Real Estate Trends

Canadian Real Estate Market Stats for December 2022

Canadian Real Estate Market Stats for December 2022

In this article we’ll learn about the Canadian real estate market statistics and the Burlington real estate statistics. Recently both the REALTORS® Association of Hamilton-Burlington (RAHB) and the Canadian Real Estate Association (CREA), released their statistics for December 2022. There were a total of 98 sales of residential properties within the Burlington real estate market area, a decrease of 23.3 per cent compared to the same time last year. There were a total of 2,522 sales in 2022, which was a decline of 27 per cent compared to 2021. 

“Burlington did see some gains in sales throughout the pandemic, but levels never achieved the same highs as activity reported in 2015. While new listings have also been lower since 2015, 2022 did see a pickup in new listings and a return to more balanced conditions.”

RAHB reported that in Burlington there were a total of 117 new listings, this was an increase of 7.3 per cent year-over-year. The average price of a residential property within the Burlington real estate market was $1,039,940, a decrease of 14 per cent compared to the same time last year. 

The residential property sales within the Canadian real estate market saw a slight increase in both November and December 2022. This isn’t something that is commonly seen at the end of the year. According to CREA, the real estate market tends to slows down in response to uncertainty in the economy.

It’s important to take note that there were some decreases in the sales volume in both 2009 and 2020 within the Canadian real estate market. These were both years where there were some periods of uncertainty in the economy. With that being said, CREA does expect to see the sales volume improve going forward in 2024. 

The Canadian Housing Market Sales Volume 

According to the Canadian Real Estate Association (CREA), the sales volume saw a decrease of almost 40 per cent in December 2022, compared to the same time last year. There was also an increase of 1.3 per cent when it came to the sales volume in November. This remained fairly consistent after there was a significant drop in 2022, it’s common to see this sort of drop at the end of the year.

Since there was a break from the more common annual trend, the market is now indicating that there’s a lot to look forward to in 2023. This is most likely due to the fact that a lot of buyers were pushed out of the market because of increased property prices. Now these potential buyers have the opportunity to enter the real estate market once again.

Another factor that will help buyers re-enter the real estate market is that the real estate market doesn’t have the same sense of urgency it once had. Now that the real estate market is slower and more stable, there’s more focus on being affordable. These are all factors that make it easier for potential buyers to take advantage. 

Affordability Within The Canadian Housing Market 

During the height of the pandemic the average residential property prices increased. This then created a situation where potential buyers were simply priced out. Causing a lot of stress and uncertainty, this didn’t slow down for a while. There are three factors that contributed to the affordability issue. 

Affordability is measured by three factors, house prices, interest rates and income. It was reported by the National Bank’s Q3 Housing Affordability Monitor that affordability had reached levels not seen since 1981 and 1989. In both of those circumstances, the high peaks were then followed by a more balanced market. The Bank of Canada was able to create more vacancies in the job market in order to reduce inflation. Because of that it meant there needed to be a decrease in the interest rate, so that the market can be more affordable.

The residential property prices have had the largest decline year-over-year since 2009. While the average price of a residential property in the entire Canadian real estate market had a 12 per cent decrease in December 2022. Many real estate market areas across the country had an increase in the average price during the height of the pandemic and have now seen that price decrease. 

Burlington’s Real Estate Market for December 2022

Continuing to focus on the housing prices and property sales, it was reported by RAHB that sales eased in the Burlington real estate market area in December 2022. It was also reported that new listings improved, while the inventory remained low. 

The Burlington real estate market is broken down into different areas and each one assigned a number. The most sought after area is Millcroft, located in area 35. This area had the greatest number of residential property sales with a total of 25 in December 2022. This was a decrease of 16.7 per cent compared to the same time last year. There were 30 new listings, which was a slight decrease of 7.1 per cent. The average price of a residential property was $970,986, this was a 13.2 per cent decrease compared to December 2021. 

Another area of significance is area 31, this area had the second greatest number of sales in December 2022. With a total of 20 sales and 20 new listings, sales had a 33.3 per cent decrease. While new listings only had a 16.7 per cent decrease. The average price of a residential property in this area was $834,245. This was a decline of 19.8 per cent compared to the same time last year. 

“The pandemic, combined with historically low interest rates, created an exponential surge in housing demand. Supply could not keep pace, resulting in price growth that far exceeded expectations over a two-year period, 2022 saw conditions start to shift back to a more balanced market. Improved supply is an important component to stabilizing both sales and home prices. If higher lending rates continue, they will weigh on home sales in 2023, however; the dip in prices coupled with better supply choice could start to support a more stable market for the foreseeable future.” — Lou Piriano, RAHB President.

Contact The VanDinther Team 

Find a more in-depth and detailed matrix of these statistics, please refer to the Burlington Real Estate Statistics for December 2022. You can also get in contact with the VanDinther Team. Someone will be more than happy to discuss them with you. 

Have you been thinking about listing your home and not sure where to start? The VanDinther Team is ready and excited to get you started on this journey. Lori VanDinther has 30 years of experience working with clients in the Burlington and surrounding areas. Please also give our “What’s My Home Worth” calculator a try, it’s a great place to start. 

Getting in contact with the VanDinther Team is simple. This can be done directly by phone at 905-632-2199 or by email at info@loriv.com. The VanDinther Team is looking forward to working with you soon so they can help you make the right moves! 

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Burlington Real Estate Statistics

Burlington Real Estate Statistics for October 2022

Burlington Real Estate Statistics

The REALTORS® Association of Hamilton-Burlington (RAHB) reported a total of 756 sales in October 2022. In the Burlington real estate market area there were a total of 168 residential sales. This was a 33.3 per cent decrease when compared to the same time last year. 

New listings in the Burlington real estate market area were reported to have had a total of 307. That’s an 18 per cent increase when we compare it to October 2021. The average price of a residential property in Burlington in October 2022 was $1,098,439, which was a 5.2 per cent decrease. 

“For the first time since March, benchmark prices in the region did not trend down relative to the previous month. However, at an October price of $1,010,600, prices have still eased by 22 per cent from the February high. The benchmark prices remain over 15 per cent higher than they were at the end of 2020.” 

Regional Summary 

The above chart, Regional Summary, and gives us a better look at the Burlington real estate statistics and sales across all the areas. RAHB reported that sales trended down across all areas within the Burlington market area. It was reported that both areas 32 and 35 “saw different levels of listing growth, keeping inventories low relative to sales activity.” 

Millcroft (area 35) had the greatest number of sales for October 2022 with a total of 51 sales. This was a 26.1 per cent decrease compared to the same time last year. The average price of a residential property was $1,016,627, a small decrease of only 1.1 per cent. 

Another area to note is area 31 which had a total of 31 sales in October 2022, a decrease of 40.4 per cent. This area reported a total of 67 new listings which was a 9.8 per cent increase. The average price of a residential property in this area was $1,136,887, this was a 1.3 per cent increase. 

The final area that we’ll review is area 38, this area had the highest average residential property price of $2,076,250. This was a decrease of 34.6 per cent and had a total of 4 sales in October 2022. Let’s now take a look at the below map and get a closer look at the different areas within the Burlington real estate market. 

Average Residential Price by District 

The above map, Average Residential Price by District, illustrates the different areas within the Burlington real estate market area. This map allows us to see the average price of a residential property and whether that price had a decrease or increase in October 2022. 

The area with the greatest number of sales was area 35, better known at Millcroft. This area is also one of the most sought after areas in Burlington. The average residential property price in Millcroft was $1,016,627, which was a small decrease. Listed below are the areas that reported the greatest number of sales in the Burlington real estate market area. 

  • Area 35: 51 sales, 68 new listings, $1,016,627
  • Area 31: 31 sales, 67 new listings, $1,136,887
  • Area 32: 22 sales, 19 new listings, $872,955
  • Area 34: 22 sales, 35 new listings, $962,357

It’s interesting to review this map and look for the area that you live in, this way you can get a better idea of what your home might be worth. We’re able to see whether prices have had a decrease or an increase in their average price. RAHB has also broken down each property type and that’s what we’ll review in the next chart. 

Property Type Comparison  

The above chart, Property Type Comparison, allows us to review the different property types within the Burlington real estate market area. We can see what the average price was, how many days it was on the market and number of sales in October 2022. 

According to RAHB, detached properties had a total of 80 sales, this was a decrease of 35.5 per cent. There were a total of 146 new listings with an average property price of $1,414,375, which was a 5.2 per cent decrease. 

Semi-detached properties were reported to have had a total of seven sales, a decrease of 46.23 per cent. There were 13 new listings reported in October 2022 with an average price of $1,069,429. The average price had a small increase of 9.9 per cent compared to the same time last year. 

RAHB reported that there were 39 sales of townhomes or row houses in October 2022. There were a total of 68 new listings with an average price of $860,705, this was a 6.4 per cent decrease. 

Finally, it was reported by RAHB that there were 41 sales of apartment-style properties, this was a 29.3 per cent decrease. There were a total of 79 new listings with an average price of $734,473, a 1.2 per cent increase when 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 756 sales in October 2022. Sale were reported to have been below the ten-year average, while new listings reported levels that were higher than last year. 

In the Burlington real estate market area RAHB reported a total of 68 residential sales. This was a slight decrease of 33.3 per cent when compared to the same time last year. The average price of a residential property in Burlington was reported to have been $1,098,439, which was a 5.2 per cent decrease. 

“There is no question that we have seen a shift from the unsustainable activity that occurred throughout the pandemic as some of the supply challenges have eased. While fewer new properties are being listed below $800,000, there are more opportunities for buyers looking to move up in the market. The danger for both buyers and sellers can be trying to time the market. With conditions sometimes turning quickly or silently, it is important to talk to a professional RAHB REALTOR® who is plugged into the local market.” — Lou Piriano, President of RAHB.

For More Information About These Statistics 

If you’re looking for more information or want a more detailed and in-depth matrix of these real estate statistics, please refer to the Burlington Real Estate Statistics for October 2022.

Contact the VanDinther Team

Do you have any questions about the statistics mentioned in this blog? If you do one of the fantastic members of the VanDinther Team will be happy to help. If you’ve been wondering what your home might be worth, give our “What’s My Home Worth” calculator a try. 

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. After all the VanDinther Team has been working with clients in the Burlington and surrounding areas for decades and are here to Help You Make The Right Moves!

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Burlington Real Estate Statistics

Burlington Real Estate Statistics for August 2022

In this articles we’ll be reviewing the Burlington Real Estate Statistics for August 2022. The REALTORS® Association of Hamilton-Burlington (RAHB) reported a total of 906 sales of residential properties within the RAHB market area. The sales of residential properties had an increase of 11.7 per cent from the previous month. However, there was a decrease of 24.2 per cent when compared to August 2021. The real estate statistics in this article reflect both the Burlington area and the entire RAHB market. 

RAHB reported that there was a total of 1,641 new listings in August 2022. When we compare the number of new listings to the previous month we can see there was an eight pre cent decrease. However, when compared to August 2021 there was an increase of 20 per cent. 

The average price of a residential property within the entire RAHB market area was reported to have been $858,405. This was a 2.3 per cent decrease compared to July 2022 and an increase of two per cent compared to the same time last year. 

Let’s now take a look at the first chart, Residential Market Activity, and get a closer look at each area within the Burlington and Hamilton real estate market. We’ll be able to see the total number of residential sales as well as the average price of a property in Burlington and compare that to the other areas. 

Residential Market Activity

Burlington Real Estate Statistics

The above chart, Residential Market Activity, gives us the opportunity to compare and contrast both the average price of a residential property and the number of sales within each area. The areas that we can review are in Hamilton and Burlington real estate market.

It was reported by RAHB that the area with the greatest number of sales within the Hamilton market was the Hamilton Mountain. This area had a total of 126 sales and an average residential property price of $745,741. While there was a decrease in the number of sales, we can see there was an increase in the average property price. This is clear when we compare it to the previous year. 

The next area we’ll review is Hamilton Centre, this area had a total of 79 sales and an average property price of $543,768. Similarly to the Hamilton Mountain, this area saw a decrease in the number of sales but an increase in the average residential property price in August 2022. 

It’s clear that Burlington had the greatest number of sales in August 2022 when compared to the other areas listed in the above chart. Burlington had a total of 209 sales of residential properties in August 2022. 

This was a slight decrease when compared to the same time last year. The average price of a residential property was reported to have been $1,038,930, a slight decrease when compared to August 2021. Let’s now take a look at the below map and get a closer look at the Burlington real estate market. 

Average Residential Price by District 

Burlington Real Estate Statistics

The above map, Average Residential Price by District, illustrates the Burlington real estate market. The map then breaks the city down into sub areas and allows us to see the average price of a home and the total number of sales in August 2022. Sub areas that we need to take note of for August 2022 that had the greatest number of sales are, 31, 32, 34 and 35. 

Area 35 is the most sought after area and is in the Milcroft neighbourhood. This area had the greatest number of sales in the Burlington real estate market with a total of 69 sales. The average price of a residential property in this area was $1,024,788. List below are the other sub areas that had the greatest number of sales and their average residential property price. 

  • Area 31 — 37 sales and an average residential property price of $1,007,751
  • Area 32 — 24 sales and an average residential property price of $974,839
  • Area 34 — 33 sales and an average residential property price of $987,242

While each of the areas listed above had a great number of sales for the month of August 2022, there are other areas you can review. You might even want to located the area that you live in and get an idea of what a residential property might have sold for on your street. Next we’ll review the final chart the Burlington Residential Table. 

Burlington Residential Table

Burlington Real Estate Statistics

The final chart that we’ll review in this article is the Burlington Residential Table. This table gives us the chance to see a more detailed look at the August real estate market in Burlington. RAHB reported that there were a total of 360 new listings which was an increase of 11.7 per cent compared to August 2021. 

When we look at the number of sales in August 2022 we can see that there were a total of 209 sales. This was a decrease of 10.3 percent when compared to the same time last year. The average price of a residential property in Burlington was reported to have been $1,038,930. This was only a small decrease of 1.5 per cent when compared to August 2021. 

The median price was $939,900 and was a very small decrease when compared to the same time last year. There are a lot of numbers to review and compared in this chart, helping us to better understand the Burlington real estate market. There are three different types of properties that RAHB reports on and below is a break down of each of these property types. 

Detached, Townhouse and Apartment-Style Properties

It was reported by RAHB that there were a total of 562 sales of detached properties in August 2022. This was a decrease of 23.7 per cent when compared to the same time last year. There were a reported 1,077 new listings of this type of property, which was an increase of 20.2 per cent compared to August 2021. The average price of a detached property within the RAHB market area was $963,565. This was an increase of 1.4 percent compared to August 2021. 

Townhouse properties had a total of 178 sales within the entire RAHB market area. This was an 11.9 per cent increase when compared to the pervious month. However, it was a decrease of 24.9 per cent when compared to the same time last year. 

There were 256 new townhouse listings, this was an increase of 16.4 per cent compared to August 2021. When it came to the average price of this type of property, it was reported to have been $749,344. Which was a very small increase of only 0.4 per cent compared to the previous year. 

The final property type we’ll review is the apartment-style property, which had a total of 108 sales in August 2022. This was a 31.6 per cent decrease when compared to August 2021. There were 221 new listings of apartment-style properties in August 2022, an increase of 22.1 per cent compared to the same time last year. The average price of this type of property was reported to have been $570,666. This was an 8.7 per cent increase compared to the same time last year. 

REALTORS® Association of Hamilton-Burlington August 2022 Statistics

The REALTORS® Association of Hamilton-Burlington (RAHB) reported a total of 906 sales of residential properties within the entire RAHB market area in August 2022. This was a 24.2 per cent decrease when compared to August 2022. 

There were a reported 1,641 new listings within the entire RAHB real estate market area in August 2022. This was a 20 per cent increase when compared to the same time last year.  

The average price of a residential property within the entire real estate market was reported to have been $858,405. This was a small increase of only two per cent when we compare it to the previous year. 

“RAHB witnessed a rare occurrence for August 2022 as the number of sales increased and the number of new listings to market dropped from July 2022. As this is not a typical pattern for August, this may suggest that sales activity may have bottomed out in July. Meanwhile, RAHB is again seeing certain areas and property categories performing better than others. For example, Haldimand County experienced an overall residential average sale price increase of 3.9 per cent, and the townhouse segment in Burlington saw an average sale price bump of 5.6 per cent. With these variations in mind, contacting a RAHB REALTOR® before you buy or sell remains a key element to help you navigate the local market.” — RAHB President Lou Piriano.

For More Information About These Statistics 

If you would like a more in-depth matrix of these Burlington Real Estate Statistics, please refer to the Burlington Real Estate Statistics for August 2022.  

Contact the VanDinther Team

You might have some questions about the Burlington Real Estate Statistics mentioned in this blog. Please feel free to reach out to the VanDinther Team and someone will be happy to help answer any of your questions. 

Have you been wondering what your home might be worth? Give our “What’s My Home Worth” calculator a try and find out. The VanDinther Team has been working with clients in the Burlington and surrounding areas for decades and are here to Help You Make The Right Moves!

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