Houses for sale in Burnaby, BC are on the rise!
Corporate buildings and houses for sale in Burnaby are appealing. This is because of its central location in the lower mainland and easy access to transit.
Public transit is about to get a lot better with the recent announcement about the Evergreen Line.
The 11-kilometre SkyTrain extension is expected to carry 70,000 passengers per day. It will travel from Lougheed Town Centre in Burnaby to Lafarge Lake in Coquitlam, via Port Moody, in 15 minutes.
The project was $1.43 billion and was plagued by delays. An article by The Province states that the Evergreen Line will open before Christmas.
The B.C. government has yet to announce an exact date it will start running. The Burnaby real estate market is likely benefiting from anticipation of the project.
BCIT’s Burnaby campus has announced they have a new solar-powered electric vehicle charging station. An article by Vancouver Metro News last week mentions how “Electric vehicle owners can get zapped in a flash”. This is a great example of innovations taking place in Burnaby.
Burnaby Real Estate Market
An article by Global News last week discusses the impact that the 15 per cent foreign buyers tax has had on the BC real estate market.
According to the article, there has been a record drop in buying inquiries since the tax was imposed. “MLS sales data obtained by Global News for a selection of homes sold under asking across Burnaby, Richmond, and Vancouver over the last 10 days show price drops between 3.5 and 20 per cent.”
It is too early to tell if Burnaby real estate will continue this trend or if the foreign buyers tax is the reason behind it. However, houses for sale in Burnaby continue to rise as sellers try to take advantage of supply and demand.