Burnaby is the third largest city in with its real estate market clearly reflecting this fact. For the past 9 years, new constructions home and new home developments have been steadily increasing in Burnaby. This is all thanks to in influx of educated immigrants coming from various parts of the globe and a young, tech-savvy population.
Burnaby has 36 new real estate developments on the market, including 32 condos, and 11 new townhome developments by real estate builders.
Burnaby is home to 35 unique neighbourhoods. Hot Neighbourhoods with most new real estate developments in Burnaby are Brentwood, Burnaby Heights, Metrotown, and Sullivan Heights.
This city of Burnaby has always been in the top five since its inception, but as far as the real estate market goes, it is now increasing by well over 30 percent annually. As an investor, the price range is also very healthy. In June alone, the lowest priced house went for sale at just over $900,000 and the highest for over 2 million. This seems to be the average price range in Burnaby now which is attracting a lot of investors.
Another reason for this consistent growth in new construction and new home developments in Burnaby is due to technology firms. The tech sector in Burnaby is receiving venture capital which has opened new doors for various foreign investors. Foreign and local existing tech companies from the downtown side are moving into Burnaby as well with most of BC’s tech talent residing in Burnaby.
The Sales of new construction homes in Burnaby have been steadily increasing for quite some time now. Being one of the largest cities in BC, and a hive for new immigrants, Burnaby is seen as an upcoming hub for real estate investors. The prices in Burnaby come in second to Vancouver, making it a very desirable location for high rise condos and townhome investments. Additionally, this trend of new construction homes will continue to go up for the next several years.
Overall, the market is headed towards growth. Especially in the North and South areas of Burnaby. This is mainly due to new developments and new construction homes that continue to rise despite ongoing challenges.
The market demand for properties in Burnaby has always been consistent but due to a more maturing population, new home construction projects all around Burnaby continue on.
After a few more years, the same growth is expected in other remaining parts of Burnaby as well. With new builders and construction companies already making their way to these areas, this process of new developments has already begun. Soon these somewhat “underdeveloped” areas of Burnaby will be home to new properties thus creating a bigger opportunity for home buyers and investors alike.
According to MLS® Home Price Index – Real Estate Board of Greater Vancouver (August 2020):