Being the third largest city in BC, Burnaby is also the second largest area of development (After Vancouver) for new condos. Due to keen investors and first-time home buyers, Burnaby has more resort / community style developments underway then anywhere in BC including core Downtown, Vancouver.
According to MLS® Home Price Index – Real Estate Board of Greater Vancouver (August 2020):
- BURNABY EAST: The benchmark price of an apartment condo has changed by +52.1% in the last 5 years and is currently $721,000.
- BURNABY NORTH: The benchmark price of an apartment condo has changed by +72.1% in the last 5 years and is currently $614,400.
- BURNABY SOUTH: The benchmark price of an apartment condo has changed by +58.9% in the last 5 years and is currently $656,300.
Move-In Ready Condos
All New Construction Condos in Burnaby BC
New Condo Developments in Burnaby BC
Although new construction has always been apparent in Burnaby, high rises have really increased in numbers. The demand for high quality ‘community style’ living by the millennial and young professional audience has increased the number of planned communities, for instance condos sold in Burnaby were increased by just over 4% compared to May 2020 previous month (May 2020).
Despite several economic factors, housing growth continues in Burnaby and in BC overall. Investors prefer 1 bedroom plus den and 2-bedroom condos, as they seem to sell the most in this market. 3-bedroom condos come in third with the demand for them decreasing, as new families continue to be smaller in size. Thus, making it a win-win situation, as the prince range for condos for sale in Burnaby seem to be acknowledgeable for most investors and first-time home buyers alike.
Most renters in Burnaby are also coming from financially stable backgrounds with both occupants working, making them ideal long-term tenants for condos. The median income in Burnaby is one of the highest in the regions which adds to the stability and economic growth. This naturally fuels the real estate market and especially the condos for sale market in Burnaby.
New Construction Condos in Burnaby
All and all single home family homes are on the rise and condos are right up with them. Buyers are shifting from Downtown and moving to Burnaby and areas within such as Edmonds, some are going even deeper within BC. Although the inventory levels are going down overall in BC, in some specific cities, including Burnaby, they have been steadily on the rise. Due to still a stable community and strong immigrant money, especially from far Asian countries, has kept things very stable even during this time.
Single family home sales including condos continue to rise but this is being seen only as a trend. Once things become more stable overall, the market analysis for Burnaby although still positive, won’t be as high as it is now. As core Vancouver is still considered the most sought-after market for the first-time investor and buyer. Burnaby is third which makes it still very attractive for condo buyers.
Presale Condos in Burnaby
As long as the household income average of Burnaby residents holds up, condos in Burnaby will continue to sell as investors are getting a great return on their investment. This trend looks like it will go up in double digits until cooling off around the 7-year mark.
Condo prices are expected to go down after this 7-year period due to the rise of core downtown Vancouver again. During this period, investors and first-time home buyers are advised to maintain their current condos. This will help in selling off your condo down the road for a most likely profitable venture.
Preconstruction Condos in Burnaby
High rises are communities which are on the rise, especially the Metrotown and downtown Burnaby area. Condos in high rises have always been in demand in Burnaby and this trend will continue to rise.