Burnaby house stalls in the price crater market with $400K

The place has a great view and a gigantic plot, but is firmly established on the market.

Do we see the Burnaby home market slowing down?

Some homes have flown off the local real estate market in just days, especially older homes that may need to be torn down and have sold for $2 million or more.

However, a lavish new home, just three years old, on Portland Street on Burnaby’s South Slope, ended up on the market for 74 days before finally selling for $3.2 million, which was $400,000 below its original asking price.

The house is large at nearly 5,000 square feet, including seven bedrooms and eight bathrooms. It is loaded with marble on the floors and countertops. Check out the photos above to see the attention to detail.

The plot is also huge at over 10,000 square feet, although the backyard (as you can see in the photos) is a bit clunky.

The house is great and was actually priced cheaper than many of the new homes on the market now, including the price of multiple homes over $4 million.

The Greater Vancouver Real Estate Board says there were 3,232 home sales last month, representing a 34.1% drop from April 2021 and a 25.6% drop from 4,344 homes sold in March this year.

According to the report, some housing categories saw small price increases in Burnaby, while others saw a decline.

Residential homes in Burnaby East hit a benchmark price of $1,276,000 last month, down 0.5% from March.

Burnaby North has a benchmark price of 1,285,500 (+1.9% in one month), while Burnaby South brings in $1,207,900 (+1.3% in one month).

When it comes to detached single-family homes, Burnaby East hit a benchmark price of $1,750,800 (-1.4% in one month), while Burnaby North and South are both over $2 million at $2,048,300 (+1.3 % in one month) and $2,127,700 (+2.9%) respectively.

In two Burnaby areas, house prices fell with Burnaby East at a benchmark price of $816,500 (-1.5% in one month) and Burnaby South at $878,500 (-1.4% in one month).

Burnaby North saw a 4.9% gain in one month with a benchmark price of $983,000.

  • With additional reporting by Jess Balzer

Follow Chris Campbell on Twitter @shinebox44.

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