BURNABY/NEW WESTMINSTER

The Burnaby/New Westminster market area will have a ‘Green Light’ status for the Fourth Quarter of 2022 after recording 429 sales, a 117 percent increase from the previous quarter. The High Rise and Low Rise sectors predominantly showcased the increase in buyer activity in this market area with 97 and 198 percent increases, respectively. These sales numbers were concentrated in a small but extremely successful number of projects. The Townhome sector went from 18 to 9 sales, experiencing a 50 percent decrease in sales from the previous quarter. Absorption rates in the Low Rise sector totaled 60 percent due to the launch of one very successful project. The overall absorption rate this quarter is 21 percent. One High Rise and one Mid Rise project were released in the Fourth Quarter of 2022, accounting for 554 units being added to the market.

Market Highlights

First & Royal, a 189-unit Mid Rise condominium by Areva Living launched in late October achieved 174 sales at an overall blended price of $940 per square foot

Brentwood Tower 6, the sixth tower in the Brentwood masterplan, a 365-unit High Rise by Shape Properties launched in late 2022 with a targeted price per square foot of $1,450

Anthem is launching South Yards, an 8-acre 2,500-unit masterplan community in Brentwood in early January with a 363-unit High Rise for Phase 1 of Tower A

The East Tower of Oasis at Brentwood by Concord Pacific helped to drive sales in the Fourth Quarter of 2022 with 60 new sales

The second tower of Gilmore Place, sold its remaining inventory by recording 78 sales over the quarter and achieved an overall monthly absorption of 13.1 units; the incentives being offered was a two percent credit on all homes and a reduced deposit structure

Polygon is anticipated to launch Perla a 38 storey, 339-unit High Rise in Metrotown in late March 2023