NEW MARKET SUMMARY BURNABY/NEW WESTMINSTER

The Burnaby/New Westminster market area has been designated a “Green Light” status for the Fourth Quarter of 2023. Throughout this period, the market area remained stable in sales volume, achieving a total of 636 transactions, a minor three percent decline from the preceding quarter. Notably, six new projects launched in the city of Burnaby, all of which were High Rises, with four specifically situated in the bustling Metrotown area. High Rise properties continued to dominate the landscape, comprising 98 percent of all sales in the market area, marking a two percent uptick from the previous quarter. High interest rates continue to impact buyer sentiments, resulting in projects with extended construction timelines exhibiting stronger performance compared to those with shorter completion horizons. The Fourth Quarter of 2023, the market area witnessed an absorption of 18 percent of the total inventory, signifying a 10 percent decline compared to the preceding quarter.

Market Highlights

Wesgroup’s Reign – Tower 1, a 35-storey 260-unit High Rise saw 50 percent of its inventory absorbed, accounting for 130 sales at a blended price per square foot of $1,333

Solhouse 6035 by Bosa Properties recorded 75 total sales of their 50-storey 411-unit High Rise at an overall average price of $1,450 per square foot

Concord Pacific’s Greenhouse, a 297-unit 42-storey High Rise achieved 80 sales blending at an average price per square foot of $1,456

Riviera by Ledingham McAllister a 248-unit 35-storey High Rise recorded 90 total sales averaging $1,250 per square foot

Millenium Development’s Etoile Gold, a 47-storey 277-unit High Rise in the Brentwood area achieved 80 total sales at a blended price per square foot of $1,360

Icon, a 46-storey 352-unit High Rise within the Southgate Village Master plan community by Ledingham McAllister achieved 75 total sales at an overall price of $1,160 per square foot.