BURNABY/NEW WESTMINSTER

The Burnaby/New Westminster submarket has maintained its “Green Light” status for the First Quarter of 2023, with 577 sales recorded, representing a 34 percent increase from the previous quarter. Two new projects were launched, and of the 698 High Rise units released, 58 percent have been absorbed. These new launches were responsible for 70 percent of the sales made during the quarter, highlighting the demand for new products in the submarket. The High Rise sector received the most interest from buyers, as sales increased by 117 percent compared to the previous quarter. In the beginning of the year, Lunar New Year promotions were introduced in several projects, which allowed developers to move some products, but new projects with lower entry price points continue to generate more activity. The success of these new projects has raised expectations for previously delayed launches to match their success and to launch in the upcoming quarter.

Market Highlights

Anthem’s first tower of the South Yards masterplan, a 363-unit High Rise launched in early January and achieved 297 sales at an overall blended price of $1,260 per square foot using their One-Price Program

Polygon released their Metrotown tower, Perla, a 335-unit High Rise in mid-March and achieved 108 sales at an average price of $1,245 per square foot

O2, Keltic Development’s High Rise achieved 49 sales over the quarter. The project offered Lunar New Year Promotions of up to $18,800 off the purchase price and a $50,000 prize draw

Intergulf’s Townhome and Low Rise development, Arbour, is 60 percent sold as it achieved 46 sales in the First Quarter of 2023

Thind’s High Rise, Eclipse, that is part of the Lumina masterplan reported 33 sales in the new year offering credit of up to $100,000 and a reduced deposit structure