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Originally Posted by jing
Any commentary on the Highgate/Edmonds area? King's Crossing will be in phase 3 of presale soon. Seen a handful of low/hi-rise units at least 10 years old priced in the high 200s low 300s. Not even sure if that's a realistic price or not given all this talk of ridiculous over asking selling prices. Historical selling prices of the area from the past year however seem to hover around -5 to 10% around assessed value.
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I think it's safe to say that anything in Burnaby is pretty "hot", though historically, Edmonds has been home to lower-income seniors and a significant refugee population (e.g. Somalians).
I think you'll begin to see what's happening to Metrotown in Middlegate/Edmonds over the next decade. There are lots of low-rise apartments that were built in the 1970s and 1980s that are ripe to be bought out (if they haven't been already). The City of Burnaby seems to have no problem with approving the rezoning of older rental stock for new, luxury investor-owned buildings. It's grittier than Metrotown or Brentwood (because of the rental housing and the refugee population), but if you want to live in Burnaby, it's probably the last affordable part of that town. I would expect homes to be going above asking (because what isn't these days), but it doesn't matter if you pay above asking as long as it's the right home for you and it's within your budget.