017 BURNABY HOUSE MARKET UPDATE<\/a><\/h4>\n","protected":false},"excerpt":{"rendered":"