February 2024 Market Report — Burnaby

In February 2024, 248 homes sold in Burnaby at an average price of $1,124,101, with properties spending an average of 27 days on the market at $446,641 per square foot. Seller-favourable conditions kept inventory lean and prices firm.

Burnaby has a sales-to-active listings ratio (SALR) of 5.8%, well above the 20% threshold that defines a seller's market. At this pace, active listings are absorbed quickly, often resulting in multiple offers and sale prices near or above asking. If you're thinking of selling, current conditions are very favourable.

For buyers in Burnaby during February 2024, competition was elevated with lean inventory and limited time to make decisions. Preparing a strong pre-approval and working with a knowledgeable local agent helped buyers move quickly and structure competitive offers. Focusing on realistic must-haves over wish-lists also improved success rates in this environment.

Sellers in Burnaby during February 2024 benefited from strong demand, tight inventory, and motivated buyers. Well-prepared, properly priced homes attracted multiple showings and, in many cases, multiple offers. Timing and pricing strategy still mattered — overpriced listings stalled even in this market. A local comparative market analysis (CMA) helped sellers set the right list price.

Compared to January 2024, sales volume in Burnaby was down 2% (253 vs 248 homes sold) and the average sold price was up 5% to $1,124,101. Days on market decreased from 42 to 27 days.