The current real estate market has experienced a notable decrease in activity compared to recent months. While there are a greater number of options available for buyers, desirable properties still face competitive situations with multiple offers. Buyers with a limited budget of under $1.8 million are encountering challenges when attempting to enter the highly competitive Van East market.
Meanwhile, the City of Burnaby is proactively addressing housing choices through the implementation of the new Housing Choices program. This initiative focuses on promoting laneway homes and secondary suites in semi-detached residences, catering to single and two-family neighborhoods. As a result, detached homes with suitable lot dimensions and laneway access are expected to show significant potential.
For individuals seeking a living environment with more natural resources and less bustling streets, this program presents an ideal opportunity. Additional information about the Housing Choices program can be found here.