Real Estate Market Archives - Burlington Real Estate Blog

The Winter Real Estate Market in Canada

The Winter Real Estate Market

The winter real estate market changes every year, there are benefits to both buying and selling during this time of year. In this blog, we’ll explore some of those benefits and offer some winter moving tips along the way.

It’s true that Southern Ontario experiences distinct characteristics in the winter real estate market. However, despite the colder temperatures and potential weather challenges, this season presents unique opportunities for both buyers and sellers.

Winter often signals a time when the real estate market experiences a shift in dynamics. With fewer buyers actively engaging in the market. There are many opportunities that savvy buyers and sellers can leverage to their advantage. Let’s now learn about some of the benefits to buying real estate in the winter months.

Benefits of Buying Real Estate in Winter

In the winter months there is often lower competition and motivated sellers, this means that there tend to be fewer buyers actively searching. This then results in decreased competition for buyers. This will in turn motivate sellers to negotiate prices or offer incentives due to the smaller pool of buyers. What this means is that it’s often a buyers market, so don’t underestimate the possibility of buying during the winter, you might be able to get a good deal.

Adding to the buyers market theory, you might also find that the number of sales to new listings ratio is lower. For example, in November (which is still considered fall) we saw a drop in the number of sales year-over-year with a total of 138, this was a small decline of 4.8 percent. While we saw a total of 263 new listings reported by the REALTORs Association of Hamilton-Burlington (RAHB). This was an increase of 18.5 percent compared to the previous year. We’ll write another blog about the December 2023 real estate market statistics to get a better understanding of where the winter market is going, stay tuned!

Benefits of Selling Real Estate in Winter

Typically, fewer homes are listed during the winter months providing sellers with a smaller market. Since there are fewer properties on the market, your home might stand out more prominently to potential buyers. This means there’s less competition, those searching during the winter are often more serious and motivated to make a purchase, increasing the likelihood of a successful sale.

Buyers are also more likely to purchase during this time due to the lower competition. Some buyers may even need to relocate due to job changes, family needs, or other life events, necessitating a home purchase regardless of the season. Take advantage of the opportunity and sell in the winter, it’s worth a shot.

This also gives the seller the opportunity to showcase the cozy elements of their home. These can be such cozy elements as fireplaces, warm interiors, and comfortable living spaces. These features can evoke emotions and appeal to potential buyers looking for a cozy winter home. During the winter there can also sometimes be faster transactions, flexible moving dates and the potential for higher offers since the market might not be as busy. Let the VanDinther Team help you make the right moves this winter season, learn more about how we can help in the final section of this blog.

Contact The VanDinther Team

The winter real estate market in Southern Ontario is not just a quiet time—it’s a period packed with opportunities. Whether you’re considering buying, selling, or planning a move during this season, understanding the distinct advantages it offers can be the key to success. The VanDinther Team wants to be able to be there with you every step of the way, helping you not only find the home of your dreams but also help you to sell your current home during this winter season.

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 home this winter. And if you’ve been curious about what your home might be worth give our “What’s My Home Worth” calculator a try!

The Winter Real Estate Market in Canada Read More »

Burlington Real Estate Statistics for September 2023

Real Estate Market, Real Estate Trends / 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.

Burlington Real Estate Statistics for September 2023 Read More »

Canadian Real Estate Trends

Real Estate Market, Real Estate Trends / Erin / June 28, 2023

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!

Canadian Real Estate Trends Read More »