May 15, 2024 Looking at Burnaby: Increasing Action in Metrotown and Brentwood
Burnaby’s market has been dynamic for some time now, with fluctuating sales, rising prices and increased inventory. Despite high interest rates, it’s currently alive with activity, particularly for condominium product. Burnaby's condo market has demonstrated impressive resilience, with price appreciation outpacing the previous year's growth in nearly all surveyed submarkets.
Brentwood: A Hotspot of Upcoming Developments
Brentwood's real estate scene is set for significant growth, despite no new concrete launches in 2024. The area is gearing up for major incoming developments, with Tower 1 of Boffo’s Bassano and Phase 1 of Brentwood Block by Grosvenor taking registrations for upcoming releases. South Yards by Anthem, which closed its discovery center early in the year, is expected to return to the market in Fall 2024.
Brentwood will soon see the introduction of over 4,200 new homes across six upcoming developments and two future phases. Among these, Bassano Tower 1 stands out with 318 units. Brentwood Block Phase 1 is also noteworthy, with 453 strata units expected to hit the market in Q3 2024.
Currently, five concrete condominium developments in Brentwood are actively selling, offering 340 units, with 77% of released units already sold. This high absorption rate indicates strong demand relative to available supply, showcasing Brentwood’s desirability.
Metrotown: Busy with New and Active Projects
Metrotown's concrete market has been bustling. In 2024, two major projects launched, Tower 2 of Wesgroup’s Reign and Ethos by Anthem, adding a total of 575 units to the market. Both projects have achieved significant sales percentages, reflecting robust demand.
Metrotown currently has eleven active concrete developments, contributing 3,380 units to the market since January 2022. These projects have absorbed 51% of this inventory, with 1,669 units currently available for sale. Notable projects like Nuvo and The Standard have paused sales, waiting to resume once their buildings are closer to completion.
Looking ahead, Metrotown is set for further expansion with nine approved projects that could introduce 3,459 new homes to the neighborhood. Developers are cautiously monitoring market conditions to maximize achievable prices per square foot. Upcoming developments Nido by Wanson Group and Metro21 by Shokai are expected to energize the market further once they officially launch sales.
Market Trends
Burnaby's resale market for concrete condos shows robust growth, with a median price increase over the past year. Elevated interest rates have not hindered price appreciation, which has been notable in Burnaby South, aligning its benchmark pricing more closely with Vancouver West and North Vancouver. April 2024 saw a significant increase in sales activity compared to the previous month, although there was a decrease from the same period last year. Inventory levels have risen sharply, reaching their highest since October 2020.
As of April 2024, Burnaby’s benchmark condominium prices have reached $789,000, a 2.2% rise over the last three months and a 2.4% increase compared to the previous year. The market remains a seller’s domain, evidenced by a 25.2% sales-to-listings ratio.
Notable Upcoming Developments
Bassano by Boffo
After award-winning projects in Metrotown, Downtown Vancouver and West Coquitlam, Boffo returns to Burnaby with Bassano, an urban village with a high-rise residential tower. Currently accepting registrations for its 318 units, Bassano promises to be a significant addition to Brentwood's landscape. This month, Boffo and MLA Canada welcomed 350 realtors to the Boffo Sales Gallery for the exclusive Bassano Opening Celebration realtor event, bringing some of the first visitors into the newly updated Boffo Sales Gallery, which showcases two stunning Bassano two-bedroom display homes.
Nido by Wanson Group
Situated in Metrotown, Nido offers Junior 1 to 2 Bedroom condominium homes with a unique “Japandi” design, merging Japanese and Scandinavian aesthetics. The only wood frame development in Metrotown of its kind, the development provides a rooftop lounge as an urban oasis, with extensive retail options and recreational facilities within a 15-minute walk. Currently, homes at Nido are previewing.
Burnaby's condo market, driven by strategic developments, is an attractive hub for both new homebuyers and seasoned investors. The city's growth trajectory, location, and lifestyle offerings make it a prime location for residential living and investment opportunities. For more specifics and statistics on Metrotown and Brentwood's growth, contact our MLA Advisory team.
