Real Estate Market

Burlington Real Estate Statistics

Burlington Real Estate Statistics for September 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. 

Burlington Real Estate Statistics

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. 

Burlington Real Estate Statistics

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. 

Burlington Real Estate Statistics

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. 

Canadian Real Estate Trends

Canadian Real Estate Trends

Could The Housing Market Downturn Be Over?

Could the housing market downturn be over? Housing prices appear to be on the rise again in Canada’s bigger cities, such as Toronto and Vancouver. It’s also been reported that most real estate markets in the country saw a rebound recently when compared to March 2023. In this blog, we’ll discuss the Canadian real estate trends, the GTA real estate statistics and Burlington real estate statistics.

When it comes to the Canadian Real Estate Trends we can see the month-over-month gains were two per cent in Vancouver and five per cent in Toronto and Ottawa. Even though these appeared to help move inventory in most real estate markets, it wasn’t enough to keep up with Canada’s very high demand. It was reported that in Toronto there was a 6.5 per cent increase in inventory, however, the demand supply conditions were still very tight for the fifth month in a row.

Is The Worst Over?

In a recent article by Canadian Mortgage Trends, the President of the Toronto Regional Real Estate Board stated, “While still beset by a sharp loss of affordability in the last couple of years, buyers appear more confident to house hunt now that the Bank of Canada has paused its aggressive rate hike campaign (for good we believe).” 

The article also stated that there has actually been a lot of strength in the market recently and now some people are asking if this downturn is possibly over. There may have been some hints that the “cyclical bottom” was over in early spring, we can explore that possibility a bit more as well.

The report stated that buyers are now “coming to terms” with these “higher borrowing costs” and seem to be taking advantage of the lower prices than they were the previous year. The challenge is that the result of this won’t be the homeownership demand but the ability to supply it. We can now take a closer look at the Greater Toronto Area (GTA) real estate market. 

Greater Toronto Area Real Estate Statistics 

It was recently reported that the entire GTA real estate market had a total of 7,531 residential property sales in April 2023. There was a decrease of 5.2 per cent compared to the same time last year. The benchmark price was reported to have been $1,153,269, this was a decrease of 7.8 per cent compared to the previous year. 

There were a total of 11,364 new listings reported in April 2023 in the GTA real estate market. This was a decline of 38.3 per cent year-over-year. Active new listings had a total of 10,373, this was a decrease of 20.8 per cent. It’s interesting to look at the GTA real estate market, but it might it’s important to take a closer look at the Burlington real estate market for May 2023.

Burlington Real Estate Market for May 2023

The REALTORS® Association of Hamilton-Burlington (RAHB) reported a total of 429 new listings in May 2023. This was a decrease of 20.7 pre cent when compared to the same time last year. “The lack of new listings compared to last year in Burlington has pushed inventory levels to some of the lowest levels ever reported for the area for the month of May.”

When it came to the average price of a residential property in the Burlington area, RAHB reported it to be $1,127,635. This was a decrease of 7.9 per cent compared to the same time last year. It was also reported that the sales to new listings ratio remained at 73 per cent, while the supply in May dropped below one month. 

“May saw the months of supply drop below one month, and the sales to new listings ratio remained at 73 percent. The tighter conditions have contributed to some price growth since the start of the year. The unadjusted benchmark price reached $1,086,400 in May, which is relatively stable compared to the previous month.”

Contact The VanDinther Team 

Do you have any questions about the Burlington real estate market? The VanDinther Team has very experienced REALTORS® that are ready to help. Please don’t hesitate to reach out to the team either by phone or email. You can contact the team by phone at 905-330-2002 or by email at info@loriv.com

If you’re been wondering what your home might be worth, give our “What’s My Home Worth” calculator a try. The VanDinther Team is ready and looking forward to helping you make the right moves! 

Should I Sell Now or Wait?

Should I Sell Now or Wait?

Should I Sell Now or Wait to List My Home?

Many have been asking, should I sell now or wait? I hope to add some perspective in this blog post. It’s true that during the pandemic we saw the increase in the price of residential properties and a slowing of the inventory of properties for sale. This increase in the sales price was influenced by the low interest rates from the Bank of Canada

“There were also a significant number of migrations among the Canadian population as citizens leveraged government allowances like CERB and CRB in order to relocate away from major population centres. However, as the Bank of Canada continues to ramp up their rate hikes in order to slow inflation, prices have begun to stagnate in many markets across Canada.” 

The Bank of Canada continues to raise interest rates as they try to slow down inflation. The result of this is the stagnation of the sale price, as mentioned in the above quotation. Still, there seems to be confidence in the major real estate markets such as Toronto and Vancouver. So now we have to ask ourselves again, should I sell now or wait?

The Canadian Real Estate Market

It’s obvious that the price of a residential property in Canada has increased significantly over the last few years. That’s why it’s always a good idea to move forward with some level of caution and to speak with a real estate professional. Timing is very important when it comes to this sort of volatile market. We know that the price increases are due to the low interest rates. 

However, we’re now starting to see a slight increase in the sale of residential real estate. Even though that increase is on the slower side, the value of a residential property is still seeing an increase. Some prospective buyers still have concerns about the possibility of a 2023 recession, this is causing there to be some caution going forward. Once again we ask ourselves, should I sell now or wait?

The decision to move and to list your property is a very big deal and we know that timing really is everything. The price of a residential property has increased over the past few years. This has been the result of those low interest rates we mentioned earlier. Plus, as the demand slows we can see that the value of these properties continues to increase. Homebuyers in 2023 appear to be a lot more cautious than they have been in the past. 

“If public real estate investor opinion is any indication, despite the shifting market dynamics, 2023 might still be a good moment to sell your house.”

In a recent report, it was expressed that 59 per cent of realtors feel good about the current market. The demand for inventory in Canada has actually increased in certain cities across the country. However, the number of available homes for sale is lower than it was pre-pandemic. 

“​​The RE/MAX Canada Housing Inventory Report examined housing supply and current listings in eight significant Canadian cities from July 2013 to 2022 and discovered that in seven of those markets, inventory levels were below the 10-year average in that year.”

Selling During Rising Interest Rates 

Another reason why there might be a lower level of inventory is the fact that as the interest rates rise people are becoming more cautious. However, this does mean that the price of a residential property will likely decrease. 

This means that the market will become more of a buyers market, which can have some advantages. Plus for many it might be the right time to get out of the market and sell before this occurs. The other side of this is that many will want to hold on to their properties until the market improves and the recession is over. There’s also the added issue of the increase in the mortgage rates as well. 

“The Bank of Canada seems to be staying the course with further rate hikes, which could mean that fewer qualified buyers might lock themselves into prohibitively expensive monthly mortgage payments if they purchase homes in this economic climate.”

Some sellers might also consider whether or not this is a good time to downsize. Which can sometimes mean saving money over time. There’s a possibility that you could end up with a promising mortgage or even capital gains tax. 

Over the next 18 months we will most likely see the price of a residential property decrease further, this goes for the number of sales as well. However, as we see the price of residential property decrease that means for some that the market becomes more affordable. Opening the doors for new prospective buyers that might not have been able to purchase a home in the past. 

“The Bank of Canada uses the property market to fight inflation. Many real estate agents anticipate that the downturn will reduce inflationary pressures to the point where the Bank will be able to roll back some mortgage rates next year. When Canada’s housing market stabilizes the following year, this will make homes more affordable. Such occurrences ought to pave the way with local market conditions for a lasting revival.”

Contact The VanDinther Team 

There was a lot of information in this blog post and you might have some questions. The VanDinther Team is here to help and to answer your questions. Whether you’re looking to see your home or buy another property, the VanDinther Team has the right experts to help you make the right moves.

Please feel free to contact the VanDinther Team by phone at 905-330-2002 or by email at info@loriv.com. You might also want to see what your home might be worth and you can do this by trying our “What’s My Home Worth” calculator. The entire VanDinther Team is looking forward to working with you soon!