Real Estate Trends

Housing Market Outlook

Housing Market Outlook in Hamilton-Burlington

Housing market outlook for 2020 will be a seller’s

Let’s take a look at the housing market outlook for 2020. In this article we’ll review the report REMAX provided us with. They reported on these statistics and trends expected for 2020. It was reported that the market will favour sellers in the housing market when it comes to the average price of a residential property.

The Hamilton-Burlington area is experiencing a seller’s market. And with 1.9 months of inventory in Hamilton and 1.6 months of inventory in Burlington. It should be noted that buyer’s have had to adjust to the mortgage stress test.

And have had to find other ways to finance the purchase of their home. For example, there are some people that have chosen to go through private lenders rather than using a bank.

The Development Freeze in downtown Burlington

If you’ve been to visit downtown Burlington recently, it’s hard not to notice that there’s a lot of construction going on. New condo buildings seem to be popping up everyday. But there has been a development freeze put in place. This means that there could be delays to any future developments.

The municipal government has been putting out regular newsletters to let the community know what the plans are. It’s a good idea to pay attention to these updates if you have invested in a new condo.

You can find updates on the City of Burlington website. So that you’re aware of any possible changes to the freeze. However, with that being said, there are many new buildings that are in very sought after areas going up all over the downtown area.

The GO Train and Affordability Beyond the GTA

It’s no surprise that many people have been leaving Toronto and the surrounding GTA for quite a few years now. And they’re moving to areas such as Hamilton and Burlington.

With the GO Train service expanding and moving toward the Niagara area, it’s only giving more people opportunities to own their own home. And the Hamilton industrial sector has picked up, the economy is expected to see positive impacts over the coming year.

With buyer’s from the GTA being a major force in the area and because there has been this expanded GO Train service in recent years, along with affordability in the area. There will be a clear impact on the Hamilton-Burlington housing market in 2020. These buyers are expected to help drive the demand in 2020.

Hottest Neighbourhoods in Hamilton and Burlington

It’s time to talk about the hottest neighbourhoods in Hamilton and Burlington. In Hamilton the neighbourhoods that made the most popular list are; Leckie Park, Waterdown West and Fifty Point. And the hottest neighbourhoods in Burlington that made the popular list are; Brant Hills, Central and The Orchard.

All of these are some of the most sought after neighbourhoods in the Hamilton-Burlington area. There are a lot of different factors that come in to play here; it can be things such as schools, affordability and most desired area.

National Perspective

RE/MAX Canada is anticipating a levelling out of the highs and lows that were reported by the Canadian housing market in 2019. And this is specifically true in Toronto and Vancouver. There are expected to be healthy price increases.

It was also reported that across Canada the markets have experienced moderate price increases year-over-year from 2018-2019. That being said, some regions in Ontario have continued to experience higher than normal gains.

“Southern Ontario is witnessing some incredibly strong price appreciation, with many regions seeing double-digit gains. Thanks to the region’s resilient economy, staggering population growth and relentless development, the 2020 market looks very optimistic.” – Christopher Alexander, Executive Vice President and Regional Director RE/MAX of Ontario-Atlantic Canada.

Have Questions About the Market Outlook?

If you have any questions about the information you’ve just read about Lori VanDinther would be more than happy to discuss them. And if you’ve been thinking about selling your home, contact Lori and her team today. They’ll help you find your dream home.

For Sale House Illustration

Housing Market Outlook for 2020

Healthy Price Increases Are Expected Next Year

The housing market outlook for 2020 indicates a healthy price increase of 3.7% in the average residential sale price. REMAX has called for a levelling out of the high and lows that have characterized the Canadian real estate market in 2019.

It was also reported that in some regions in Ontario that they continue to experience higher than normal gains. London reported an increase of 10.7%, Windsor saw an 11% increase and Ottawa reported an 11.7% increase. You can take a look at the chart below to see each region in Canada.

RE/MAX 2020 Housing Market Outlook
RE/MAX 2020 Housing Market Outlook
Ontario Real Estate Market

Let’s now focus on the Ontario Real Estate Market in 2019 and what we can expect in 2020. Toronto is expected to see a strong market in 2020. With lower unemployment rates, economic growth and an overall improved affordability in the GTA. It’s expected to drive the market forward.

The estimated average sale price is expected to increase by 6% in 2020. Meaning it’s 2 points higher than the growth that was experienced in 2018 and 2019. Ottawa and Windsor have been a sellers market and that’s expected to continue in 2020.

With Windsors affordability, the area has been attracting young professionals and buyers. Buyers from Toronto are moving toward Burlington-Hamilton and surrounding areas.

“Southern Ontario is witnessing some incredibly strong price appreciation, with many regions still seeing double-digit gains. Thanks to the regions resilient economy, staggering population growth and relentless development, the 2020 market looks very optimistic.” – Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada.

2020 Housing Market Outlook for Ontario
2020 Housing Market Outlook for Ontario
Hamilton-Burlington Real Estate Market

The Hamilton-Burlington area is currently experiencing a sellers market. And with 1.9 months of inventory in Hamilton and 1.6 months of inventory in Burlington. It has been reported that the buyers have adjusted to the mortgage stress test. As a result, they have found other ways to finance their home purchases.

Burlington has had a development freeze downtown which has delayed anything further. In November 2019 Burlington saw 230 new listings with an average property increasing by 9% at $787,957. And Hamilton’s industrial sector has picked back up and the economy is expected to be positively impacted in 2020.

We cant forget to mention the GO Train service that has been extended. Because of this GTA buyers are expected to impact the market. Since the Hamilton-Burlington area provides more affordable options, this means the market will be impacted in a great way in 2020.

The hottest neighbourhoods in Burlington for 2020 are Brant Hills, Central and The Orchard. And the hottest neighbourhoods in Hamilton for 2020 are Leckie Park, Waterdown West and Forty Point.

Hamilton-Burlington
Hamilton-Burlington Housing Market Outlook 2020
Contact Lori VanDinther Today

Have you been thinking that it might be time to move? Lori and Kim are ready to help you find the home you’ve been dreaming of, contact them today and get started.

Don’t forget to try our What’s My Home Worth calculator and see what your home is worth right now. And if you have any questions about the Real Estate Market for 2020 they’ll be more than happy to review them with you.

Pile of statistical business reports.

Burlington Real Estate Market Statistics for July 2019

July 2019 Statistics Provided by RAHB

The July 2019 statistics were provided by the REALTORs Association of Hamilton-Burlington (RAHB). July 2019 saw a 10.9% increase from July 2018 in the sales of residential properties.

Single family homes also saw an increase by 13.1% compared to the same time last year. And it was also reported that the average listing price for a single family home in Burlington increased by 7.2% to $767,293.

We’ll review and summarize the July market statistics for the Burlington real estate market. Below is the first chart, Residential Market Activity, it shows us the sales and average cost of a residential property in Burlington, Hamilton and the surrounding areas.

Residential Market Activity for RAHB Areas
Residential-Market Activity for RAHB Areas July 2019
Residential-Market Activity for RAHB Areas July 2019

The above chart, Residential Market Activity for RAHB Areas, indicates to us that Burlington had a very strong July 2019. Burlington had a reported 276 sales with an average listing price of $767,293.

This clearly shows us that there’s been an increase in both the average listing price and the number of sales. We clearly see this when we compare the number to July 2018.

Let’s now take a look the map below, Average Residential Price by District. So that we can get a better idea of what the month looked like in terms of sales and average price of a residential property in each area.

The Average Residential Price by District 
Average Residential Price by District July 2019
Average Residential Price by District July 2019

The above map, Average Residential Price by District that was provided by the REALTORs Association of Hamilton-Burlington. This map is a great tool when we want to better understand each individual area.

It becomes clear right away that the area with the highest number of residential properties was Millcroft (35). This is Burlington’s most sought after neighbourhood. And the numbers indicate that this remains true for the month with a total of 84 sales. And with an average listings price of $719, 338.

Overall Burlington had a strong July and from the Bay to Highway #5 we can see the evidence of this. The next chart, Burlington Residential Table for a more in-depth look at the numbers.

Burlington Residential Table

Burlington Residential Table July 2019
Burlington Residential Table July 2019

Our final chart, Burlington Residential Table illustrates how Burlington’s market did for the month of July. We can see that there were a total of 359 new listings and 484 active listings.

And with the median price being $700,000 which is only a 1% increase from the same time last year. The market remains very steady as we get closer to the fall market.

Finally we can take a look at the average number of days a property was on the market in July, which was 28 days. Lets now turn our attention to some more RAHB statistics.

RAHB Statistics for July

For the month of July it was reported that there were a total of 1,170 sales of residential properties for the entire RAHB market area. This is a 10.9% increase when compared to the same time last year. And with the average listing price seeing a 0.9% increase from July 2018 to $593,702.

“A yearly real estate cycle sees peaks in spring and fall, with a typically slower summer. Average prices have stayed fairly stable since the spring high, which could point toward a healthy fall market when we could see the number of sales edge higher again.” – RAHB President Bob Van de Vrande .

For More Information

If you would like to learn more about these statistics and for a more in-depth report, please refer to the press release provided by RAHB.

Contact Lori

Now might be the time to contact Lori and she provide more information about market. And Lori can also help you find your dream home. Have you ever wondered what your home is worth? Try the What’s My Home Worth calculator today and find out.