October 2024 Market Report — Burnaby

In October 2024, 339 homes sold in Burnaby at an average price of $1,049,731, with properties spending an average of 30 days on the market at $422,366 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 October 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 October 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 September 2024, sales volume in Burnaby was up 8% (314 vs 339 homes sold) and the average sold price was down 6% to $1,049,731. Days on market held steady at 30 days.