Citynow Burnaby’s housing prices continue upward swing

JessBalzer

jfedigan@burnabynow

com

All housing types across Burnaby saw price increases last month, according to a new report.

The Real Estate Board of GreaterVancouver (REBGV) says there were 3,411 residential home sales throughout the region in May, which equated to a 15.7 per cent increase from the 2,947 sales recorded in May 2022

There were 5,661 properties listed for sale on MLS last month

“Back in January, few people would have predicted prices to be up as much as they are ourselves in- cluded,” REBGV director of economics and data analytics Andrew Lis said in a news release.

“Our forecast projected prices to be up modestly in 2023 by about two per cent at year-end Instead, MetroVancouver home prices are already up about six per cent or more across all home types at the midway point of the year.”

The benchmark price for residential properties hit $1.16 million in Burnaby East (up 2 9 per cent compared with April 2023), $1.02 million in Burnaby North (up 1 5 per cent) and $1 11 million in Burnaby South (up 0.9 per cent).

Single-family detached homes hit a benchmark of $1.82 million in Burnaby East (up 4 7 per cent), $1 98 million in Burnaby North (up 1.7 per cent) and $2,177,100 in Burnaby South (+1 4 per cent)