Burnaby, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $1,150,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Apartment
| Median price | $700,000 |
| Monthly growth | 0.6% |
| Quarterly trend | 1.8% |
| Stock on market | 1.5% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $950,000 |
| 3 bedrooms | $1,150,000 |
| 4 bedrooms | $1,300,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $600,000 |
| 2 bedrooms | $700,000 |
| 3 bedrooms | $800,000 |
Demographics
| Current Population (2025) | 250,000 |
| Previous Population (2020) | 245,000 |
| Population Change | 2.0% |
| Total Private Dwellings | 95,000 |
| Occupied Private Dwellings | 90,000 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
As of the latest data, Burnaby’s real estate market is experiencing moderate growth. The median house price in the region is currently CAD 1,150,000, which indicates a year-over-year increase of 2.5%. This steady rise suggests a healthy demand for housing in the area, reflecting positive consumer confidence and a robust local economy.
Similarly, the median apartment price has seen an uptick to CAD 700,000, growing at a slightly lower rate of 1.8% over the past year. Apartments represent a more accessible entry point into the market for first-time homebuyers or smaller households looking for urban living options.
The city’s population stands at 250,000 with a growth rate of 2%, which is quite substantial and likely contributes to the sustained demand for housing in Burnaby. The population increase can be attributed to its attractive amenities, strong job market, and proximity to downtown Vancouver.
Investment Opportunities and Potential
Given Burnaby’s consistent population growth and stable price appreciation rates for both houses and apartments, the city presents enticing investment opportunities. The steady increase in property values suggests that investments made now could yield solid returns in the medium to long term.
Moreover, Burnaby’s status as one of Metro Vancouver’s regional urban centers makes it especially appealing for rental property investments. Its diverse economy supports various employment opportunities across tech, education, and health sectors, attracting a workforce that may seek rental accommodation. With careful property selection and management, investors could capitalize on both capital appreciation and rental income streams.
Future Market Outlook
The future real estate market outlook for Burnaby remains optimistic. Continued population growth will likely maintain upward pressure on both property prices and rental rates. As Greater Vancouver continues to expand, Burnaby’s strategic location between key urban centres will further enhance its desirability.
However, investors should also pay attention to broader economic indicators such as interest rates changes, employment figures and any new housing policies introduced by municipal or provincial governments that could affect the real estate market dynamics.
In summary, while no investment is without risk, Burnaby’s real estate market shows favorable conditions that suggest continued growth potential in the foreseeable future.
