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Burlington’s Housing Market Outlook for 2017

The average residential home sale price in Burlington/Hamilton area is estimated at $535,520 in 2016 – a 20% increase compared to 2015’s average of $446,961. The market has continued to see substantial growth!

REMAX Average Residential Sales Price Hamilton-Burlington

Low inventory in Burlington/Hamilton area has caused a slow-down in sales. However, Hamilton is expected to get an inventory boost from couple of downtown new development projects, which are due to be completed in a year and a half.

First Time Home Buyers

Most of the first-time home buyers, from all over the GTA are buying homes in Burlington/Hamilton area because of the affordability factor and still being relatively close to Toronto. These people are spending about $300K for older, detached homes in Hamilton and about $500K for townhouses in Burlington.

Condo Market

Burlington/Hamilton area has experienced a demand for condos, due to a large number of young professionals and retirees looking for new and older condos close to downtown. This has caused a 21% sales price increase. Burlington and Hamilton both have large number of condo projects underway and more planned.

Luxury Homes

Sales of homes over $1 million were up from 63 between January and October in 2015, to 146 in 2016 during the same period. Increased activity from first-time buyers moving into the region from the GTA at the lower end of the market has allowed move-up buyers in Hamilton to become more active in the upper-end segment. With price appreciation expected to continue across the GTA and new construction in the upper end of the market in Hamilton-Burlington, demand for luxury homes is expected to remain strong in the region in 2017.

Future Trends

  • The GO train and LTR projects in Burlington/Hamilton area will continue to boost the local economy and bring lots of activity in the housing market.
  • New mortgage rules that came in effect at the end of 2016, may slightly, decrease the housing market demand because of a larger down payment that’s now required for both first-time and move-up buyers.
  • RE/MAX average residential home sale price expectation for Burlington/Hamilton area is 11%.
REMAX 2017 Hamilton-Burlington

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Looking to sell your home? Or buy a first time home, or move up, or downsize? Let Lori VanDinther, RE/MAX Sales Representative guide you through the process and help you make the right moves. With over 23+ years of successfully selling real estate in Burlington/Hamilton area, Lori has the experience and market knowledge. Contact Lori today.