Housing Prices

Burlington real estate

Burlington Real Estate Market Is Hot

Hamilton-Burlington Real Estate Market

It doesn’t come as new information at this point that the Hamilton-Burlington real estate market is on fire. With the average price of a residential property having an increase of 54 per cent in February and new listings up by 61.9 per cent since January 2021. 

There’s a lot that attracts people to this area such as the beautiful Royal Botanical Gardens, various beachs, waterfront properties, historic areas and incredible restaurants. Home buyers have been seeking the Burlington and Hamilton area to escape the busy cities like Toronto for something with more room to move. Especially during this time in our lives when COVID-19 is having us at home more often. 

Real Estate Statistics for February 2021 

The REALTORS® Association of Hamilton-Burlington (RAHB) reported that sales in the market area were 25 per cent higher-year over -year. With the average cost of a residential property being $787,840, an 8 per cent increase compared to the previous year. The average cost of a residential property in Burlington was reported to be up by 27 per cent to $1,067,867. Burlington also saw 375 new listings and an average of 14 days on the market.  

“In the RAHB market area, we saw an above average increase of 7.7 per cent in the average price of a home month over month. There are several pandemic related factors which have contributed to the high demand for housing combined with the low supply levels we have experienced in our market area. The good news is the number of new listings broke a 10-year record for February and our active listings increased by 28 per cent from January 2021. As we recover from these ultra low inventory numbers, buyers should start to see more selection and a bit less competition. Additionally, new listing numbers should stay strong and inventory levels should continue to increase to a more normal level as more of the RAHB market area moves out of lockdown and control zones.” – RABH President President Donna Bacher

Why The Hamilton-Burlington Market Is Attractive

It has been reported that unemployment is declining and in January 2021 there were 1,600 employment opportunities within the region. This fact alone makes the area more attractive to potential buyers. There are excellent schools and job opportunities in the area only adding to the rush of buyers looking for their next dream home. 

Burlington’s most sought after neighbourhood Milcroft saw 85 sales in February, with an average residential property price of $983,974. There are many great reasons to purchase your home in Burlington and the time is now. COVID-19 has played a role in why the market is the way it is. 

“COVID-19 continues to place logistical hurdles on families trying to get their home onto the market; however, as spring weather arrives and if COVID-19 restrictions are eased, families should be in a better position to leave their home to accommodate necessary showings which should increase the number of active listings in the RAHB market area,” – RABH President President Donna Bacher

Contact Lori VanDinther 

If you have any questions about what other tips there are about curb appeal, we will be happy to help! 

Make sure you contact Lori VanDinther and her team today if you’re interested in buying or selling your home. If you’re interested in learning what your home is worth, try our free home evaluation.

Move-Up Buyers Set To Increase Their Stake In Homeownership

Move-up Buyers Report 2013
Supported by serious upward appreciation over the past decade, value-conscious homebuyers continue to drive demand for move-up product in the Burlington.

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
5 Year 34 % (6.02 % annually)
10 Year 96 % (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.

For complete information you can download the Move-up Buyers Report 2013.

Thinking of moving or buying a house in Burlington? I’d be delighted to help you!
As a long time resident of this gorgeous city and a dedicated Burlington RE/MAX Realtor I will put my knowledge and experience to work for you and help you make the right moves.

Moderation On Tap For Canadian Housing Markets in 2013

REMAX Housing Market Outlook 2013
With Canada’s economy showing signs of improvement, the overall outlook for the country’s residential real estate market is healthy!

Canadian real estate markets demonstrated remarkable resilience in 2012—with home sales up or on par in 65 per cent of major centres—despite considerable headwinds in terms of tighter financing and economic uncertainty abroad. The trend is expected to continue, with home-buying activity propped-up by low interest rates and an improved economic picture in 2013, according to a report released today by RE/MAX.

“Despite all the negativity surrounding residential real estate, the sky is not falling,” says Gurinder Sandhu, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. “Home sales have moderated, but remain within healthy levels. Greater optimism is expected to return next year, as the economy marks further improvement. Canadians appear to be reigning in their spending, heeding cautionary statements by the country’s financial leaders. We believe that will only serve to shore up the already healthy framework of the Canadian housing market in 2013.”

Summary of key points for Hamilton-Burlington real estate market:

  • Significant GDP growth, expanding at an annual rate of approximately 2.5 per cent, has made Hamilton-Burlington one of the top performing markets in Ontario.
  • Approximately 13,100 homes are expected to change hands by year-end, down six per cent from the city’s record level of 13,932 reported in 2011. Yet, average price is forecast to appreciate seven per cent to $358,000 in 2012, up from $333,498 one year earlier.
  • Seller’s market conditions exist at the starter price points, while a more balanced picture emerges at the mid-level.
  • Condominiums continue to have universal appeal—popular with both first-time buyers and an aging demographic. In Burlington, first-time buyers seeking close proximity to the GTA are gravitating toward entry-level apartments, between 500 sq. ft. and 700 sq. ft. in size. Starting from the low $200,000s, these units have experienced bidding wars throughout much of the year
  • Numerous brownfield projects and developments that are underway are expected to have a positive impact on economic performance in coming years.
  • Manufacturing is also forecast to climb in Hamilton-Burlington, rising by more than four per cent, building on a 3.7 per cent increase in 2011 and an 8.6 per cent increase in 2010. New housing starts are on the upswing, with 2012 levels hovering at more than 25 per cent ahead of last year’s levels.
  • Immigration is also expected to continue to play a role in Hamilton-Burlington, with approximately 3,300 permanent and temporary residents welcomed in 2011.

For the complete report visit: http://www.bestagent.ca/uploadedFiles/BestAgent/Content/News/Press_Releases/2012/REMAX_2013Outlook_RPT.pdf

Interest in buying real estate property in Burlington and surrounding areas? Don’t hesitate to get in touch with me: Lori VanDinther – Burlington Real Estate Agent. I will put my knowledge and experience to use and help you find your dream home!