Erin, Author at Burlington Real Estate Blog

The Benefits of Living in a Townhouse

Burlington Living, Home Buying / By Erin / November 28, 2023

Benefits of Living in a Townhouse: A Guide

There are a lot of great benefits when it comes to living in a townhouse, from the peace of mind that you might not have to take care of certain elements such as snow and gardening. There might also be other things that make life easier including cost-effective living, community living, space efficiency, location advantages, security and so much more.

In this blog post we want to go over some of the benefits that you might enjoy when you choose to live in a townhouse. The VanDinther Team is ready to work hard to help you find the perfect townhouse that will suit your needs – at the end of this blog we’ll explain how you can get in contact with The VanDinther Team and start your search for your dream townhouse.

What You Might Expect When Living in a Townhouse

Living in a townhouse can often offer a unique blend of advantages that can cater to the various lifestyles and preferences of its owner. The following list will help you determine if these advantages are what you’re looking for when it comes to townhouse living.

Cost-Effective Living:
- Affordability: Townhouses often provide a more budget-friendly option compared to single-family homes or apartments and they can offer a middle ground in terms of pricing.
- Lower Maintenance Costs: Typically, townhouse communities have shared maintenance costs for common areas which then helps to reduce individual expenses for landscaping, exterior repairs, etc.
Community Living:
- Tight-Knit Community: Townhouse living often fosters a strong sense of community due to shared walls and closer proximity to neighbours – which then leads to potential friendships and a supportive environment.
- Shared Amenities: Many townhouse complexes offer shared amenities like pools, gyms and parks. This of course helps to foster a sense of belonging and access to facilities without the full maintenance responsibility – carefree living!
Space Efficiency:
- Vertical Living: Townhouses often come with multiple floors and help to optimize vertical space and provide lots of room for living areas, bedrooms and storage.
- No Yard Work: For those who prefer not to spend time on yard maintenance then this is perfect, townhouses usually have smaller outdoor spaces or communal areas that are maintained by the homeowners’ association.
Location Advantages:
- Urban Convenience: Townhouses are frequently situated in urban or suburban areas and in close proximity to city centres, public transportation, shopping centers and entertainment hubs.
- Accessibility: They are often strategically located near major roads or transportation links, making commuting more convenient. Could it get any better?
Privacy and Independence:
- Individual Ownership: Townhouses offer individual ownership, giving residents more control over their living spaces while still being part of a community.
- Separate Entrances: Many townhouses have private entrances, providing a sense of privacy similar to a detached home.
Potential for Investment:
- Resale Value: Townhouses often hold their value well in the real estate market, making them a potentially lucrative investment option.
- Rental Opportunities: Townhouses can be attractive rental properties due to their size, amenities, and location, thus offering an additional income stream for owners.
Security and Safety:
- Close-Knit Community: The tight community in townhouse complexes often leads to increased vigilance and a safer living environment.
- Gated Communities: Some townhouse complexes offer gated or secured entries, enhancing security measures.
Customization and Flexibility:
- Interior Customization: Townhouses allow for personalization and customization of interiors that enable residents to adapt the space to their preferences.
- Less Restrictive Regulations: Compared to condos, in some cases townhouses may have fewer stringent rules regarding renovations or modifications.

These are some really interesting points about what it can be like when choosing to live in a townhouse. In the next section we’ll talk about how embracing townhouse living is truly a fantastic option and can greatly benefit your life in a number of ways.

Embracing Townhouse Living

Embracing townhouse living presents so many incredible benefits that can help cater to diverse lifestyles and preferences. From fostering a strong sense of community to offering cost-effective yet spacious living arrangements – townhouses can really stand as a versatile housing option for many.

With this blend of individual ownership, shared amenities and a close-knit environment it makes townhouses the appealing choice for those who are seeking a balanced lifestyle. The convenience, affordability and potential for investment also help to highlight the value that townhouse living can bring to its owners. Now let’s get you in touch with The VanDinther Team and get the process started and find you the townhouse of your dreams.

Contact The VanDinther Team

As we mentioned in this blog, there are plenty of great advantages and benefits to choosing the townhouse lifestyle. Living in a townhouse can often offer a blend of communal living, affordability, and the perks of individual ownership. Are you ready to make a move and start looking for the ideal townhouse? The only thing you need to worry about now is finding the right one for you and The VanDinther Team is here to help.

Contact The VanDinther Team today and let’s get started. Getting in contact with The VanDinther Team is simple and can be done right now either by phone or email. Please contact the team by phone directly at 905-330-2002 or by email at info@loriv.com. Clients are also able to find us on both Instagram and Facebook, give us a follow and lets get started on your journey to find your dream townhouse.

Burlington Real Estate Statistics for September 2023

Real Estate Market, Real Estate Trends / By Erin / October 19, 2023

Real Estate Statistics for September 2023 – Entire RAHB Market Area

The REALTORS® Association of Hamilton-Burlington (RAHB), reported a total of 620 sales in September 2023 in the entire RAHB market area. According to RAHB, this was the slowest level of activity recorded since 2010 and it was a decrease of 18 percent. The decrease in sales was met with an increase in new listings – with a sales to new listings ratio of 30 percent.

It was reported that there was a 19 percent increase in inventory, which was 12 percent higher than it was the same time period last year. The benchmark price of a residential property in the entire RAHB real estate market area was $854,200 – this was only a one percent decrease when compared to the same time last year.

RAHB reported that in the Burlington real estate market there were a total of 135 sales of residential properties in September 2023. This number of sales was a decrease of 27.4 percent when compared to the same period last year. The sales to new listings saw a decline of 34 percent but there were gains in inventory compared to the previous month. However, despite these gains in inventory the levels remained low in September 2023.

Since there was a shift in the inventory and sales, it caused the months of supply to have an increase, the highest since 2008. According to RAHB, “the unadjusted benchmark price trended down from August, reaching $1,045,600, despite the monthly decline, prices are nearly five per cent higher than last September”

The average price of a property in the Burlington real estate market was reported to have been $1,058,151 – this was a decrease of only one percent compared to the same time last year. There were a total of 393 new listings, this was a small decrease of only 4.4 percent compared to the previous year. Let’s now take a look at the map of the entire Burlington real estate market area by looking at the map in the next section.

Average Residential Property Price by District

In the above map, Average Residential Property Price by District, we can see the entire Burlington real estate market area. The map is divided into sub areas and we are able to see what the average price was in each area for September 2023, and compare that price to the same time last year by looking at the percentage. This percentage represents the increase or decrease in the cost of a residential property in the sub area.

We can clearly see that area 38 had the highest average residential price at $2,700,000 – this was an increase of 78 percent when compared to the same time period last year. This area had a total of one sale in September, this was a decrease of 80 percent compared to September 2022. This area also reported a total of 12 new listings, which was an increase of 12 percent year-over-year.

Let’s turn our attention to Burlington’s most sought after neighbourhood located in the sub area 35 – Millcroft. This area had a total of 42 sales reported in September 2023, a decrease of 27.6 percent year-over-year. This area had a 26.2 percent decrease in the total of new listings with a reported 76 new listings. The average price of a residential property in area 35 was $965,107, only a small decrease of 5.2 percent when compared to the same period last year.

We can also take a look at the chart below, Regional Summary, and see each area in Burlington. This chart allows us to see each area’s total number of sales, new listings, average price, median price, months of supply, inventory and days on the market. This chart is helpful for getting a more in-depth look at each area in the Burlington real estate market.

For More Information About These Statistics

To Summarize, there were a total of 620 sales in the entire RAHB market area in September 2023. According to the report released by RAHB, the benchmark price of a residential property in the entire real estate market area was $854,200, a one percent decrease when compared to the same time last year. The average price of a residential property in Burlington only had a small decrease of one percent and was $1,058,151. Finally, there were a total of 393 new listings and a total of 135 sales in September 2023.

“Increases in lending rates have prompted prospective buyers to delay purchasing decisions. Lending rates may have sparked anxiety among existing homeowners, motivating them to list their properties. A surge in new listings, relative to sales, has led to a pronounced rise in overall inventory levels,” – Nicolas von Bredow, RAHB President.”

The REALTORS® Association of Hamilton-Burlington (RAHB) has prepared a document that has more information and a more detailed and in-depth matrix of these real estate statistics. Please refer to the Burlington Real Estate Statistics for September 2023 to review this detailed report.

Contact The VanDinther Team

There were a lot of real estate statistics covered in this blog and we know that you might have some questions. Please don’t hesitate to contact one of our highly knowledgeable and professional real estate agents. We are here to help make this whole process as easy and enjoyable as possible.

Clients are able to reach us either by phone or email any time. You can reach us by phone at 905-330-2002 and by email at info@loriv.com. If you’ve been curious about what your home might be worth before contacting us, please give our “What’s My Home Worth” calculator a try. The VanDinther Team is looking forward to working with you soon because we love helping you make the right moves.

Property Taxes in Canada

Burlington Real Estate Agents, Home Buying and Selling / By Erin / September 28, 2023

Property Taxes in Canada

For a lot of first time homebuyers understanding how property taxes work in Canada can be intimidating. Some questions one might have could simply be; where is my money going? Some of the revenue that’s collected via property taxes goes toward both the municipal and provincial governments. But understanding exactly where that money is going is an important part of homeownership. RE/MAX Canada recently shared a great article about this very topic and have explained the process in an easy to understand way.

“Property taxes are mandatory annual payments that owners of real estate property, such as land, houses, or commercial buildings, must pay to their municipal or provincial government. Serving as a primary source of revenue for these governments, property taxes play a crucial role in financing critical community services and infrastructure. These can include schools, libraries, parks, road maintenance, public transportation, emergency services, and many more amenities that help maintain the quality of life within a community.” — RE/MAX Canada

It’s important to learn about how these taxes work in order to be a responsible homeowner. In this blog post, we’ll go over why it’s important to understand and why you should consider what the property taxes would be when creating a budget.

Municipal and Provincial Taxes – How They are Calculated?

It makes sense that property taxes would vary depending on the municipality and province that you’re residing in. Each city has its own way of assessing taxes and what they’ll go toward. This assessment is managed by each province’s assessment body and is based on each property’s location, if it’s had improvements or renovations, the age of the property and the size.

Then we have municipal tax rates to consider as well, local municipalities determine the property tax based on its value at the time. According to RE/MAX Canada, this is done by mills; “one mill equals $1 in property tax levied per $1,000 of a property’s assessed value.” These rates can vary depending on the municipality of course.

“The formula to calculate the property tax is Property Tax = Property Value Assessment x Municipal Tax Rate. For example, if a home is valued at $500,000 and the municipal tax rate is 0.5%, the homeowner would owe $2,500 in property taxes for the year.” – RE/MAX Canada

We recommend doing some research or asking your REALTOR to help you better understand how these taxes are calculated. This again, is an important part of setting your budget before you go out and view listings. Let’s now look at how taxes may vary form province to province.

Taxes May Vary Province to Province

Now that we understand how property taxes are calculated, let’s look at how they are assessed on the provincial level and how they work. Since each province has its own ways to determine their property taxes, understanding how it works is another important part of the new homeownership process.

In the report by RE/MAX Canada, they explained it as follows; each province has its own way to calculate and assess property values – so it only makes sense to research what your province’s taxes are and how that will affect your monthly budget. Since these taxes are an important part of the provinces revenue, the municipalities as well in fact, it means the taxes themselves can vary a great deal from province to province. This can also be determined by the real estate market at the time as well.

“The real estate market conditions can differ significantly between provinces, affecting average property values. Provinces with higher average property values might generate more tax revenue even with lower tax rates, while provinces with lower average property values might need higher tax rates to generate the necessary revenue.” – RE/MAX Canada

Learning more about your provinces property taxes and your municipality property taxes are such an important step, as we mentioned previously. Now that you have a better understanding of how they are calculated and assessed you can start to consider your budget for your new home and you can find out what the property taxes are in your area. Contacting an experienced real estate agent can help make this entire process easier, since they are knowledgeable and have experience with this.

Contact the VanDinther Team

Contacting the VanDinther Team will be well worth it, they are a team of highly knowledgeable and experienced real estate professionals. This means that you can rely on their ability to help you find the home you’ve been looking for and help you to stay within your budget.

Do you have any questions or concerns about the real estate market or are looking to list your property? Please feel free to contact the VanDinther Team today, they can be reached by phone at 905-330-2002 or by email at info@loriv.com. The VanDinther Team looks forward to helping you make the right moves.