Burnaby home sales have reached a new high watermark this past year. 2014 home sales were the strongest they have ever been in the Vancouver-adjacent city. Home sellers are excited to fetch a premium price on their properties, and homebuyers are more eager than ever to snatch up Burnaby real estate because of its premium status.
Numbers That Tell a Story
The entire Metro Vancouver area has experienced a tremendous amount of growth in the past several years. Real estate sales have been posting monthly records, with the numbers in October of 2014 being 17 percent higher than the year before.
In Burnaby, the median sales price of detached homes was above a million for the first nine consecutive months of 2014. That price reflects a 10 percent increase compared to 2013. Even smaller, more modest homes have been selling at remarkable prices. A 1,114 sq. ft. bungalow sold in summer of 2014 for $1,055,000.
These sales statistics come from the home price index (HPI), which means that the really expensive home sales are considered outliers and removed from the data. In effect, the housing market in Burnaby is even stronger than the million-dollar mark indicates.
Fueled by Scarcity
One of the main reasons that the housing market is doing so well in Burnaby is simple economics. New employees with white-collar jobs are constantly moving to Vancouver, and they are on the hunt for comfortable homes that lie within a quick commute of the downtown area.
Burnaby’s prime location just east of the city makes it an ideal location for people who want to be close to the action of Metro Vancouver without being in the thick of it. Burnaby also boasts some of the most beautiful homes this close to the city.
This high demand is countered by a relatively scarce supply. Owners of detached homes in Burnaby are prone to stay, and developers are keener to construct multifamily complexes, such as condominiums or townhomes.
As a result, detached luxury homes in Burnaby are becoming harder and harder to find. This makes the market hungry for property at any price, especially high quality homes with luxury amenities.
A Bright Future
Burnaby’s real estate success seems like it will only grow in 2015. Many of the more affordable suburbs of Vancouver are investing heavily in public transit systems, leaving the more close by real estate of Burnaby free to remain a city filled with predominantly luxury properties.
Job growth also is anticipated to continue in the city, which already hosts such notable companies as Electronic Arts, Chevron, Nokia and Mercedes Benz.
If you were thinking of selling your detached luxury home, now would be one of the best times. While prices are only predicted to go higher, the current insatiable demand makes home selling relatively effortless. To get your home sold at an unprecedented price, take a look at our seller’s page.