Commercial Real Estate Burnaby, British Columbia
Burnaby, BC Real Estate Market & Guide
Burnaby, British Columbia has a population of approximately 223,000 people, making it the third-largest city in the province. It has become a popular choice for homebuyers seeking Canadian real estate as it combines some of the best natural views in B.C., with the conveniences of urban living. It is just east of Metro Vancouver, making it an easy commute for people who call the area home. It is an ideal spot for people of all ages, with an assortment of homes located close to all the amenities anyone could need.
Burnaby is known for its laid-back lifestyle with kilometers of green space as far as the eye can see. It offers family-friendly living while still appealing to singles, young professionals and seniors. Whether you enjoy cultural activities and events, wish to spend downtime close to nature or are looking for activities from golf to boating, you will find it all in Burnaby.
The stunning beauty of the area includes Burnaby Mountain, Burnaby Lake, the Fraser River and Burrard Inlet. Each of these sites also provides an ideal area to relax or enjoy some outdoor activities. The Fraser River and Fraser Valley are also minutes away.
Culture is always nearby with the Burnaby Art Gallery and Shadbolt Centre for the Arts. You can also visit the Burnaby Village Museum and Carousel all located within walking distance along the same road near Deer Lake. Picturesque Port Moody also has the Port Moody Station Museum. Deer Lake is the most popular park in Burnaby where locals and tourists gather for picnics, take walks, or attend one of the many summer festivals or concerts.
It is easy to get in plenty of activity in Burnaby both on the water and on land. Despite its dense population, there is always a good chance to spot local wildlife including herons, eagles, beavers and turtles around the lake. Burnaby hosts a Farmer’s Market at the city hall where you can buy seasonal local fresh produce as well as many other products.
Metropolis at Metrotown is the second largest shopping centre in Canada and a magnet for shopaholics. There are over 450 shops and services, a Cineplex, and a long list of restaurants all in one spot. Of course, shopping can also be found throughout the city, with an eclectic variety of boutique shops to browse.
Burnaby depends on IT as a major force in its economy, as home to major firms like Electronic Arts, Creo (now part of Eastman Kodak), and Telus. Other industries that make significant contributions to the local economy include wireless, biotechnology, life science, new media, education, environmental technology/services, tourism and professional services. With the substantial size of the mall, Metropolis people visit the area to shop, while the mall also provides work for many living in the area.
A few oil refineries are located at Burrard Inlet in Burnaby and industrial and commercial firms such as Nokia and Future Shop have offices operating in the city as well. Now considered the Hollywood of the north, there are several film production studios within Burnaby giving cities like Toronto a run for their money. Burnaby has an unemployment rate that sits around 6.4 percent.
Burnaby’s real estate market offers an excellent assortment of neighbourhoods whether you are seeking new condominiums or single-family homes. It has thirteen “urban villages” and four town centres which include Metrotown, Edmonds, Lougheed, and Brentwood.
The Heights located in North Burnaby offers charm and conveniences including many quaint shops, cafes, and restaurants on Hastings Street. The area is perfect for people seeking single-family homes built at the turn of the 20th century. It is also filled with green space with some of the prettiest parks in the city. Single-family homes can also be found in Central Park/Suncrest, which is close to shopping, and transit at Metrotown as well as the strip of cultural attractions near Deer Lake.
Burnaby Mountain began Burnaby real estate development about 10 years ago, offering a relatively new, but still thriving residential neighbourhood. The area smartly included commercial amenities at the same time homes were in construction, so you are always close to everything you need including Lougheed Town Centre which connects transit commuters to buses and the Sky train.
Burnaby’s School Board offers a high standard of education in all 41 of its elementary schools and eight secondary schools. It offers access to exceptional educational opportunities at all levels attracting thousands of international students to its public schools and two post-secondary institutions, Simon Fraser University and BCIT.
There are approximately 24,000 students enrolled in Burnaby each year from kindergarten to Grade 12 who are taught by a staff of more than 4,000 teachers and employees. The schools not only focus on academics, but also support other key areas to encourage growth and development including athletics, visual and performing arts, trades training, teamwork, and social responsibility.
Getting Around Burnaby
Burnaby offers efficient transit with Sky Trains, Sea Buses, and buses all easily connecting residents to Vancouver, New Westminster and Coquitlam. Most people prefer public transportation for their daily commutes with a well-planned infrastructure to support transportation efficiently.
The city is also a strong supporter of cycling, with an intricate series of connected urban trails separated from roads and traffic, bikeways on residential streets, paved shoulder bike lanes on busier roads and connectors that help connect designated bike networks. Travel by foot will also get you to local shops in neighbourhoods, especially those near the town centre.
Burnaby Real Estate
In January 2020, Burnaby MLS® stats showed an average house price of $886,998, up 12.6 percent year over year. There were 281 new listings, and the Burnaby median days on market was about 42 days. Detached homes were the highest priced at an average of $1.5 million, townhouses were at $1.1 million and condos were at $606,000. Despite the fact condos were priced at about half the price of the other home types, the prices represented a rise of 6 percent compared to just 1 percent for detached homes. However, townhomes were the big winner with an increase of 26 percent.
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