Burnaby North Real Estate Market Update – February 2025

Inventory Growth Outpaces Demand as Market Moves Toward Balance

Burnaby North saw a noticeable shift in February 2025 with sharp inventory increases across all property types, but only modest sales growth. While some segments like detached homes saw slight price gains, condos are starting to feel downward pressure. The market is moving into balanced territory, giving buyers more choice and leverage.

Here’s the full breakdown of this month’s activity.

Key Market Stats for February 2025

Detached Homes

  • Total Active Listings: 144 (+67.4% YoY)
  • Sales: 18 (+12.5% YoY)
  • Days on Market Average: 44 (-15.4% YoY)
  • MLS® HPI Benchmark Price: $2,085,400 (+1.8% YoY)

Condos

  • Total Active Listings: 530 (+61.6% YoY)
  • Sales: 94 (+10.6% YoY)
  • Days on Market Average: 33 (no change YoY)
  • MLS® HPI Benchmark Price: $732,000 (-3.9% YoY)

Townhomes

  • Total Active Listings: 44 (+22.2% YoY)
  • Sales: 12 (-36.8% YoY)
  • Days on Market Average: 12 (-63.6% YoY)
  • MLS® HPI Benchmark Price: $911,000 (+0.4% YoY)

Market Trends & Expert Insights

  • Detached Homes: Inventory Surge, Sales Lag The detached segment saw a 67.4% surge in listings, significantly outpacing the 12.5% rise in sales. While homes are selling a bit faster—average days on market dropped to 44 days—the sharp inventory increase hints at growing buyer choice. Prices rose modestly (+1.8% YoY) but could face pressure if supply continues to build.
  • Condos: High Supply Growth Triggering Price Softening Condo inventory also jumped 61.6% YoY, while sales grew 10.6%, not enough to keep pace. The benchmark price fell 3.9% year-over-year, reflecting increased buyer leverage. Properties are still moving in 33 days on average, but pricing is increasingly sensitive in this segment.
  • Townhomes: Sales Slow, But Days on Market Improve Despite a 22.2% rise in inventory, townhome sales dropped 36.8% YoY. Surprisingly, homes sold much faster this month—just 12 days on average (down 63.6%). The slight price gain (+0.4% YoY) suggests well-priced townhomes are still in demand, but rising supply warrants caution.
  • Sales-to-Active Ratio Insights:
    • Detached Homes: 12.5% (Balanced Market, leaning Buyer)
    • Condos: 17.7% (Balanced Market)
    • Townhomes: 27.3% (Seller’s Market)
    Detached homes are drifting toward a buyer’s market, condos are balanced but softening, and townhomes remain the strongest segment.

What This Means for Buyers & Sellers

For Buyers:

  • Detached home buyers have more options and negotiating power as listings rise faster than sales.
  • Condo buyers benefit from softening prices and ample inventory—an opportunity to negotiate.
  • Townhome buyers will find fewer opportunities for deals as demand keeps this segment tighter.

For Sellers:

  • Detached sellers must price competitively or risk sitting unsold as inventory grows.
  • Condo sellers face a tougher environment—pricing precision is key in a softening market.
  • Townhome sellers remain in a strong position but should stay alert to inventory trends.

Final Thoughts

Burnaby North’s February market highlights rising supply across the board, creating more balanced conditions—particularly for detached homes and condos. Townhomes remain resilient, but the market overall is leaning toward buyers, especially if these inventory trends continue.

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