

Is the real estate market in Burnaby dead?

Not according to developer Beedie, which has set a 2019 record for the speed it has sold its Burnaby Heights-based project, Storia.

Storia has just become Metro Vancouver’s fastest-selling community in recent months, selling 80 per cent of its units in two weeks after opening on July 13. This is compared to the average of 63 days on the market for available condos in North Burnaby, according to the MLS data.

In June 2019, the Real Estate Board of Greater Vancouver noted that buyer demand was below the long-term historical average and that supply of homes continued to accumulate in Metro Vancouver.

Part of the success, according to Beedie, is that there haven’t been many homes available in the much-desired Heights area over the years, with just 248 homes released in Burnaby Heights over the past seven years.

“As a community-focussed company, Beedie designs with people in mind by providing the right product in the right place, at the right price. The market isn’t dead. You just need the right offering,” said Houtan Rafii, Beedie’s executive vice-president, residential development.