Burlington Real Estate Statistics

Burlington Real Estate Statistics for February 2023

Real Estate Market, Real Estate Trends / By / March 24, 2023

Burlington Real Estate Statistics 

The REALTORS® Association of Hamilton-Burlington (RAHB) reported a total of 765 sales in February 2023 in the entire RAHB market area. This was a 37 per cent decrease from the previous year. The majority of this decrease was in properties priced lower than $800,000. 

“An increased hesitancy to list impacted the detached sector hardest. New listings fell to 1,203 in February, 27 per cent below the same time last year, and new listings relative to sales prevented significant inventory gains. While inventory levels are much higher than reported last year, they are still below levels reported for this time of year before the pandemic.”

In the Burlington real estate market area there were a total of 246 new listings of residential properties. This was a 30 per cent decrease when compared to the same time last year. The average price of a residential property in Burlington had a 23 per cent decrease compared to the previous year and was $1,064,513. There were a total of 146 sales in February 2023, which was a 38.1 percent decrease compared to the same time last year. All the regions in Burlington reported seeing declines in both sales and new listings in February. 

Burlington Real Estate Statistics

“For the first time in two months, the benchmark prices rose above $1,000,000. The unadjusted benchmark prices in February rose to $1,017,600. While this is over 21 per cent lower than the high reported last February, it is still well above levels reported before the pandemic.”

Regional Summary 

The above chart, Regional Summary, gives us the opportunity to see how each area within the Burlington market did in February 2023. RAHB reported that there were year-over-year declines when it came to both sales and new listings. However, they also reported that conditions weren’t as tight as they were this time last year. 

The area that had the greatest number of sales in February was area 35, better known as Millcroft. This is the most sought after area in the Burlington real estate market, with a total of 39 sales, this was a decrease of 48.7 per cent compared to the same period last year. There were a total of 58 new listings, this was a 40.8 per cent decrease compared to the previous year. The average price of a residential property in Millcroft was $912,106, this was a decrease of 30.8 per cent. 

The next area that had a great number of residential property sales was area 31. There were a total of 37 sales, this was a decrease of 22.9 per cent compared to the previous year. This area had a total of 50 new listings, only a 13 per cent decrease compared to the same time last year. The average price of a residential property had an 11 per cent decrease and was $1,085,326. Now we’ll turn our attention to the map below, Average Residential Price by District, and get an even closer look at the Burlington market.

Average Residential Price by District

The map, Average Residential Price by District, illustrates the different residential areas within the Burlington real estate market. We’re able to see what the average price was and whether that price decreased or increased in February 2023. 

It was noted previously that the area with the greatest number of sales was Millcroft or area 35. This area is also the most sought after in Burlington and had a total of 39 sales and 58 new listings. The average price of a residential property was $912,106, this was a decrease of 31 per cent. 

When we look at the different areas on this map we can see that there were some small differences compared to the same time period last year. It looks like all areas saw some form of decrease when it came to the average price of a residential property. The next chart we’re going to review will be the Property Type Comparison, so that we can better understand the differences between them. 

Property Type Comparison

The above chart, Property Type Comparison, allows us to compare the differences between each property type. We’re able to see the average price and whether that price has had a decrease or increase. This chart also allows us to see how many new listings there were for each property type and how many sales there were in February 2023. 

When it comes to detached properties we can clearly see that there was a decrease of 47.5 per cent with a total of 73 sales. There were 119 new listings, this was a decrease of 39.3 per cent compared to the previous year. The average price of this type of property was $1,398,800, a decrease of 22.3 per cent. 

Semi-detached properties had a decrease of 18.2 per cent when it came to sales with a total of 9 in February 2023. This type of property had a total of 14 new listings, there was no decrease or increase in this statistic. The average price of this property had a 18.3 per cent decrease and was $975,722 compared to the previous year. 

The next property type that we’ll review is the row house or townhouse. This type of property had a total of 43 sales, with a decrease of 20.4 per cent compared to the previous year. There were a total of 54 new listings, this was a 32.5 per cent decrease. The average sale price of this type of property was $791,368, a decrease of 27 per cent compared to the same period last year. 

Finally, the last property type that we’ll review is apartment-style properties. There were a total of 39 sales in February 2023, a 36,1 per cent decrease compared to the previous year. Apartment-style properties saw a small decrease of 7.8 per cent  in new listings with a total of 54. The average price of this type of property was $760,410, this was a very small decrease of 0.5 per cent compared to the same time last year. 

REALTORS® Association of Hamilton-Burlington Real Estate Statistics 

The REALTORS® Association of Hamilton-Burlington (RAHB), reported a total of 765 sales in February 2023 in the entire RAHB market area. It should be noted that this was a 37 per cent decrease when compared to the same time last year. This decrease was mostly seen in properties that were priced lower than $800,000. 

In Burlington it was reported that there were 246 new listings in February 2023, which was a 30.5 per cent decrease compared to the previous year. RAHB also reported that when it came to sales there was a 38.1 per cent decrease with a total of 146. The average price of a residential property in Burlington was $1,064,513, this was a 23 per cent decrease compared to the previous year.

“Demand at the lower end of the market is increasing as higher interest rates impact affordability and attainability. Buyers have more options than they did a year ago and are less likely to compete in unfavourable market conditions. Sellers at the high end of the market appear reluctant to sell, presumably because to move and take on a new mortgage rate could equal a higher monthly payment.” – Lou Piriano, RAHB President. 

For More Information About These Statistics 

Are you looking for more information or want a more detailed and in-depth matrix of these real estate statistics? If so, please refer to the Burlington Real Estate Statistics for February 2023.

Contact the VanDinther Team

Do you have any questions about the statistics reported in this blog? If you do, one of the members of the VanDinther Team would be happy to answer them for you. Have you been wondering what your home might be worth, try our “What’s My Home Worth.” 

Please feel free to contact the VanDinther Team anytime and someone will be more than happy to help you find the home you’ve been dreaming of. The VanDinther Team has been working with clients in the Burlington and surrounding areas for decades and want to “Help You Make The Right Moves!

What is a balanced real estate market?

What is a balanced real estate market?

Home Buying and Selling, Real Estate Market / By / February 17, 2023

What is a balanced real estate market?

What is a balanced real estate market? The real estate market has seen a lot of change recently and that means a move toward a more balanced market. Learning about the different market types is important for those seeking to purchase a home. In this blog, I’ll discuss what you need to know about a balanced real estate market. 

Sellers have had the upper hand over the last few years, with the Canadian housing market working in their favour. However, this is about to change as we see the market shift away from a sellers market and move into a more balanced market. But what does this all mean exactly?

During the peak of the pandemic a lot of cities in Canada saw price increases in the cost of residential properties. This then created very intense bidding wars and in some cases the home buyers were skipping important steps, such as home inspections. This time period was very much a seller’s market and there were historically low mortgage rates, adding to the intensity. 

The Bank of Canada is currently raising the interest rate in an attempt to lower inflation. In turn the Canadian housing market is now experiencing a moderation and many regions across the country, and are now heading toward this more balanced real estate market. Let’s learn more about this balanced real estate market.

The Canadian Real Estate Market

When we talk about a balanced market it’s also important to learn about the other types of real estate markets. There are three, balanced market, seller’s market and buyer’s market. You can imagine what the last two mean, but the balanced market is when the supply, or inventory, is meeting the demand.

Rather than the market being in favour of the buyer or seller, it’s now balanced. The number of people looking for a home is matching the number of homes that are for sale. There are factors that help to determine a balanced market such as stable residential property prices, homes being sold around the selling price, inflation, unemployment.

According to an article by RE/MAX Canada, the areas that are expected to experience this balanced market are the GTA, Mississauga, Winnipeg, Regina, Calgary and the Greater Vancouver Area. There will still be some areas that will continue to be a sellers market and those areas are Halifax, Montreal and Ottawa.

RE/MAX Canada’s outlook suggests that the national average price of a residential property will see a decline of about 3.3 per cent. They also predict that sales will rise more than one-third, or 34 per cent, of the housing markets that they analyzed. 

This will be positive for about 54 per cent of the population, says RE/MAX Canada. Those 54 per cent say they have a positive financial situation. This is while 38 per cent of Canadians feel they do not have a desirable financial situation. This is concentrated by those living with a lower income and those that are not currently homeowners. 

Contact The VanDinther Team  

Do you have questions about the current real estate market? Lori VanDinther and her team are able to help answer any questions or concerns you might have. Please feel free to reach out directly at 905-632-2199 or by email at info@loriv.com. 

If you’ve been wondering what your home might be worth, give out “What’s My Home Worth” calculator a try. You can also find us on Facebook and Instagram, give us a follow and let’s start looking for your next dream home! Our Client’s Success is Always been our #1 Priority!

Canadian Real Estate Market Stats for December 2022

Home Buying and Selling, Real Estate Market, Real Estate Trends / By / January 20, 2023
Canadian Real Estate Market Stats for December 2022

In this article we’ll learn about the Canadian real estate market statistics and the Burlington real estate statistics. Recently both the REALTORS® Association of Hamilton-Burlington (RAHB) and the Canadian Real Estate Association (CREA), released their statistics for December 2022. There were a total of 98 sales of residential properties within the Burlington real estate market area, a decrease of 23.3 per cent compared to the same time last year. There were a total of 2,522 sales in 2022, which was a decline of 27 per cent compared to 2021. 

“Burlington did see some gains in sales throughout the pandemic, but levels never achieved the same highs as activity reported in 2015. While new listings have also been lower since 2015, 2022 did see a pickup in new listings and a return to more balanced conditions.”

RAHB reported that in Burlington there were a total of 117 new listings, this was an increase of 7.3 per cent year-over-year. The average price of a residential property within the Burlington real estate market was $1,039,940, a decrease of 14 per cent compared to the same time last year. 

The residential property sales within the Canadian real estate market saw a slight increase in both November and December 2022. This isn’t something that is commonly seen at the end of the year. According to CREA, the real estate market tends to slows down in response to uncertainty in the economy.

It’s important to take note that there were some decreases in the sales volume in both 2009 and 2020 within the Canadian real estate market. These were both years where there were some periods of uncertainty in the economy. With that being said, CREA does expect to see the sales volume improve going forward in 2024. 

The Canadian Housing Market Sales Volume 

According to the Canadian Real Estate Association (CREA), the sales volume saw a decrease of almost 40 per cent in December 2022, compared to the same time last year. There was also an increase of 1.3 per cent when it came to the sales volume in November. This remained fairly consistent after there was a significant drop in 2022, it’s common to see this sort of drop at the end of the year.

Since there was a break from the more common annual trend, the market is now indicating that there’s a lot to look forward to in 2023. This is most likely due to the fact that a lot of buyers were pushed out of the market because of increased property prices. Now these potential buyers have the opportunity to enter the real estate market once again.

Another factor that will help buyers re-enter the real estate market is that the real estate market doesn’t have the same sense of urgency it once had. Now that the real estate market is slower and more stable, there’s more focus on being affordable. These are all factors that make it easier for potential buyers to take advantage. 

Affordability Within The Canadian Housing Market 

During the height of the pandemic the average residential property prices increased. This then created a situation where potential buyers were simply priced out. Causing a lot of stress and uncertainty, this didn’t slow down for a while. There are three factors that contributed to the affordability issue. 

Affordability is measured by three factors, house prices, interest rates and income. It was reported by the National Bank’s Q3 Housing Affordability Monitor that affordability had reached levels not seen since 1981 and 1989. In both of those circumstances, the high peaks were then followed by a more balanced market. The Bank of Canada was able to create more vacancies in the job market in order to reduce inflation. Because of that it meant there needed to be a decrease in the interest rate, so that the market can be more affordable.

The residential property prices have had the largest decline year-over-year since 2009. While the average price of a residential property in the entire Canadian real estate market had a 12 per cent decrease in December 2022. Many real estate market areas across the country had an increase in the average price during the height of the pandemic and have now seen that price decrease. 

Burlington’s Real Estate Market for December 2022

Continuing to focus on the housing prices and property sales, it was reported by RAHB that sales eased in the Burlington real estate market area in December 2022. It was also reported that new listings improved, while the inventory remained low. 

The Burlington real estate market is broken down into different areas and each one assigned a number. The most sought after area is Millcroft, located in area 35. This area had the greatest number of residential property sales with a total of 25 in December 2022. This was a decrease of 16.7 per cent compared to the same time last year. There were 30 new listings, which was a slight decrease of 7.1 per cent. The average price of a residential property was $970,986, this was a 13.2 per cent decrease compared to December 2021. 

Another area of significance is area 31, this area had the second greatest number of sales in December 2022. With a total of 20 sales and 20 new listings, sales had a 33.3 per cent decrease. While new listings only had a 16.7 per cent decrease. The average price of a residential property in this area was $834,245. This was a decline of 19.8 per cent compared to the same time last year. 

“The pandemic, combined with historically low interest rates, created an exponential surge in housing demand. Supply could not keep pace, resulting in price growth that far exceeded expectations over a two-year period, 2022 saw conditions start to shift back to a more balanced market. Improved supply is an important component to stabilizing both sales and home prices. If higher lending rates continue, they will weigh on home sales in 2023, however; the dip in prices coupled with better supply choice could start to support a more stable market for the foreseeable future.” — Lou Piriano, RAHB President.

Contact The VanDinther Team 

Find a more in-depth and detailed matrix of these statistics, please refer to the Burlington Real Estate Statistics for December 2022. You can also get in contact with the VanDinther Team. Someone will be more than happy to discuss them with you. 

Have you been thinking about listing your home and not sure where to start? The VanDinther Team is ready and excited to get you started on this journey. Lori VanDinther has 30 years of experience working with clients in the Burlington and surrounding areas. Please also give our “What’s My Home Worth” calculator a try, it’s a great place to start. 

Getting in contact with the VanDinther Team is simple. This can be done directly by phone at 905-632-2199 or by email at info@loriv.com. The VanDinther Team is looking forward to working with you soon so they can help you make the right moves!