C ONDO
MARKET
Burnaby It may be a seller’s market, but, when it comes to condos, Burnaby buyers can take heart that there is still room for negotiating when it comes to price
O
f the condos that sold in Burnaby between September 5 and 18, only one went for over list price. That home, a two-bedroom apartment in the Brentwood Park neighbourhood in Burnaby North was asking $473,800 and sold for $482,000. Two other homes sold for their list price. Both of these were presales for Intergulf’s The Park Metrotown, which is expected to be ready for occupation in 2017. A 749-squarefoot unit there sold for $525,900, while a slightly larger 794-square-foot unit went for $536,900. These two brand-new homes were the most expensive sales in Burnaby condos during this time period. The balance of sales all went for under asking. The lesson? Don’t be timid when making your offer; many homeowners will accept bids below their list price. Two condo sellers let their homes go during this time for $20,000 under asking. When it comes to what’s still on the market, house hunters have some 700 properties they can check out in Burnaby. They range from a 40-year-old, onebedroom suite in Edmonds for $140,000 to a $1.9 million, 23-year-old, threebedroom home on the South Slope.
That property has the largest square footage of all the current listings: 2,877. If you happen to want a large number of bedrooms, your best choice may be a fourbedroom, nine-year old home in Highgate. Its asking price is $788,000 and it is 1,498 square feet. A closer look at the Highgate community shows there are 86 active condo listings in this Burnaby South neighbourhood that runs along Kingsway. The most expensive is the abovementioned $788,000 property, but you can get your foot in the door here with a $174,000, one-bedroom, 729-square-foot apartment in a 38-yearold building. The average list price of the available condos in Highgate is $380,093, which is considerably below the city’s average list price of $427,661. The average days on market for the area’s current listings is 68, which is just one day more than the overall city average. The most recent listings at press time were both two bedrooms. One was listed for $349,000 and the other for $476,000. With similar sizes, their distinguishing factors were their age. The more expensive condo is eight years old while the other is 15.
MARKET SNAPSHOT
702
Active condo listings* 21
Condos sold (Sept 5-18)
••••••••••••••••••••••••••••••••••••
$471,020
Average listing price* ••••••••••••••••••••••••••••••••••••
67
Average days on market*
••••••••••••••••••••••••••••••••••••
$499
Average price per square foot*
•••••••••••••••••••••••••••••••••••• Type of inventory*
Don’t be timid when making your offer; many homeowners will accept bids below their list price
Studio: 1% 2 BR: 62%
1 BR: 33% 3 BR: 4%
*Active listings up to September 18, 2015
6 October 2, 2015
CONDOMINIUM