February 2025 Market Update: Buyers on Pause, Market in Wait-and-See Mode
The market remains slow, with most buyers in idle mode, waiting to see what happens next with interest rates. Many are holding off on making a move until further rate cuts materialize. Meanwhile, the recently announced U.S. tariff, effective March 4, 2025, adds another layer of uncertainty.
Burnaby Townhomes Around $1M—Still Moving Quickly!
Despite the overall market slowdown, townhomes priced around $1M in Burnaby are selling within a week or two. Many well-priced listings are moving fast, especially in both Burnaby North and South. If you’re curious about recent sales, here are some examples from Burnaby South and Burnaby North to give you an idea of what’s been moving.
My Townhome Checklist: What to Look For
✔️ Minimum 1,000 sq. ft. – Anything smaller tends to feel too tight for units with more than one floor.
✔️ Two-storey over three-storey layouts—huge difference in livability! With land prices rising, most newer townhome developments are built taller rather than wider. This often means narrower layouts with more stairs. If space and functionality matter, consider slightly older complexes—many offer better layouts and, if well-maintained, can be a smarter choice than a newer development that lacks proper upkeep.
✔️ Attached garage? It depends on the area. Many central Burnaby townhomes (Metrotown, Central Park, Brentwood) have underground parking instead.
✔️ Powder room on the main level is a must! It’s convenient for guests and keeps your upstairs space private.
✔️ Rooftop balconies—Yay or Nay? They’re a great feature, but they require maintenance. Balcony flooring typically needs replacing every 20–30 years, and uncovered ones wear out even faster without regular upkeep.
✔️ Wood-framed townhouse complexes over concrete high-rise/ townhomes complexes? Generally, yes. Strata fees in concrete townhomes (built as part of a high-rise complex) tend to be higher because they are calculated based on unit entitlement—meaning the larger the unit, the more expensive the fees. Plus, repairs and heating costs in concrete townhomes are usually on the higher side compared to traditional townhome complexes.
If you’re considering buying or selling, let’s chat. The market may be slow, but well-priced properties are still moving!