Simon Fraser University Market Stats for February 21 to 28, 2011 and Market Commentary

According to MLS data for the Simon Fraser University area, specifically UniverCity of Burnaby North, there are presently 52 active listings for an average list price of $424,837 or $469.12 per sq ft.  The number of active listing represents less than 4% of resale inventory. 

One sale was registered during this past week, with a cost per sqft at $458.16. 

Over the past week the mountain received a considerable amount of snow but this has quickly washed away as temperatures have risen.  We are now entering a solid spring market and buying activity will increase as it always has in past years.  Weather becomes more cooperative and students prepare for accommodations during the summer term.  This will lead to more buying and the listing inventory should rise. 

It is also anticipated that he SFU Community Trust will release up to additional 4 to 6 parcels of land.  The tendering process of these parcels will commence shortly.  Developers are already considering the market place for new construction.

Many had predicted the Bank of Canada would raise the key overnight lending rate when they met on March 1, 2011.  This did not happen.  As result mortgage rates continue to be at all-time lows. 

New mortgage lending rules will come into effect on March 18, 2011, however, the impact these new practices will have on the real estate market will not be considerable.  For example, one of the new rules is a reduction in the maximum amortization of a mortgage.  Currently one could amortize a mortgage for 35 years.  After March 18 the numbers of years will be reduced to 30.  The net effect on a buyer would mean a potential increase of $100 to the monthly payments.

It is largely expected that 2011 will be a fairly balanced market.  I believe we will see an active market with mid to high single digit price increases by the year’s end.

Contact us now if you have questions about the market in general or specifically if you would like to learn more about the Simon Fraser University area.


No comments

Post Your Comment:

Your email will not be published

Simon Fraser
Market Update

Simon Fraser Condos

Altaire by Polygon

Altaire built in 2008/2009 reaches higher then any other condo building in Metro Vancouver offering panoramic views.

Novo I by Intergulf

Novo I built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Novo II by Intergulf

Novo II built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Aurora by Polygon

Aurora built in 2006 with 103 condos featuring 36 unique floor plans ranging from 715 sq ft to 1500 sq ft.

One University by Millennium

One University built in 2005 is UniverCity's flagship building with luxury homes featuring semi private elevators.

Harmony by Polygon

Harmony built in 2005 was the first condo development at Univercity & as a result offers a unique setting & views.

Serenity Townhomes by Polygon

Serenity is a collection of 2 bedroom townhomes of 1100 sq ft ranging to 4 bedroom 2000+ sq ft townhomes.

The Hub by Liberty Homes

The Hub built in 2009 is set atop Nester's Grocery and steps from High Street giving these homes an urban feel.

Verdant by VanCity Enterprises

Verdant is a two storey town home building built with environmental design and stylish living spaces which complement the modern exterior of these SFU homes.

Origin by Porte Development

Origin is designed by GBL Architect & BYU Interior Designs, developed by Porte Development Corp. and marketed by Red Dot Real Estate.

Nest by Mosaic

Located on UniverCity High Street across from the new University Highlands elementary schools this refreshing building will add further depth to a growing community.

Highland House by Liberty Homes

A 12-storey concrete high-rise development and targeted towards Rental Investors and First-Time Condo Buyers.

Lift by Porte Development

Lift will be a wood frame building comprising of 56 homes. Building technologies, environmental features, and price points should be similar to Origin.

Altitude by Hungerford Group

Altitude will be a 2 tower development comprising of a 12 and 14 story building with a total of 210 strata units.

CentreBlock by Liberty Homes

CentreBlock at UniverCity atop Burnaby Mountain is the latest condo project with sales commencing early 2014. .

Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.