October Market Stats—Buyer’s market controls duplex sales
It’s not hard to take a look at the stats and see that it’s a buyer’s market. Buyers are in command of the duplex market, especially in certain areas of Vancouver. We’re seeing low sales in this market, but high supply. This means that buyers have the power. This is particularly true for homes above $1M.
Duplex rich areas
The two neighbourhood highlights we’re looking at this month come from the perspective of young families looking for a starter home. Imagine your first house that you want to be perfect. You’re ready to start your family, or perhaps you’ve already got a few little ones running around. Small children need space to run outside and play. The prices of detached homes are still not within reach for many young families. The cost is just not practical for them. As for townhouses, they are simply too small for a family, especially one with a desire for a yard for kids to play in. Many young families are turning to duplexes now as they offer the perfect in-between that balances these concerns.
As our focus this month is on duplexes, we thought we’d introduce the two areas in the Greater Vancouver Area that are known for duplexes. Burnaby North (Sperling Duthie and Parkcrest), and Burnaby South (Metrotown and Forest Glen). These two areas are common for duplexes due to availability, location, amenities, schools, and proximity to transportation.
Burnaby North – Sperling-Duthie and Parkcrest
The Sperling-Duthie community is located in thee north east area of Burnaby. It is traditionally known as Lochdale. Traditionally, this neighbourhood is home to many immigrants of various European families that landed before World War Two. Many families still have children and grandchildren that reside in the area. The area is perfect for young families. There’s plenty of shopping around and Kensington Park has many features that offer perfect outdoor entertainment for children of all ages. Burnaby North Secondary is also located in Kensington Park. It is the largest secondary school in B.C. As a matter of fact, it’s also the largest secondary school in all of Western Canada.
Parkcrest is also a popular neighbourhood within North Burnaby. If you are a close observer, you’ll see that there are many Mediterranean style homes in the area featuring arches, balconies and window shutters. Many of the homes often have grapevines weaving up along the walls of the home. The area has three shopping centres around and is not too far from Kensington Park.
Burnaby South – Metrotown and Forest Glen
The Metrotown neighbourhood is probably best known for it’s Metropolitan Mall. Everything you could need, from fashion to groceries, can be obtained within the mall. There are also many restaurants and shops along the streets of the Metrotown area which means that options are limitless. Just a few short steps from the mall, you are met with the convenience of transit. The bus service runs along Willingdon and Royal Oak to offer locals direct connections to Skytrain stations.
Just between Deer Lake Park and Metrotown, you will find Forest Glen. This area is almost entirely residential. Many of these homes were built in the sixties and seventies, but you can find homes with more modern designs. Forest Glen park is a great area that’s close to great shopping and features Forest Glen Park, where there are plenty of outdoor entertainment options for children, including a sun-heated wading pool during the summer.
A buyer’s market
The market for duplexes is definitely in the buyer’s favour as we can see from the stats. Only 4 sales were made last month for Burnaby South, spread out across 4 neighbourhoods. And only 5 sales in Burnaby North, with 4 of them in Central Burnaby North where the homes are generally smaller, older and also closer to one another.
Since the supply is higher than the demand, this means that buyers have more options to choose from. It is a buyer’s market. They can take their time and choose from several homes in their decision-making process.