Burnaby, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $1,300,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.8% |
| Stock on market | 0.7% |
Apartment
| Median price | $700,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $1,000,000 |
| 3 bedrooms | $1,300,000 |
| 4 bedrooms | $1,600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $600,000 |
| 2 bedrooms | $750,000 |
| 3 bedrooms | $900,000 |
Demographics
| Current Population (2025) | 250,000 |
| Previous Population (2020) | 245,000 |
| Population Change | 2.0% |
| Total Private Dwellings | 100,000 |
| Occupied Private Dwellings | 95,000 |
| Population Density (per km²) | 2.0 |
| Land Area (km²) | 100.0 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Burnaby, British Columbia, currently displays a stable growth pattern with moderate price appreciation. The median house price stands at CAD $1,300,000, reflecting a year-over-year increase of 2.8%. This increment suggests a healthy demand for detached homes, which are likely benefiting from both local population growth and the spillover effect of the more expensive Vancouver market.
A similar upward trend is seen in the apartment sector, where the median price has reached CAD $700,000 – up by 1.9% compared to the previous year. This indicates a sustained interest in more affordable and lower-maintenance living spaces, which may be particularly appealing to first-time homebuyers and investors seeking rental properties.
Burnaby’s steady population growth of 2.04% per annum is contributing to the demand for housing. This growth is driven by its strategic location as a suburb of Vancouver, availability of public transit infrastructure like the SkyTrain network, and the presence of post-secondary institutions such as Simon Fraser University and the British Columbia Institute of Technology.
Investment Opportunities and Potential
The Burnaby real estate market presents notable opportunities for both residential property investors and developers. Given the city’s ongoing population growth and its status as an education hub and technology sector employer, housing demand is expected to remain robust. Rental properties are particularly attractive investments due to potential yield from a growing pool of students and professionals.
Developers have opportunities to contribute to urban densification initiatives through mixed-use developments that combine residential units with commercial and retail spaces. Additionally, investment in revitalization projects could also meet the market’s need for modern living spaces while capitalizing on existing infrastructure.
The consistent rise in property values suggests that investment in Burnaby real estate can be expected to offer stable long-term asset appreciation. However, investors should monitor regulatory changes such as taxation policies and zoning laws that could impact future profitability.
Future Market Outlook
The forecast for Burnaby’s real estate market remains optimistic. The city’s economic fundamentals are strong due to diverse employment opportunities across various sectors including technology, education, and commerce. In combination with its geographic proximity to Vancouver and its appeal as a more affordable alternative to Canada’s most expensive housing market, Burnaby should continue to attract buyers and tenants alike.
While external factors such as interest rate fluctuations and broader economic trends can affect local markets, Burnaby’s fundamentals suggest resilience against such pressures. Continued population growth will likely sustain demand for housing, supporting both prices and development activity over time.
In conclusion, while no market is without risk, Burnaby’s real estate appears positioned for continued growth supported by demographic trends and regional economic health. Investors looking at medium- to long-term horizons may find particularly compelling opportunities within this dynamic suburban market.
