Burnaby Housing Market: Prices are Down, but the Pace is Picking Up

Thinking about making a move in Burnaby? The April 2026 data is in, and it’s a bit of a "choose your own adventure" story. Prices have dipped compared to last year, yet more people are jumping into the market than we saw last month.

Whether you're looking to buy your first condo or sell a long-held family home, here is the breakdown of what’s actually happening on the ground.

1. The Price Tag: A Year of Cooling

While Burnaby’s median property price sat at $1,966,500 this March, don't let the big number fool you.

• The Monthly Bounce: Prices actually climbed 5.7% from February to March.

• The Yearly Reality: We are still seeing an 11.4% drop compared to this time last year.

Tip: This year-over-year decline is a signal that the red-hot market of 2025 has officially cooled, giving buyers some much-needed breathing room.

2. Detached Homes vs. Apartments

Not all homes are created equal in this market. We’re seeing a "tale of two tiers":

• Detached Houses: These are the market's steady with prices actually rising 1.8% annually to a median of $1,155,000.

• Apartments/Condos: This sector is feeling the chill, with prices dropping 9.5% to a median of $660,000.

The Takeaway: If you’re looking for a condo, you have more leverage than you’ve had in years. If you’re eyeing a house, expect more competition.

3. Sales Activity: People are Moving Again

Even though prices are lower than last year, the "For Sale" signs are disappearing faster than they were in February. 237 sales closed in March—an 18% jump in activity from the month prior. However, we are still 27% below the frenetic pace of last year.

This suggests that while the market isn't "exploding," buyers who were sitting on the sidelines are finally starting to pull the trigger.

4. Why Now?

Two factors are making this a unique window for buyers:

1. More Choice: Increased inventory means you don't have to settle for the first house you see.

2. Better Rates: Mortgage rates have stabilized. With 5-year fixed rates starting around 3.89%, financing a home is significantly more affordable than it was during the peak rates of 2024.

What Does This Mean for You?

• For Buyers: You finally have the upper hand. Between lower prices (especially in condos) and competitive interest rates, your purchasing power has a serious boost.

• For Sellers: Patience is key. Your home is still a valuable asset, but you’ll need a sharp pricing strategy to stand out in a market with more options.

• For Investors:** The year-over-year dip offers a "buy low" opportunity, but keep a close eye on which neighborhoods are holding their value best.

The Bottom Line: The Burnaby market isn't "good" or "bad"—it's just different. It’s a transition period that favors those who are prepared and ready to negotiate.

Are you looking to buy or sell in a specific Burnaby neighborhood? Each pocket of the city is reacting differently, so let’s chat about your specific goals!