Learning the Tricks to the Burnaby Real Estate Market
Explore Real Estate in Burnaby: A City of Diversity
Burnaby is a very multicultural and busy city. It resembles Vancouver the most as its primary neighbouring city. Highway 1 runs right through it, creating a very lively and accessible city to be a part of.
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Where Burnaby Stands Today
Burnaby is one of the most traveled cities in Greater Vancouver, primarily because of Highway 1 and sharing a border with Vancouver itself. It has been growing at a steady rate, with the landscape remaining unchanged, but the high rises are being developed more. This is where the Burnaby real estate market is capitalizing the most.
Where Burnaby Ranks in Greater Vancouver
Burnaby is very close to Vancouver itself and is significantly more affordable. It is the 5th fastest growing with a steady price range. According to Zolo.ca Burnaby is 8th out of 17 in the Lower Mainland at 23 days active on the market for sale, and 8th with 21.8% of homes sold over listings added in the last 28 days.
Property Benchmark Price - Oct 2022 Report
- Detached House - $2,000,000
- Townhouse - $1,100,000
- Condo - $708,000
Which Neighbourhoods in the Burnaby Real Estate Market are There?
Burnaby is a lively, diverse city, with parts extending down to the Fraser River, all the way up to Burnaby Mountain, and the Burrard Inlet. New developments are everywhere, especially in Burquitlam, Brentwood and Metrotown. Along with the residential side, Burnaby is 25% parks and open spaces, one of the highest in North America.
Located in East Burnaby, Cariboo road begins near Highway 1 and travels up the high south towards Edmonds and Robert Burnaby Park. Cariboo High School is also located there, as well as Burnaby Community Continuing Education. Lots of residential areas in a quiet neighbourhood with parks and small stores nearby.
The main Simon Fraser University campus is situated on top of Burnaby Mountain. There are also Forest Grove, UniverCity, and Westridge neighbourhoods near the mountain. It is in the northeast corner of the city and is very much a neighbourhood in nature. SFU and the UniverCity make up most of the mountain when you drive up to the top. There are excellent parks and trails to discover in that area. Burnaby Mountain Secondary School is at the bottom near Lougheed Highway as you can see the mountain in the distance.
Just past Metrotown going south, is a steep high that goes from Kingsway to Marine Drive. You can get a great view of Richmond, Delta, and Tsawwassen. The neighbourhoods are tight-knit and tucked away from busy streets. You can get to Richmond and Vancouver very easily with Marine Drive. There are also shops along the Market Crossing area closer to New Westminster. Industrial businesses cover the south shore along the Fraser River. There is also Burnaby South Secondary School and Fraser Foreshore Park.
The most populous region and the most busy to visitors, locals, shoppers, and business people. The downtown area of Burnaby is along the Kingway strip where lots of business and condo towers lay. The biggest mall in BC Metropolis at Metrotown is in the centre along with The Cineplex cinema. Just down the road towards Vancouver is Central Park. It is also connected to the Skytrain which runs along Kingsway to get from New Westminster to Vancouver.
The more private area of Burnaby and one of the most private and quiet regions is Capitol Hill located west of Burnaby Mountain and north of Brentwood. There are lots of parks along the north side of the neighbourhood. Eileen Daily Pool and the Burnaby Library are located there. Shops cover the Hastings strip along the main road in that area.
In one of the more historical areas of Burnaby, Buckingham heights covers many residential areas as well as the busy scene of City Hall and the Burnaby Village Museum. Right along Canada way, there are a lot of things to see nearby. With the Burnaby Art Gallery, Shadbolt Centre for the Arts, and Deer lake all tucked in together.
In a mostly residential area, Lochdale is located on Hastings, Sperling and Kensington streets. Shops are located on Hastings, Burnaby North Secondary is in the centre of the neighbourhood. There is the Burnaby Golf club and Kensington pitch and putt. You have good access to a number of recreational areas including the Burnaby Lake sports complex, Bill Copeland arena, and Burnaby Lake.
One of the most rapid growing areas in Burnaby, Lougheed mall and the City of Lougheed are expanding with many condo towers and businesses. Located along Lougheed highway and North Road on the Coquitlam Boarder. South of Burnaby Mountain, you have access to a lot of shops and schools. A very central area with quick access to Coquitlam, New Westminster, Port Moody, and Highway 1.
How to Reach the Burnaby Demographics
Population
As the 3rd largest city in British Columbia, Burnaby’s population has grown from 230,000 to 265,000, according to the World Population Review. Major commercial town centres, densely populated neighbourhoods, two rapid skytrain lines, technology research, business parks, film companies like The Bridge Studios, and TV stations like Global TV are also present in the city.
Ethnicity
Asian influence in Burnaby: ethnic breakdown.
- Chinese: 35%
- South Asian: 9.7%
- Indian: 7.4%
- Filipino: 6.2%
- Korean: 3.5%
Approximately 64% of the people in Burnaby identify as members of a visible minority, and 56% of them speak a language other than English as their native tongue. With 60% of its inhabitants being of Asian ethnic background and 35% being of Chinese descent, Burnaby has particularly strong ties to Asia. Korean (3.5%), Filipino (6.2%), and Indian (7.4%) are other important ethnic origins. By allowing linkages with those foreign markets, these solid historical and cultural ties to the Asia-Pacific offer a plethora of possibilities for firms established in Burnaby.
Annual Household Income
The median household income in Burnaby is $64,737 before tax. About 62% of homes are owned in Burnaby and most households have 2 people living in them. Over 30% of homes in Burnaby were built after 1990. The average cost of living in Burnaby is $3,724/month for a single person who rents. This average is based on many factors, including the cost of housing, transportation, groceries, and entertainment.
The Lifestyle of Burnaby
Burnaby has a lot to offer visitors, making the Burnaby real estate market a flourishing industry. It is popular with locals, including family-friendly cultural events, expansive open spaces, golf courses, boating, and top-notch shopping. In North Burnaby, the Burnaby Art Gallery and the Shadbolt Centre for the Arts are next to each other.
Deer Lake is a great location for a summer festival, a nature stroll, or a picnic. A summer concert series including national and international acts is held on its shores every June. Renting canoes, kayaks, rowboats, and pedal boats allows outdoor enthusiasts to explore the lake's surroundings and observe wildlife such as herons, eagles, beavers, turtles, geese, and rainbow trout.
Burnaby is the only city with Skytrain accessible in two completely different areas in the city. The Millenium line and Evergreen extension are on the north side of the city, while the Expo line and goes southbound. You can easily drive from North Vancouver to Surrey in a number of minutes from the highway.
Universities and Colleges in Burnaby
Burnaby Has Two of the Top Post-secondary Institutions in All of BC
A very noticeable monument in Burnaby is the Simon Fraser University campus on top of Burnaby Mountain in Northeast Burnaby. The Burnaby real estate opportunities are enhanced by having the UniverCity located on top of the mountain along with SFU. In central Burnaby, the British Columbia Institute of Technology is located. Famous for its hands-on classrooms and industry preparation, students go for nursing, trades, technology, and business.
Burnaby Facilitates Proximity to Many Public Schools in the City
There are many high schools in Burnaby, so you don’t have to travel too far. As well as elementary schools in even closer proximity, with multiples in each neighbourhood. Middle school is not part of the local school system, as grades 1-7 go to elementary schools and grades 8-12 go to high school.
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