Burnaby home sprawls on market before prices crash $400,000

The place has stunning views and a giant piece of land, but stalled in the market.

Do we see a slowdown in the Burnaby home market?

Some homes have sold out of the local real estate market in just days, especially older homes that are likely to be demolished and are selling for $2 million or more.

An opulent new home, just three years old, on Portland Street on Burnaby’s South Slope, however, ended up languishing on the market for 74 days before finally selling for $3.2 million, or $400,000 worth of less than the original asking price.

The home is large at nearly 5,000 square feet, featuring seven bedrooms and eight bathrooms. It is laden with marble on the floors and countertops. Look at the photos above to see the attention to detail.

The lot is also huge at over 10,000 square feet, although the backyard (as you can see in the photos) is a bit inconvenient.

The house is amazing and was actually priced less than most new homes currently on the market, including several homes priced over $4 million.

The Real Estate Board of Greater Vancouver says there were 3,232 home sales last month, which equates to a 34.1% drop from April 2021 and a 25.6% drop from to the 4,344 homes sold in March of this year.

According to the report, some housing categories saw slight price increases in Burnaby while others actually saw a decline.

Residential homes in Burnaby East hit a benchmark price of $1,276,000 last month, equating to a 0.5% drop from March.

Burnaby North is at a reference price of 1,285,500 (+1.9% in one month) while Burnaby South is at $1,207,900 (+1.3% in one month).

As for detached single-family homes, Burnaby East hit a benchmark price of $1,750,800 (-1.4% month-on-month), while Burnaby North and South are worth more than $2 million at 2,048,300 $ (+1.3% in one month) and $2,127,700 (+2.9%) respectively.

Two areas of Burnaby saw declines in townhouse prices, Burnaby East at a benchmark price of $816,500 (-1.5% in one month) and Burnaby South at $878,500 (-1.4% in one month). a month).

Burnaby North saw a 4.9% increase in one month with a benchmark price of $983,000.

  • With additional reporting by Jess Balzer

Follow Chris Campbell on Twitter @shinebox44.

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Sandy A. Greer