Condo prices in Burnaby’s Metrotown exceed downtown Vancouver

It’s no secret that the gap in home prices between Vancouver and the rest of the Greater Vancouver region has been narrowing for some time.

While that may be true, there have long been some assumptions that general condo prices will always be higher in and near the center of the Vancouver Peninsula, with the exception of the regional pocket of West Vancouver.

But now it looks like the downtown Vancouver condo market has been swallowed up by another part of the region in one category: one-bedroom units.

According to a real estate board data recovery by Jesse KleineA Sutton West Coast Realty broker, the median price per square foot of a one-bedroom condo unit in Burnaby’s Metrotown district surpassed downtown Vancouver for the first time in July 2022, topping $6.

Since then there has been some change between downtown Vancouver and Metrotown, with both areas seeing very little difference in median price per square foot for a one-bedroom unit.

In August 2022, median prices were $1,113 in downtown Vancouver and $1,112 in Metrotown.

Median price for all one-bedroom condos: Downtown Vancouver (orange) and Burnaby Metrotown (red). (Jesse Kleine/Greater Vancouver Real Estate Board)

Median condo prices in downtown Vancouver experienced a pre-pandemic drop after reaching an all-time high of $1,137 per square foot for a one-bedroom unit in late 2018. The pre-pandemic recession saw a low of $1034 per square foot in the fall of 2019.

Median prices in downtown Vancouver have largely rebounded over the course of the pandemic, but Metrotown has soared in the meantime. Median prices for a one-bedroom unit in Metrotown broke the $1,000 per square foot line for the first time in May 2021, and have never been below that line since.

Kleine says that the premium for condos in downtown Vancouver has historically been as high as 70% compared to the rest of the region.

While a significant number of new condominiums are being built in Metrotown, that doesn’t seem to be a major factor. When the variables are isolated, the scalping factor shows the same Metrotown trend line that marginally overrides downtown Vancouver.

downtown vancouver metrotown burnaby mid priced one bedroom resale

Median Price of One-Bedroom Resale Condos: Downtown Vancouver (orange) and Burnaby Metrotown (red). (Jesse Kleine/Greater Vancouver Real Estate Board)

According to the Greater Vancouver Real Estate Board Statistics for August 2022, the benchmark price for an apartment on the Vancouver Westside, which includes downtown Vancouver, is now hovering around $830,000, down 3.6% from six months ago, when the coronavirus-induced housing slowdown began. rising interest rates. This represents apartments of all sizes: one, two and three bedroom units.

Vancouver Eastside condos now have a list price of $702,000, down 1.7% from six months ago.

Burnaby South condominiums, which includes Metrotown, now have a list price of $776,000, which is a 1.2% decrease from six months ago. Burnaby North, including Brentwood, is at $717,000, down 0.9% over the same period, while Burnaby East is at $795,000, down 0.9% as well. A significant amount of new supply is being built in Burnaby East, specifically in the Southgate City development in the Edmonds area.

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