Real Estate Trends

Burlington Real Estate Statistics for October 2021

Average Ontario Home Prices 

It was recently reported that the average price of a residential property in Ontario in September was $887,290. While the average income for someone living in Ontario was reported to be $55,500, meaning that the average price of a residential property is 16x the average income. 

Ontario is the most populated province in Canada, with the majority of the population living in the south. It was also reported that the most affordable properties are located to the north, such as Thunder Bay and Sudbury. You can learn more about other provinces and their average residential property price by reading an article provided by the Canadian Real Estate Magazine.

Burlington is located in the southern part of Ontario and the REALTORS® Association of Hamilton-Burlington recently released their October statistics. In this article we’re going to review some of those statistics and the Burlington area did in terms of sales, average price of a residential property and more. 

The REALTORS® Association of Hamilton-Burlington 

The REALTORS® Association of Hamilton-Burlington (RAHB) reported a total of 1,329 sales of residential properties within the RAHB market area for October 2021. Sales saw an eight per cent increase when compared to September 2021. However, new listing were reported to be down by 18 per cent compared to the same time last year. 

The average price of a residential property in the entire RAHB market area was reported to be $922,279, this was a five per cent increase compared to September 2021. This was also a 27 per cent increase when compared to October 2020. 

The above chart, Burlington Residential Table, shows us the overall October 2021 Burlington Real Estate Statistics. It was reported that the average price of a residential property was $1,148,587. This was a 28 per cent increase when compared to the same time last year. 

When it came to the sales activity, there was a total of 246 sales of residential properties in October 2021. This was a 33 per cent decrease compared to the same time last year. When it came to the number of new listings, there were 264 in October, this was a 37 per cent decrease compared to the same time last year.

Finally, when we look at the median price of a residential property, we can see that there an increase of 31 per cent to $1,049,500. We can now take a look a the map below and get an even close look at each neighbourhood in Burlington. 

Average Price by District in October 2021 

The above map, Average Price by District, illustrates to us how each neighbourhood in Burlington did in terms of sales and what the average price was. The sub areas that we need to take note of for October were; 30,31, 32 and 35. Each of these areas had the greatest number of sale in Burlington in October 2021. 

According to the Burlington Real Estate Statistics, the area that had the greatest number of sales was area 35, located in the sought after neighbourhood of Millcroft. There were a total of 70 sales in October, the average price of a residential property in this area was $1,011,755. The highest average residential property price was area 38, the average cost of a property in this area was $3,172,500. 

October 2021 Real Estate Statistics for RAHB Market Area

It was reported that single family detached properties continue to be the most competitive type of property. The average price of a detached property reached a new record of $1,000,000. This was reported right across the RAHB market area.

Townhouses in the RAHB market area had an eight per cent increase in sales when compared to September 2021. With new listings for townhouse reported to be down seven per cent with the average property price of $756,684.

Sales of apartment-style properties had decrease of one per cent, with new listings seeing an 11 per cent decrease compared to September 2021. The average price of an apartment-style property was $600,912. That’s a four per cent decrease when compared to the previous month.

“Following September’s momentum, October posted a new average sale price record for residential properties. The number of sales are down significantly from last October’s highs and up slightly from the typical activity we usually experience in October. The level of active listings and months of inventory available remains concerning as demand continues to drive the market. We do not anticipate this to change as 2021 comes to a close.” – RAHB President Donna Bacher.”

Contact Lori VanDinther and Team Today

If you want to learn more about the October real estate statistics you can learn more by visiting the REALTORS® Association of Hamilton-Burlington website. They have a full report and more charts and in-depth reports.

If you have any questions or concerns my team and I are here to answer them for you. We love connecting with our clients, our goal is to help you find the home of your dreams in Burlington, Ontario and surrounding areas. Please feel free to contact me either by email or phone and I’ll do my best to help you! Myself and my team look forward to working with you! 

Capital Gains Tax House key

Capital Gains Tax Exemption

Capital Gains Tax in Canada

There has been a lot of talk lately about rescinding the capital gains tax exemption on primary residents in Canada. However, there’s not a chance of that happening according to real estate lawyer Bob Aaron. He says that “the chances of that happening in our country are slim.”

This is not because it could be politically dangerous, but that it’s also because Canadians view this tax as their right. So what happen’s if the government did try to implement this? They might have to then try to make mortgage interest rates tax deductible, which is similar to what they do in the U.S.

Housing Market in Canada

Another thing to think about banks, they have sounded the alarm in the “runway” housing market that we are currently in. With real estate prices that are causing the banks to lobby policymakers to intervene. So even therefore the capital gains exemption on primary residents should be rescinded.

Bob Aaron believes that the we might be heading toward a recession, so that proposing the capital gains has sparked enough alarm. Now the Toronto Real Estate Board (TRREB) has even published an op-ed to express their feelings against the idea.

“Currently, the sale of a principal residence is exempt from capital gains tax. This makes sense for many reasons, not the least of which is the fact that homeownership is the cornerstone of retirement planning for many people. Unfortunately, while the federal government has denied any plans to change this policy, the idea continues to be discussed in various corners. This should stop.” – TRREB’s president and the boards CEO.

The Toronto Real Estate Board has also pointed out that the capital gains would change the rules and that first-time home buyers, who already feel as though they have greater challenges, would be penalized further.

Contact Lori VanDinther and Team Today

We will continue to monitor this developing story and report back when there is more to share. For now let’s concentrate on finding you your dream home!

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.

Real estate in Canada

What We Can Expect for Canadian Real Estate in 2021

The COVID-19 Pandemic and Real Estate 

It has been reported that prices aren’t expected to plummet in 2021. The COVID-19 pandemic didn’t deviate Canada’s hottest housing markets, the way some experts had predicted. 

Cities such as Toronto and Vancouver saw some fierce composition for detached home. That meant that there were back-to-back months of record-breaking prices. CTV was speaking with some real estate agents and experts in Vancouver, Calgary and Toronto to learn more about what we can expect to see in 2021. 

While most of them expect the 2021 market to look different, they are also expecting prices for mid-range detached homes to only go up as Canadians look for homes offices and for more space, in an effort to make life with COVID-19 more comfortable. 

Ultra-Low Interest rates 

It was also reported that there were ultra-low interest rates introduced in the early days of the pandemic. Those purchase are more attractive when you have these ultra-low interest rates and it’s also more attractive for first-time home buyers who haven’t seen their livelihoods effected by COVID-19. 

“COVID has made people appreciate the space they live in — or on the flip side, not appreciate it. They’re taking a more critical eye to where they live.” Says Vancouver based agent Mark Wiens, in early December. 

The State of Condos 

There were bidding wars for houses that are poised to heat up in many parts of the country, but condos appear to be a different story. Experts have agreed that the small one-bedroom condos in downtown Toronto have seen a price hit in 2020.

They aren’t expected to improve in 2021 and this is bad news for condo owners who are interested in selling, however, it’s good news for buyers who are looking for a small space. 

The Small Town Revival 

“Everyone locked in their homes discovered they things they wanted to change. Some people wanted to change their homes, invest in a bigger kitchen. Some other people decided ‘I want a big change and I’m going to move out of the city.’” Says Lauren, CEO of Zoocasa. 

People have been reported to be moving out of the downtown Toronto area and seeking out smaller towns and cities throughout southern Ontario. Which has caused a fierce competition for houses. 

It was also reported that if the economy continues to revere from COVID-19 shutdowns and the interest rates can remain as low as they are, this could translate to an upward pressure on the housing market. 

The Burlington Real Estate Statistics for December 2020

The Real Estate Association of Hamilton-Burlington reported a total of 913 sales of residential properties in December 2020. In Burlington there was a total of 172 sales, a 59 per cent increase when compared to the previous year. 

New listings were reported to be down 47.87 per cent when compared to November 2020 and up 34 per cent over December last year. It’s important to note that the sale of residential properties saw an increase of 1.04 per cent to $729,853.

The average price of a residential home in Burlington was $961,908, a 23 per cent increase when compared to the same time last year. 

“We can see that the market has slowed from November, which is normal due to the holiday season, as well as increasing COVID-19 cases throughout the province, and more regions in Ontario placed into lockdown throughout December. Despite being in either the Red Zone (Control) or Grey Zone (Lockdown) throughout December, we do not see the effects on the number of sales and new listings that we did in the spring lockdown. This activity could be the result of continued low interest rates, coupled with increasing consumer confidence due to the approval of the COVID-19 vaccine in Canada.” Says RAHB President Donna Bacher.

Contact Lori VanDinther and Team Today

Please feel free to contact Lori if you have any questions or concerns about COVID-19 protocols. 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.