Burnaby real estate down, but sales holding steady says REMAX Canada

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(Newswire.net — March 6,2013) Vancouver, BC  — On Friday, veteran Vancouver realtor Richard Morrison of the Richard Morrison real estate team said that while the industry would see overall Burnaby real estate market dipping in 2013, sales would continue to hold steady in pockets of prime property and closings done for local purchasers. Morrison says that the last year has seen extremely good response in Burnaby real estate compared to other regions in Greater Vancouver, but even within Burnaby, the sales had been largely confined to pockets. He pointed out that the demand is actually going strong only for transit-friendly developments, as highlighted by Fourth Quarter, 2012 reports published on Feb 25 by Colliers International. http://www.collierscanada.com/en/News/2013/Year% 20End%20Multifamily%20Sales%20Totals%20for%202012%20Exceed%20 Projections Colliers

International’s report on new multi-family home sales found an 11 percent increase over the third quarter of 2012, and as Scott Brown, Senior Vice President of Colliers’ Residential team remarked on the release, “Despite all the negativity, the sales volume posted this quarter brought year-end sales to within a mere four percent of last year’s numbers.” Colliers’ Scott Brown pointed out the “successes at transit-oriented developments including PCI’s Marine Gateway, Intracorp’s MC2, Appia’s Solo District, Anthem Properties/Beedie Living’s Station square and Westbank’s Telus Garden.” However, while highlighting the success of projects of big developers in transit-oriented areas in Metropolitan Vancouver, Brown also admitted concerns over inventory levels consisting of both pre-construction and completed homes. Given the entire scenario, Colliers projected the sales volume in 2013 to mirror the pattern in 2012, which, according to Morrison, would be pretty poor performance for the next two quarters, and one can be absolutely sure of Burnaby real estate market dipping in 2013. “The reasons,” said Morrison, “remain in questions of affordability, questions about how many transit-oriented pockets are actually being developed, and questions about economic development of the entire region.” “Burnaby is not the Mediterranean beach,” said Morrison, “people who come to stay here are not billionaires looking for extra luxury getaways, but working people looking for convenient and affordable accommodation.

And everything, from unemployment to bureaucracy can affect development and property prices.” “As things are” said Morrison, “the fact of the Burnaby real estate market dipping in 2013, at least for the next two quarters, is more or less a sure affair. We hope things would start picking up from May. But for now, Burnaby is a buyer’s market, except for transit- oriented pockets with projects by big developers.” And this is why Morrison believes that real home buyers looking for homes in Burnaby should immediately start researching property and contacting good agents, because the fact of Burnaby real estate market dipping in 2013 would cease by the end of the second quarter or beginning of the third, and it would be difficult for many to find properties within their reach, if they drag their feet now.

The Richard Morrison real estate team operates in Burnaby for over 10 years. They have a team of 10 real estate agents and work with REMAX.

Richard Morrison Real Estate Team

208 – 789 Drake Street Vancouver