Home National housing Burnaby real estate buyer ‘shocked’ by price demands

Burnaby real estate buyer ‘shocked’ by price demands

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Home sales in Burnaby have slowed a bit after a hot spring, but prices continue to rise.

The month of June of the Greater Vancouver Real Estate Board report shows that SEO activity and sales have slowed since record highs were seen in March and April of this year.

But the report shows that the price of media houses in Burnaby fell from 1,784,000 in May to 1,874,000 in June.

Matthew thinks he knows why.

Matthew and his wife read recent stories in NOW about frustrated buyers who are fed up with being caught up in multiple auction situations that drive prices up.

The couple, who rent in Vancouver, were looking for condos in the Lougheed, Edmonds, Brentwood and Metrotown areas in order to be near the SkyTrain as they both work in Vancouver.

They were using a real estate agent in Vancouver to help them negotiate the market.

It didn’t go well.

The couple were careful to only bid on a condo they really liked and not just enter the market. But things quickly got out of hand.

“Our agent and the salesperson have come together with us to go way beyond demand,” Matthew said. “I mean my realtor is supposed to protect us, but seemed to take inspiration from the seller. He kept telling us, “This won’t do it, you have to go higher”, even though we had made it clear what our budget was and which line we would not cross. We got really drawn into it all and found ourselves bidding beyond our means. I felt shocked by the shell. And we still lost it. Looking back, we feel lucky. We are definitely looking for a different agent who will listen to us next time.

Greater Vancouver recorded 3,762 sales last month, an increase of 54% from 2,443 sales in June 2020, but a decrease of 11.9% from the 4,268 listings sold in May of this year .

There were 5,849 single, townhouse and apartment properties for sale on MLS in June 2021, down 17.9 from May when there were 7,125 homes listed.

The Canada Mortgage and Housing Corporation reports that the annual pace of housing starts slowed in June.

The National Housing Agency reports that the seasonally adjusted annual rate of housing starts fell 1.5% to 282,070 units in June, from 286,296 in May.

The annual pace of urban starts fell 1.8% in June to 251,190, as the pace of starts of apartments, condominiums and other types of multi-family dwellings increased. increased 0.6% to 191,085.

Urban single-detached housing starts fell 8.5% to 60,105.

The MHC estimated rural housing starts at a seasonally adjusted annual rate of 30,880 units.

The six-month moving average of the seasonally adjusted monthly annual housing starts rate was 293,567 in June, compared with 284,837 in May.

  • With files from Jess Balzer and The Canadian Press


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