According to a recent report by the REALTORS® Association of Hamilton-Burlington (RAHB) listings and sales through October were higher by 9.4 per cent, when compared to last year same time. That represent around 1207 properties sold through the RAHB Multiple Listing Service® (MLS®) system. “Listings and sales through October were better than last year for the same month and higher than the 10-year average for the month,” said RAHB CEO Ross Godsoe. “We continue to see lower inventory, which again translates into a seller’s market for the area in the month of October.”
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Some additional facts:
– The average sale price of $397,403 was an increase of 3.9 per cent over the previous October.
– There were 1730 properties listed in October, an increase of five per cent over October of last year.
– End-of-month listing inventory is 6.3 per cent lower than last year.
Lower commodity prices are expected to temper appreciation in coming months. The RE/MAX Market Trends Report: Farm Edition 2013, looking at the trends and developments in 17 rural communities throughout Canada, has found that limited inventory levels–reported in virtually all agricultural centres–continued to contribute to strong upward pressure on the price per acre in 88 per cent (15/17) of markets examined.
“Whether it’s owning, renting, investing, or securing farmland for residential purposes, it’s clear the market for Canadian farmland remains strong from many angles,” says Sandhu. “Regardless of purpose, motivation remains the single greatest common thread. The desire to bury money in the ground is clearly evident. The long-term confidence in the performance of Canadian farmland–from both an investment and agricultural perspective remains strong.”
Lori VanDinther, a long time resident of Burlington, has been successfully selling Real Estate in Burlington, Oakville, Carlisle, Kilbride, Waterdown and surrounding areas for over 20 years. If you’re looking to make an investment in real estate get in touch with her today firstname.lastname@example.org
Supported by serious upward appreciation over the past decade, value-conscious homebuyers continue to drive demand for move-up product in the Burlington Area. The greatest trade-up activity is occurring between the $450,000 to $600,000 price point in Burlington. Last year, sales in that segment of the market represented 23 per cent (705 units).
The ﬁgures are expected to increase this year as more experienced buyers move to take advantage of lower interest rates and equity gains. Average price in Burlington has almost doubled in the past decade, rising from $183,442 in 2002 to $360,059 in 2012, for an annual compounded rate of return of close to 7 per cent.
In Burlington, trade-up purchasers are looking to the northwest quadrant of the city where older homes on larger, well treed lots represent good value. Many move-up buyers are willing to undertake renovations, such as updating kitchens and bathrooms, in order to realize ownership in these established areas. As a result, sales in the northwest were up 86 per cent in 2012, compared to one year earlier. Those willing to spend closer to $600,000 are choosing mid-southeast communities in Burlington, south of the QEW.
Property Value Appreciation in Burlington, Ontario
(6.02 % annually)
(6.98 % annually)
Offering some of the most affordable housing in Southwestern Ontario, inventory is expected to be tight this spring in Burlington, with under 100 properties currently listed for sale at the move-up price points.
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