Community SnapShot Series – Burnaby

Day 6 – Burnaby

Counting down, 6 days remaining in September.

In this 7 day series we will visit seven communities that are part of the Vancouver Real Estate market. We will visit the markets of Coquitlam, Burnaby, Vancouver East, Vancouver West, North Vancouver, West Vancouver and Richmond.

Yesterday, we looked at Coquitlam’s market activity. Today, we visit Burnaby’s detached market.

During the two periods July 26, 2010 to August 25, 2010 and August 26, 2010 to September 25, 2010, detached properties in the Burnaby community had these results.

Listings

Total Listings decreased from Jul/Aug’s 587 to Aug/Sept’s 535.

Sales

Sales had a slight drop from Jul/Aug’s 91 to 37 in Aug/Sept.

Expired, Reductions, Increases, Days on Market

  • Jul/Aug had 51 listing mandates expire. This increased to 53 in Aug/Sept.
  • Price reductions in Jul/Aug were 155 decreasing to 132 in Aug/Septg.
  • There were 13 price increases in both periods.
  • The number of days it took to sell a home increased from Jul/Aug 49 to Aug/Sept’s 54.

Average and Median Prices

Sinking Train – Photo Credit
  • Jul/Aug’s Average Ask price was $905,166. This Average Ask price decreased Aug/Sept to $770,551.
  • The Median Ask price in Jul/Aug was $820,000. Like the average, this also decreased to $699,900 in Aug/Sept.
  • The Average Sold price in the Jul/Aug was $870,369. In Aug/Sept it dropped to $744,462.
  • The Median Sold price in Jul/Aug was $793,000. In Aug/Sept the Median Sold dropped to $698,500.

Take Back

The Burnaby community series report in August noted that “Burnaby had a few hurrah’s for sellers in both price categories, days on market, reduced number of listings and number of price reductions. It’s not much to go on but, based on this limited information, there is a hint of some market firming.” In this sessional report, those good have been taken back.

Tomorrow we’ll cross the mighty Fraser River and visit Richmond.

The story behind the train wreck. Quoting from Bobbea.com

The Great Northern Railway was constructed through Burnaby from New Westminster after the Fraser River Railway bridge was completed in 1904. Although the route chosen along the north shore of Burnaby Lake offered good level grades, the peat bog at the western end of the lake and along Still Creek demanded the construction of a costly roadbed. A dangerous sinkhole appeared between Sperling Avenue and Douglas Road and the roadbed suddenly sank 15 feet, leaving train tracks underwater and forcing the railway to cancel passenger and freight service. A large work force then poured an average of 30 carloads of sand and gravel into the sinkhole daily. Nap Peltier, who claims to have been one of the members of this work crew, was interviewed by historian Bill Hastings in 1959. To date, no documents have been found to confirm his story: “We used to take a gravel train out on the track to the end and dump the gravel and go back for another load… One day we got to the work site close to noon so we did not dump the gravel and went to lunch. When we got back the train was not there. All we saw were the tracks going down into the muddy water with bubbles coming up… …the whole thing sank out of sight. There was a lot of trouble, but nobody did much about it except to spend a great deal of time fishing for it. We never did connect with it and eventually gave up. It must still be there.”

Photo Credit

t Fraser River and visit Richmond.

The story behind the train wreck. Quoting from Bobbea.com

The Great Northern Railway was constructed through Burnaby from New Westminster after the Fraser River Railway bridge was completed in 1904. Although the route chosen along the north shore of Burnaby Lake offered good level grades, the peat bog at the western end of the lake and along Still Creek demanded the construction of a costly roadbed. A dangerous sinkhole appeared between Sperling Avenue and Douglas Road and the roadbed suddenly sank 15 feet, leaving train tracks underwater and forcing the railway to cancel passenger and freight service. A large work force then poured an average of 30 carloads of sand and gravel into the sinkhole daily. Nap Peltier, who claims to have been one of the members of this work crew, was interviewed by historian Bill Hastings in 1959. To date, no documents have been found to confirm his story: “We used to take a gravel train out on the track to the end and dump the gravel and go back for another load… One day we got to the work site close to noon so we did not dump the gravel and went to lunch. When we got back the train was not there. All we saw were the tracks going down into the muddy water with bubbles coming up… …the whole thing sank out of sight. There was a lot of trouble, but nobody did much about it except to spend a great deal of time fishing for it. We never did connect with it and eventually gave up. It must still be there.”

Photo Credit

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

When Life Moves You - contact Larry:

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

vanpro Says:
September 26th, 2010 at 8:35 am

Larry, the numbers in the graph (that show substantial price increases) do not match your written description below (that indicates significant price declines). e.g.:

•The Average Sold price in the Jul/Aug was $870,369. In Aug/Sept it dropped to $744,462. (Graph shows $797k to $881k)

•The Median Sold price in Jul/Aug was $793,000. In Aug/Sept the Median Sold dropped to $698,500. (Graph shows $800k to $804k)

rob Says:
September 26th, 2010 at 9:52 am

Looks like you have the July/Aug snapshot pictured instead of Aug/Sept.

September 26th, 2010 at 10:50 am

@vanpro
thanks for the headsup – much appreicated. It was the wrong graph

September 26th, 2010 at 10:51 am

@rob
yup you are right – thanks for letting me know

fish10 Says:
September 26th, 2010 at 6:18 pm

Wow- big difference larry.

You had us bears heading off into hibernation before you put the correct chart up and the bears came back to life.

September 26th, 2010 at 6:24 pm

@fish10
LOL – no doubt! No more 5 am happy fingers posting for me.

Best place on meth Says:
September 26th, 2010 at 6:34 pm

Wow, look at those miserable sales numbers – just like Coquitlam yesterday.

Unbelievable. Wow.

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