Simon Fraser University April 2011 Shows Signs of a Strong Market on the Hill

According to MLS data for the Simon Fraser University area, specifically UniverCity of Burnaby North, during the month of April 2011 there were a total of 8 sales for an average cost per sqft of $473.32.  All sales were registered in the resale market including a stunning 1925 sqft penthouse unit that sold for $975,000!  This compares to 11 sales in the resale market that took place in March 2011 or a decrease of approximately 27%.  The average cost per sqft however has increased from $441.83.

Presently there are 53 active listings for an average cost per sqft of $466.79.  Since the beginning of April till now there were 20 new listings.  Of the 53 active listings presently on the market 9 units are in the Origin building which is a new development schedule for completion in the middle of 2011.  That leaves 44 resale properties.   This represents roughly 3.2% of the total resale market in SFU. 

Given the information I have on hand I also know that of the 44 resale properties there are at least 3 units that are pending accepted offers.  There are likely more pending deals but that information is not tracked by MLS.  There is also at least one unit that is schedule to come off the market due to a change in occupancy.  Provided the 3 pending deals go firm the resale market will be left with 40 resale units.  This inventory level is low for the area given the time of year. 

Low inventory levels signal a potential increase in pricing.  There is some evidence of this as at least one of the 3 pending deals was in multiple offers and one recent sale went over asking.  This is not to say the price in the area will increase significantly however, we should see a strong resale market that could be favoring Sellers if the inventory levels do not pick up.

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.


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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

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One University by Millennium

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Harmony by Polygon

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Serenity Townhomes by Polygon

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The Hub by Liberty Homes

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Origin by Porte Development

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Nest by Mosaic

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Highland House by Liberty Homes

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Lift by Porte Development

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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

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