Housing Market Outlook

Housing Market Outlook in Hamilton-Burlington

Housing market outlook for 2020 will be a seller’s

Let’s take a look at the housing market outlook for 2020. In this article we’ll review the report REMAX provided us with. They reported on these statistics and trends expected for 2020. It was reported that the market will favour sellers in the housing market when it comes to the average price of a residential property.

The Hamilton-Burlington area is experiencing a seller’s market. And with 1.9 months of inventory in Hamilton and 1.6 months of inventory in Burlington. It should be noted that buyer’s have had to adjust to the mortgage stress test.

And have had to find other ways to finance the purchase of their home. For example, there are some people that have chosen to go through private lenders rather than using a bank.

The Development Freeze in downtown Burlington

If you’ve been to visit downtown Burlington recently, it’s hard not to notice that there’s a lot of construction going on. New condo buildings seem to be popping up everyday. But there has been a development freeze put in place. This means that there could be delays to any future developments.

The municipal government has been putting out regular newsletters to let the community know what the plans are. It’s a good idea to pay attention to these updates if you have invested in a new condo.

You can find updates on the City of Burlington website. So that you’re aware of any possible changes to the freeze. However, with that being said, there are many new buildings that are in very sought after areas going up all over the downtown area.

The GO Train and Affordability Beyond the GTA

It’s no surprise that many people have been leaving Toronto and the surrounding GTA for quite a few years now. And they’re moving to areas such as Hamilton and Burlington.

With the GO Train service expanding and moving toward the Niagara area, it’s only giving more people opportunities to own their own home. And the Hamilton industrial sector has picked up, the economy is expected to see positive impacts over the coming year.

With buyer’s from the GTA being a major force in the area and because there has been this expanded GO Train service in recent years, along with affordability in the area. There will be a clear impact on the Hamilton-Burlington housing market in 2020. These buyers are expected to help drive the demand in 2020.

Hottest Neighbourhoods in Hamilton and Burlington

It’s time to talk about the hottest neighbourhoods in Hamilton and Burlington. In Hamilton the neighbourhoods that made the most popular list are; Leckie Park, Waterdown West and Fifty Point. And the hottest neighbourhoods in Burlington that made the popular list are; Brant Hills, Central and The Orchard.

All of these are some of the most sought after neighbourhoods in the Hamilton-Burlington area. There are a lot of different factors that come in to play here; it can be things such as schools, affordability and most desired area.

National Perspective

RE/MAX Canada is anticipating a levelling out of the highs and lows that were reported by the Canadian housing market in 2019. And this is specifically true in Toronto and Vancouver. There are expected to be healthy price increases.

It was also reported that across Canada the markets have experienced moderate price increases year-over-year from 2018-2019. That being said, some regions in Ontario have continued to experience higher than normal gains.

“Southern Ontario is witnessing some incredibly strong price appreciation, with many regions seeing double-digit gains. Thanks to the region’s resilient economy, staggering population growth and relentless development, the 2020 market looks very optimistic.” – Christopher Alexander, Executive Vice President and Regional Director RE/MAX of Ontario-Atlantic Canada.

Have Questions About the Market Outlook?

If you have any questions about the information you’ve just read about Lori VanDinther would be more than happy to discuss them. And if you’ve been thinking about selling your home, contact Lori and her team today. They’ll help you find your dream home.

Halton Events Upcoming events

Halton Events for February and March 2020

Halton Events To Look Forward To

There are always so many fun and family friendly events and activities happening in Halton. Burlington is part of the Halton region and its a beautiful place to explore. From the shores of Lake Ontario to the incredible views from the Niagara Escarpment. Today I’ll feature 5 different Halton events that you need to check out.

Walking Tour – Downtown Burlington

When: Saturday, February 8th from 10:30am to 11:30am

Where: 414 Locust Street, Burlington

About: Explore downtown Burlington and learn more about the city with Alan Harrington. This event will happen rain or shine so come prepared for various weather conditions. This is a great event if you’re interested in learning more about this beautiful city.

Family Day Winter Fun

When: Sunday, February 16th from 10am to 4pm

Where: Bronte Creek Provincial Park, 1219 Burloak Drive, Oakville

About: Bring the whole family and enjoy some Family Day activities. You’ll explore the children’s farm and Playbarn, meet some animals check out the great demonstrations. It’ll be a fun day and we know your family will love every minute of it.

Museum After Hours – Discover the Myths and Mysteries of The Great Lakes

When: Thursday, February 27th from 6pm to 8pm

Where: Joseph Brant Museum, 1240 North Shore, Burlington

About: Spend the evening learning with access to all the galleries, the special visiting exhibition; Giants, Dragons and Unicorns: The World of Mythic Creature. And enjoy a unique presentation from Swim Drink Fish Canada about the myths and mysteries of our Great Lakes. There will be snacks and refreshments provided at this event.

Maple Syrup Festival

When: March 1st, 7th & 8th, 14th – 22nd and the 28th & 29th

Where: Bronte Creek Provincial Park, 1219 Burloak Drive, Oakville

About: Learn about the history of Maple Syrup at Bronte Creek Provincial Park in Oakville. The Provincial Park is located on a heritage farm from the 1900s. Other activities will include; the pancake house, maple syrup candy, fresh maple taffy, guided tours of Maple Lane, gift shop, wagon rides, visit the farm animals, historical tours, family activities and so much more.

Taste of Burlington Prix-Fixe Dining

When: Sunday March 1st from 11:30am to 10pm

Where: Participating restaurants in Burlington

About: This event is happening across Burlington and participating restaurants with lunch being offered at $15, $20 and $25. And dinner being offered at $30, $35 and $40. This is a fun way to try some restaurants you’ve never been to before or to go to an old favourite and try something different.

Contact Lori VanDinther

What’s better than trying out a new restaurant? There are events listed here I know I’ll be trying, it’s nice to keep busy during the winter. Another way to keep busy is to explore some great open houses and check out what’s on the market. I love helping people find their dream home and I know together we can find yours. Contact me today and let’s start the journey.

For Sale House Illustration

Housing Market Outlook for 2020

Healthy Price Increases Are Expected Next Year

The housing market outlook for 2020 indicates a healthy price increase of 3.7% in the average residential sale price. REMAX has called for a levelling out of the high and lows that have characterized the Canadian real estate market in 2019.

It was also reported that in some regions in Ontario that they continue to experience higher than normal gains. London reported an increase of 10.7%, Windsor saw an 11% increase and Ottawa reported an 11.7% increase. You can take a look at the chart below to see each region in Canada.

RE/MAX 2020 Housing Market Outlook
RE/MAX 2020 Housing Market Outlook
Ontario Real Estate Market

Let’s now focus on the Ontario Real Estate Market in 2019 and what we can expect in 2020. Toronto is expected to see a strong market in 2020. With lower unemployment rates, economic growth and an overall improved affordability in the GTA. It’s expected to drive the market forward.

The estimated average sale price is expected to increase by 6% in 2020. Meaning it’s 2 points higher than the growth that was experienced in 2018 and 2019. Ottawa and Windsor have been a sellers market and that’s expected to continue in 2020.

With Windsors affordability, the area has been attracting young professionals and buyers. Buyers from Toronto are moving toward Burlington-Hamilton and surrounding areas.

“Southern Ontario is witnessing some incredibly strong price appreciation, with many regions still seeing double-digit gains. Thanks to the regions resilient economy, staggering population growth and relentless development, the 2020 market looks very optimistic.” – Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada.

2020 Housing Market Outlook for Ontario
2020 Housing Market Outlook for Ontario
Hamilton-Burlington Real Estate Market

The Hamilton-Burlington area is currently experiencing a sellers market. And with 1.9 months of inventory in Hamilton and 1.6 months of inventory in Burlington. It has been reported that the buyers have adjusted to the mortgage stress test. As a result, they have found other ways to finance their home purchases.

Burlington has had a development freeze downtown which has delayed anything further. In November 2019 Burlington saw 230 new listings with an average property increasing by 9% at $787,957. And Hamilton’s industrial sector has picked back up and the economy is expected to be positively impacted in 2020.

We cant forget to mention the GO Train service that has been extended. Because of this GTA buyers are expected to impact the market. Since the Hamilton-Burlington area provides more affordable options, this means the market will be impacted in a great way in 2020.

The hottest neighbourhoods in Burlington for 2020 are Brant Hills, Central and The Orchard. And the hottest neighbourhoods in Hamilton for 2020 are Leckie Park, Waterdown West and Forty Point.

Hamilton-Burlington
Hamilton-Burlington Housing Market Outlook 2020
Contact Lori VanDinther Today

Have you been thinking that it might be time to move? Lori and Kim are ready to help you find the home you’ve been dreaming of, contact them today and get started.

Don’t forget to try our What’s My Home Worth calculator and see what your home is worth right now. And if you have any questions about the Real Estate Market for 2020 they’ll be more than happy to review them with you.