While housing prices have spent recent months surging, it appears the market could be starting to see slight signs of slowing down, including in Burnaby.
The Real Estate Board of Greater Vancouver says there were 3,232 home sales last month, which equates to a 34.1% decrease from April 2021 and a 25.6% drop from the 4,344 homes sold in March of this year.
“So far this spring, we’ve seen home sales ease down from the record-breaking pace of the last year,” Real Estate Board of Greater Vancouver chair Daniel John said in a news release.
“While a small sample size, the return to a more traditional pace of home sales that we’ve experienced over the last two months provides hopeful home buyers more time to make decisions, secure financing and perform other due diligence such as home inspections.”
When it comes to listings, there were 6,107 detached, attached and apartment properties newly listed on the Multiple Listing Services (MLS) in Metro Vancouver last month, representing a 23.1% decline compared to 7,938 homes listed in April of 2021 and an 8.5% decrease from the 6,673 listed in March 2022.
Some Burnaby areas see increases, others see decreases
According to the report, some categories of housing saw small increases in price in Burnaby while others actually saw a decline.
Residential houses in Burnaby East hit a benchmark price of $1,276,000 last month, which equates to a 0.5% decline compared to March.
Burnaby North is at a benchmark price of 1,285,500 (+1.9% in one month) while Burnaby South comes in at $1,207,900 (+1.3% in one month).
When it comes to single-family detached homes, Burnaby East hit a benchmark price of $1,750,800 (-1.4% in one month), while Burnaby North and South both are more than two million dollars at $2,048,300 (+1.3% in one month) and $2,127,700 (+2.9%) respectively.
Two Burnaby areas saw a drop in townhouse prices with Burnaby East at a benchmark price of $816,500 (-1.5% in one month) and Burnaby South at $878,500 (-1.4% in one month).
Burnaby North saw an increase of 4.9% in one month with a benchmark price of $983,000.