Townhomes in Burnaby have been steadily on the rise, especially with an increase in homebuying in the North Burnaby and Brentwood area, due to many people from the Metro Vancouver area now becoming more family oriented and require the proper residential housing to fit their needs. This has also opened several new opportunities for accredited investors in the real estate market.
According to MLS® Home Price Index – Real Estate Board of Greater Vancouver (August 2020):
- BURNABY EAST: The benchmark price of a townhome has changed by +58.5% in the last 5 years and is currently $708,200.
- BURNABY NORTH: The benchmark price of a townhome has changed by +52.1% in the last 5 years and is currently $732,500.
- BURNABY SOUTH: The benchmark price of a townhome has changed by +55.1% in the last 5 years and is currently $802,400.
Move-In Ready Townhomes
All New Construction Townhomes in Burnaby BC
New Build Townhomes in Burnaby BC
Purchasing a townhome in Burnaby is also seen as a long-term investment with the lack of volatility in the market and the overall consistency reported during the past 10 years. Burnaby town houses are also becoming a popular choice for investors who are willing to invest in the 700 thousand to 2 million range.
The average townhomes price in Burnaby right now is around 963 thousand mark. 2 to 4-bedroom townhomes are the ideal pick for investors who are looking for new townhomes in Burnaby. Various segments within the population of Burnaby are now entering a much higher gross income level and therefore are keen to invest in new and upcoming townhomes around the barn. With Burnaby having fully developed mature communities, real estate investors are getting a healthy ROI from their investments in those cases.
A lot of investors, especially first-time buyers, buy property to rent them out. After Vancouver, Burnaby has the highest rent per property which makes it a very attractive investment for townhome buyers, especially when it comes to 2 to 4-bedroom townhomes located in around the city. New construction of townhomes continues to be very steady in the city of Burnaby it looks like this trend will continue for a few more years.
New Construction Townhouses in Burnaby
Most people who buy townhomes in Burnaby are looking for a long-term investment. Over 40% of people who have purchased townhomes in the North Burnaby and Brentwood area, have done it just so they could turn it into rental properties. Subletting is a big trend and a way to generate extra income for the investors with laws and communities in general becoming more lenient towards this kind of practice.
Most Burnaby townhome investors also support local townhome associations allowing the buyer to maintain a property without worrying about the upkeep, especially when it comes to the front lawn. Townhome communities in Burnaby also offer state of the art amenities, making townhomes a preferred choice for homebuyers and investors alike.
Preconstruction Townhomes in Burnaby
Most townhomes in Burnaby are two stories and three-story buildings, another reason why a lot of families are now moving out of core downtown into cities like Burnaby as most places in downtown are not large enough for couples looking for a single-family home size dwelling.
With the option of being house owners and using your property as a sublet, is raising the demand for townhomes in Burnaby. This trend is expected to continue well within the next eight years as the community becomes more mature and accessible.
Presale Townhomes in Burnaby
Although there are still areas in Burnaby that do need to develop further, a lot of townhome builders have already started townhome showcasing in several areas. This is attracting new investors from other cities including people that are now becoming first time home buyers themselves. Townhomes in Burnaby have been increasing steadily and now with a strong economic growth behind the city, the new townhome developments are spreading.