The last 2024 report released by Greater Vancouver Realtors shows uncertainty in how home prices will look in Burnaby this year.

Numbers for December in Burnaby East, Burnaby North and Burnaby South were a mixed bag, with no clear trend during the past few months.

Residential housing in Burnaby East hit a benchmark of $1,131,000 (+0.6% compared to November), $986,700 in Burnaby North (-0.2%) and $1,122,500 (+0.2%).

Single-family detached homes were $1,957,700 in Burnaby East (+0.3%), $2,133,100 in Burnaby North (+1.1%) and $2,233,000 in Burnaby South (-1.6%).

Sales throughout Metro Vancouver hit 26,561 in 2024 which equated to a 1.2% increase compared to 26,249 sales that were recorded in 2023.

“Looking back on 2024, it could best be described as a pivot year for the market after experiencing such dramatic increases in mortgage rates in the preceding years,” GVR director of economics and data analytics Andrew Lis said in the December 2024 report.

“With borrowing costs now firmly on the decline, buyers have started to show up in numbers after somewhat of a hiatus – and this renewed strength is now clearly visible in the more recent monthly data.”

Properties that were listed last year totalled 60,388, a 18.7% increase of the 50,994 properties totalled in 2023.

Areas covered by Greater Vancouver Realtors include Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Maple Ridge, North Vancouver, Pitt Meadows, Richmond, South Delta, Squamish, Bowen Island, Sunshine Coast, Vancouver, West Vancouver and Whistler.

How will Burnaby Housing Prices Look in 2025? New Data Shows Uncertainty by Jess Balzer | Burnaby Now