Competition amongst home buyers is putting upward pressure on home prices across Metro Vancouver’s* housing market.
The Real Estate Board of Greater Vancouver reports an increase in residential home sales. In the region sales totaled 3,727 in February 2021. This is a 73.3 per cent increase from the 2,150 sales recorded in February 2020. Plus a 56 per cent increase from the 2,389 homes sold in January 2021.
Last month’s sales were 42.8 per cent above the 10-year February sales average.
Colette Gerber, REBGV Chair said, “Metro Vancouver’s housing market is experiencing seller’s market conditions. The supply of listings for sale isn’t keeping up with the demand we’re seeing. Competition amongst home buyers is causing multiple offer situations and upward pressure on prices.”
“This is particularly true in the townhome market where demand is outstripping the available supply. Conditions differ depending on location and property type so it’s important to work with your local REALTOR® to develop strategies to meet your needs.”
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“Low interest rates remain a key driver in today’s market. We’re seeing steady numbers of first-time home buyers and move-up buyers entering the market,” Gerber said.
“Strong gateway to the highway and a community portal to surrounding nature.”
The preferred location of the pedestrian / cyclist overpass above the #1 Highway has been given.
Ideally, the overpass will go from Claude Avenue and McCarthy Court to the Glencarin Trail Entrance. This location will give better access to the Burnaby Lakes. Additionally, this part of Hwy 1. has higher embankments. Which will reduce the cost of the overpass. Also considered was the impact on the environment and private land.
The overpass will feature symmetrical crossing arches. Additionally the bridge will have glazed barriers and netting for safety. Lighting at night will also provide safety for users. Additionally the lighting would highlight the “memorable architecture”.
This isn’t the first pedestrian overpass in Burnaby. Other pedestrian overpasses are located at; Kingsway at Metropolis at Metrotown, Griffith Drive Overpass in South Burnaby, and Central Valley Greenway Overpass north of Burnaby Lake.
An additional pedestrian / cyclist overpass has been recommended. This second overpass would connect Burnaby Lake Park, and, Robert Burnaby Park. When this overpass is approved, it will be put into the City of Burnaby’s 2021 – 2025 financial plan.
