Burnaby’s sales trend for 2011 was heavily influenced by the influx of Mainland China Buyers; increase of buyers from Richmond and the high cost of housing in Vancouver West also need to be factored into this stellar year. The popular area of sales was within a 30 minute walking radius of Metrotown which received dramatic price increases of 100,000 to 150,000 on an average older home with 2400 to 3000 square feet!  The rest of Burnaby had gains but to a lesser extent, which was around 7 to 10%.  After the large price increases during the ’11 spring the prices remained relatively stable for the reminder of the year (1.5% decrease).  These amazing price gains were for detached homes only as the offshore Chinese buyers were not targeting the townhouse or apartment market. For the year townhouses seen small price gains of .7% and apartments only 2.5%*.
To take advantage of the spring market the optimum time to list your home would be from Feb. 15th to March 15th. Probabilities are we will have a great spring but not quite to the same level as of price increases like the detached home sales of 2011!

FOR MORE INFORMATION check out the "NEWS RELEASE" from the Real Estate Board of Greater Vancouver January 04, 2012.