Back to Blog

According to MLS data for the Simon Fraser University area, specifically UniverCity of Burnaby North, during the month of May 2011 there were a total of 3 sales for an average cost per sqft of $365.80.  Of the three sales registered through MLS two were in the resale market and one was in Origin by Port Development.  This compares to 11 sales that took place in April 2011 or a decrease of approximately 77%. 

Presently there are 58 active listings for an average cost per sqft of $475.39.  In the month of May 17 new listing came to market compared to the month of April that saw 14 new listings.  Of the 58 active listings presently on the market seven units are in the Origin building which is a new development schedule for completion in the middle of 2011.  That leaves 51 resale properties.   This represents roughly 3.7% of the total resale market in SFU or an increase of just 0.05% compared to April 2011. 

Of the 51 active resale properties I am aware of at least two units that have pending offers.  These sales would register in the month of June 2011.  The likely hood of more pending deals being in the works is high however MLS data does not track these deals.  Inventory levels are still at lows compared to previous years.  What is also interesting is the lack of inventory in the smaller units.  Of the 51 active resale properties there are only 10 one bedroom units currently available.

As in any supply vs demand market, lower inventory signals increase in price.  What is interesting when looking at April 2011 vs May 2011, inventory levels have increased, sales have decreased but the average sale price has increased by roughly 9%.  It should be noted this is reflective of the types and sizes of units that have sold in April vs May and does not necessarily indicate an increase in value on the mountain. 

As the summer months are upon us, I do expect activity to pick up in the SFU area as students look to secure housing for the fall semester.  Time will tell and you can be sure that I will be providing you the updated information.

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.

 

Comments

No comments

Post Your Comment:

*indicates required fields.
Your Name:*
Please note, your email will not be shown publicly
Your Email (will not be published):*
Comment:*
Please type the text as it appears above:

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. .

.page-footer-copyright a { background: url("http://www.hafezrealty.com/_media/POWERED-BY-AGENTID.png") no-repeat center center transparent; padding-top: 10px; }