The Burnaby Development Boom: A Comprehensive Presale Market Report

Source: MLA Canada

In the realm of Metro Vancouver’s bustling real estate market, the spotlight is on an emerging submarket that’s heating up. In this blog post, we delve into the developments that are poised to make waves in Burnaby, an area that’s been relatively quiet on the launch front recently.

Several factors, including market depth, construction costs, and price appreciation, have contributed to the subdued launch activity in many major submarkets over the past year. However, sources suggest that Burnaby is about to experience a surge in activity this fall, with six concrete towers in the pipeline from reputable developers.

These developments include:

1. Reign by Wesgroup

• Height: 35 stories
• Target Price: Approximately $1,300 per square foot

2. Solhouse 6035 by Bosa

• Height: 50 stories
• Target Price: Approximately $1,450 per square foot

3. Greenhouse by Concord Pacific

• Boutique offering with larger format homes
• Unique curved balconies

4. Icon at Southgate Village by Ledmac

• Surrounded by exquisite parks and sparkling waterscapes
• Focus on differentiated features

5. Riviera on the Park by Ledmac

• Unique positioning and features
• Part of the growing Burnaby development landscape

6. Citizen by Anthem

• Recently started sales with a strong initial response
• The benefit of Anthem’s reputation and first-mover advantage in the Burnaby market

While the sheer volume of units (approximately 1,800) across these six towers might raise questions about market depth, it’s important to note that not all these projects will hit the market simultaneously. Some may choose to delay their launches until spring, and many will opt for limited releases rather than full tower launches to manage supply and demand dynamics.

Additionally, positive economic news and buyer sentiment will play a significant role in the market’s performance. Each developer has its unique buyer pool and strategies, which will impact their success in this competitive landscape. Established developers like Bosa and Concord have loyal followings, while others may face different challenges.

As these launches unfold, they are expected to have a ripple effect on neighboring submarkets, benefiting areas like West Coquitlam and Surrey City. The increased competition in Burnaby is likely to drive values in surrounding regions, making it an exciting time for the broader Fraser Valley market.

Keep an eye on these Burnaby developments, as they could set the tone for real estate trends in the region.

For more information about presales in Burnaby call Geoff Jarman at 604-313-7280

For more information on Geoff Jarman and his services click here 

Tags: presale, presales, presale market