Real Estate Market

Housing Market Outlook

Burlington Real Estate Market Statistics for May 2020

Burlington Real Estate Market Statistics

The Burlington Real Estate Market Statistics for May 2020 have been provided by The REALTORs Association of Hamilton-Burlington. We can see when we take a look at the numbers that even though some percentages may be down when compared to the same times last year, the market still continues to be active, due to a balance of buyers and sellers.

Burlington Residential Table – May 2020
Burlington Residential Table MAY 2020
Burlington Residential Table MAY 2020

It was reported that the average price of a residential property in Burlington was up by 12% to $834,808, and the median price saw an increase of 8% to $751,000. However, listings saw a decrease of 49% with a total of 283 for May 2020. We can also see that sales were down by 48%, with a total of 189.

These decreases in overall numbers are due to the fact that we are in the middle of a global pandemic. But despite these circumstances, the real estate market continues to push forward. Because buyers still need to buy and sellers still need to sell. Even though active listings might have been down by 30% the numbers of days homes remained on the market was unchanged.

Average Residential Price by District
Average Price by District for May 2020
Average Price by District for May 2020

The above map, Average Price by District illustrates how each neighbourhood in Burlington did in terms of the average residential sale price, plus the number of homes sold at that price. Sub areas to note are; 31, 34 and 35. The area with the highest average property price was area 5 with the average pice being $1,682,500. Area 35, the neighbourhood of Millcroft had an average price of $741,531 with 65 properties sold at that price.

RAHB Statistics for May 2020

It was reported by the REALTORs Association of Hamilton-Burlington that there were 852 sales of residential properties in May 2020. It’s also important to note that sales were down 42.2% over May 2019, and up 43.4% when compared to April 2020. The average residential property was reported to be up by 10% to $655,418, and up 6.3% compared to last month. 

“New listings and sales are understandably down compared to May 2019; however, the average sale price has held fairly steady week-over-week during COVID-19 due to a balance of buyers and sellers. The province moving safely into phase one of re-opening has improved consumer confidence, leading to an increase in activity compared to April. If progress continues and the weather cooperates, we should expect higher activity in June.” – RAHB President Kathy Della-Nebbia 

Contact Lori VanDinther and Team Today

There’s a lot going on in the world and we know you might have some questions. Or you might be looking to put your property on the market. We can help you’re looking for more information about market up dates related to COVID-19 or have any questions about these statistics, you can contact Lori and her team today.

Social Distancing Home For Sale Real Sign

Real Estate is an Essential Service

Social Distancing and Real Estate

Since March we have been practicing social distancing and it has had us make some adjustments to how we operate our real estate business. Since these measures were put in place, they have caused many business to close, and because of this, many people have wondered whether or not real estate is in fact an essential service.

The truth is, REALTORs are an essential service, as it has been classified in both Canada and the U.S., some believe that it isn’t an essential service. While that might come from a good place, it just isn’t true. The consequences of closing down this type of business would be detrimental to so many and for many reasons.

RE/MAX

It’s true that RE/MAX lobbied and continues to lobby for real estate during this time, that it is an essential service. With some agents advertising to their clients to hold off on selling, it’s important to understand that in a normal situation, waiting isn’t an option for many people.

One issue is that when someone has already sold their home and now has to look for a new one. It’s can be true that many of Canada’s housing markets were in the sellers territory earlier in the year, and with a low housing supply and a growing demand. it has motivated a lot of homeowners to list their property.

Anther issue is that, for some, it might be that they have to sell to finance the new home they’re already agreed to purchased. There might be a situation where a family is living in a precarious place, and have no choice but to sell and move. Other reasons could be that the neighbourhood has crime or there are unsafe conditions within the home, these issues along with many more, might be what forces someone to sell.

Spring 2020

It was reported recently that Canada’s unemployment rate in March 2020 reached 7.8%, that’s up from 5.6% in February 2020. Also, incomes are down, while monthly bills continue to come in.

This Spring has made it clear that the real estate market is not as busy as it would usually be. This is due to the fact that there is a global pandemic, preventing Open Houses to take place. The real estate industry has taken steps to ensure the safety of clients and REALTORs, but using virtual tours and other technologies to limit face-to-face contact.

Real estate agents have been able to adapt their business procedures to make sure they are following the guidelines set out by the government. These include digital listing presentations, virtual open houses and showings, video conferences, e-signatures and more. RE/MAX agents have been doing completely digital transactions, and clients have been open to these new ways of conducting business.

Contact Lori VanDinther

If you’ve been thinking about selling, buying, or have any questions about COVID-19 safety measures, please contact Lori today. We know this is an unprecedented time, Lori and her team are working hard to make sure clients safety is number one. 

Market Updates for May

Despite COVID-19; showings, offers and sales in the GTA have continued to trend upwards. Although we are still considerably behind where we should be, the month over month statistics are trending in the right direction. Showings are up 149%, offers are up 158%, new listings are up 38.2% and sold listings are up 72.4%

Things are improving month over month and the numbers are up 15% this past week prior to the previous week. All aspects of the real estate market continue to trend upwards. With all of the positive signals and our wealth of virtual tools, there is no longer a reason to continue in a holding pattern with your real estate needs.

If you have any questions regarding the real estate market or how we are working to meet the needs of our sellers and buyers, or if you’re interested in selling, please contact us today. I know that we will come through this time stronger and by supporting each other, we’re keeping ourselves safe and our communities as well.