Metrotown Presale Market: An Exciting Future Ahead

Burnaby’s real estate market continues to be a vibrant center of activity, especially within the presale condominium sector. Despite the challenge of high interest rates, the market is flourishing, driven by strong demand and increasing prices. In this blog post, we’ll delve into the key developments shaping Metrotown’s presale market in 2024 and explore the exciting projects underway in Brentwood.

Major Presale Projects in Metrotown

1. Metro21 by Shokai

• Location: Marlborough Avenue, Burnaby.

• Details: Metro 21 is a 22-storey residential highrise, coming to Burnaby’s Downtown neighbourhood from Shokai. It consists of 132 condominiums, 26 market rentals, and 30 non-market apartments. The interior spaces will vary from 399 to 916 square feet, providing options for various lifestyles and needs. The condo floor plans will range from studios to 3-bedroom suites, including 28 adaptable units designed for accessibility.

2. Citizen by Anthem Properties

• Location: 4663 Kingsway, Burnaby

• Details: Citizen is set to become the tallest tower in British Columbia, standing at 66 storeys. It will feature 372 market condos and townhomes, with over 40,000 square feet of amenities, including a gym, sauna, and children’s play area. The ground level will host retail spaces, enhancing the urban lifestyle for residents.

3. Ethos by Anthem Properties

• Location: Marlborough Avenue, Burnaby

• Details: This impressive 34-storey high-rise offers 218 condos, ranging from studios to 3-bedroom suites. Residents can enjoy amenities such as a communal kitchen, multi-purpose rooms, a sun garden, and an outdoor seating area. Conveniently situated near the Royal Oak SkyTrain Station and Central Park, Ethos is designed for modern urban living.

Market Dynamics

Metrotown’s presale market is bustling with activity. Since January 2022, eleven active concrete developments have introduced 3,380 units to the market, achieving a 51% absorption rate and leaving 1,669 units currently available for sale. Notable projects like Nuvo and The Standard have temporarily paused sales, anticipating a market rebound as their buildings near completion.

Brentwood: A Hotspot of Upcoming Developments

1. Bassano by Boffo

• Details: Tower 1 of Bassano will offer 318 units, including street-oriented townhouses. This development is expected to attract significant interest, with registrations for upcoming releases already underway.

2. Brentwood Block by Grosvenor

• Details: Phase 1 of Brentwood Block is set to launch in Q3 2024, introducing 453 strata units to the market. The high desirability of Brentwood is evident, with 77% of released units in current developments already sold.

Market Trends

Burnaby’s resale market for concrete condos has shown remarkable growth. Despite high interest rates, the benchmark price for condos has risen, reaching $789,000 as of April 2024, marking a 2.2% increase over three months and a 2.4% increase year-over-year. The market remains a seller’s domain with a 25.2% sales-to-listings ratio.

Conclusion

Metrotown and Brentwood are leading the charge in Burnaby’s real estate expansion, featuring numerous high-profile presale projects and robust market dynamics. For those looking to invest in Burnaby’s thriving condo market, now is an exciting time to explore the opportunities these areas have to offer.

Contact Information

For more details on these developments or to discuss your real estate needs, reach out to Barton at 604-715-5568 or barton@bartonrealtor.com.