Real Estate Trends Archives - Burlington Real Estate Blog

Burlington Real Estate Statistics for September 2023

Real Estate Market, Real Estate Trends / By 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.

Canadian Real Estate Trends

Real Estate Market, Real Estate Trends / By 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!

Burlington Real Estate Statistics for February 2023

Real Estate Market, Real Estate Trends / By Erin / March 24, 2023

Burlington Real Estate Statistics

The REALTORS® Association of Hamilton-Burlington (RAHB) reported a total of 765 sales in February 2023 in the entire RAHB market area. This was a 37 per cent decrease from the previous year. The majority of this decrease was in properties priced lower than $800,000.

“An increased hesitancy to list impacted the detached sector hardest. New listings fell to 1,203 in February, 27 per cent below the same time last year, and new listings relative to sales prevented significant inventory gains. While inventory levels are much higher than reported last year, they are still below levels reported for this time of year before the pandemic.”

In the Burlington real estate market area there were a total of 246 new listings of residential properties. This was a 30 per cent decrease when compared to the same time last year. The average price of a residential property in Burlington had a 23 per cent decrease compared to the previous year and was $1,064,513. There were a total of 146 sales in February 2023, which was a 38.1 percent decrease compared to the same time last year. All the regions in Burlington reported seeing declines in both sales and new listings in February.

“For the first time in two months, the benchmark prices rose above $1,000,000. The unadjusted benchmark prices in February rose to $1,017,600. While this is over 21 per cent lower than the high reported last February, it is still well above levels reported before the pandemic.”

Regional Summary

The above chart, Regional Summary, gives us the opportunity to see how each area within the Burlington market did in February 2023. RAHB reported that there were year-over-year declines when it came to both sales and new listings. However, they also reported that conditions weren’t as tight as they were this time last year.

The area that had the greatest number of sales in February was area 35, better known as Millcroft. This is the most sought after area in the Burlington real estate market, with a total of 39 sales, this was a decrease of 48.7 per cent compared to the same period last year. There were a total of 58 new listings, this was a 40.8 per cent decrease compared to the previous year. The average price of a residential property in Millcroft was $912,106, this was a decrease of 30.8 per cent.

The next area that had a great number of residential property sales was area 31. There were a total of 37 sales, this was a decrease of 22.9 per cent compared to the previous year. This area had a total of 50 new listings, only a 13 per cent decrease compared to the same time last year. The average price of a residential property had an 11 per cent decrease and was $1,085,326. Now we’ll turn our attention to the map below, Average Residential Price by District, and get an even closer look at the Burlington market.

Average Residential Price by District

The map, Average Residential Price by District, illustrates the different residential areas within the Burlington real estate market. We’re able to see what the average price was and whether that price decreased or increased in February 2023.

It was noted previously that the area with the greatest number of sales was Millcroft or area 35. This area is also the most sought after in Burlington and had a total of 39 sales and 58 new listings. The average price of a residential property was $912,106, this was a decrease of 31 per cent.

When we look at the different areas on this map we can see that there were some small differences compared to the same time period last year. It looks like all areas saw some form of decrease when it came to the average price of a residential property. The next chart we’re going to review will be the Property Type Comparison, so that we can better understand the differences between them.

Property Type Comparison

The above chart, Property Type Comparison, allows us to compare the differences between each property type. We’re able to see the average price and whether that price has had a decrease or increase. This chart also allows us to see how many new listings there were for each property type and how many sales there were in February 2023.

When it comes to detached properties we can clearly see that there was a decrease of 47.5 per cent with a total of 73 sales. There were 119 new listings, this was a decrease of 39.3 per cent compared to the previous year. The average price of this type of property was $1,398,800, a decrease of 22.3 per cent.

Semi-detached properties had a decrease of 18.2 per cent when it came to sales with a total of 9 in February 2023. This type of property had a total of 14 new listings, there was no decrease or increase in this statistic. The average price of this property had a 18.3 per cent decrease and was $975,722 compared to the previous year.

The next property type that we’ll review is the row house or townhouse. This type of property had a total of 43 sales, with a decrease of 20.4 per cent compared to the previous year. There were a total of 54 new listings, this was a 32.5 per cent decrease. The average sale price of this type of property was $791,368, a decrease of 27 per cent compared to the same period last year.

Finally, the last property type that we’ll review is apartment-style properties. There were a total of 39 sales in February 2023, a 36,1 per cent decrease compared to the previous year. Apartment-style properties saw a small decrease of 7.8 per cent in new listings with a total of 54. The average price of this type of property was $760,410, this was a very small decrease of 0.5 per cent compared to the same time last year.

REALTORS® Association of Hamilton-Burlington Real Estate Statistics

The REALTORS® Association of Hamilton-Burlington (RAHB), reported a total of 765 sales in February 2023 in the entire RAHB market area. It should be noted that this was a 37 per cent decrease when compared to the same time last year. This decrease was mostly seen in properties that were priced lower than $800,000.

In Burlington it was reported that there were 246 new listings in February 2023, which was a 30.5 per cent decrease compared to the previous year. RAHB also reported that when it came to sales there was a 38.1 per cent decrease with a total of 146. The average price of a residential property in Burlington was $1,064,513, this was a 23 per cent decrease compared to the previous year.

“Demand at the lower end of the market is increasing as higher interest rates impact affordability and attainability. Buyers have more options than they did a year ago and are less likely to compete in unfavourable market conditions. Sellers at the high end of the market appear reluctant to sell, presumably because to move and take on a new mortgage rate could equal a higher monthly payment.” – Lou Piriano, RAHB President.

For More Information About These Statistics

Are you looking for more information or want a more detailed and in-depth matrix of these real estate statistics? If so, please refer to the Burlington Real Estate Statistics for February 2023.

Contact the VanDinther Team

Do you have any questions about the statistics reported in this blog? If you do, one of the members of the VanDinther Team would be happy to answer them for you. Have you been wondering what your home might be worth, try our “What’s My Home Worth.”

Please feel free to contact the VanDinther Team anytime and someone will be more than happy to help you find the home you’ve been dreaming of. The VanDinther Team has been working with clients in the Burlington and surrounding areas for decades and want to “Help You Make The Right Moves!