Burlington is seeing a rise in real estate prices, however, sales are down from 2017. According to properties processed through Multiple Listing Service (MLS), the prices run thus:
– Condo prices rose up by 11.6% in 2018.
– Single-family home prices increased 5.9% compared to October 2017.
– Townhouse prices remained more or less the same.
The Hamilton-Burlington real estate market showed a boost in average sales prices with the exception of Niagara North that saw a drop in prices.
The sales-to-new-listings ratio reveals that the market trend has shifted from being in favour of sellers than buyers. According to the Realtors Association of Hamilton-Burlington, “The sales-to-new-listings ratio, which can point to whether a market is in favour of sellers (above 60 percent) or buyers (below 40 percent) was 60.1 percent.”
The Realtors Association of Hamilton-Burlington reported 1,035 sales of residential properties located within the RAHB market area were processed through the MLS in October 2018.
With young professionals opting for affordable condo units, there is a blossoming of the condo market in Burglinton with developers such as Adi Development Group and Carriage Gate Homes choosing Burlington for their condo constructions Valera Condos and Gallery Condos & lofts respectively. More condominiums are being developed and sold out in Burlington.
Burlington is a large city and close to economically strong Toronto condo market. The city is at the hub of the Golden Horseshoe and is largely driven by the automotive and manufacturing sectors. With a population of 183,000, it is close to major transportation options, Toronto and the U.S. border, and has all world-class amenities that a modern lifestyle needs. Combine that with affordable real estate prices and it is no surprise that Burlington is seen as an attractive destination by homebuyers and investors alike.
The real estate market in Burlington is seeing calmer times with stability in the market. Prices of real estate is on the rise, but sales have dropped compared to 2017. Prices of condos and single-family homes are on a steady rise.
“The single family market in the overall RAHB area remains in a balanced position, with a good inventory of homes for those looking for a detached property,” says RAHB CEO George O’Neill.
All areas in Hamilton, Burlington and Haldimand Country saw an increase in the average sale prices except for Niagara North. “Across the entire RAHB market area, the average price, number of days on market, and other factors differed when looking at housing style,” says O’Neill. When making a decision to buy a property, it is vital to consult a local realtor.
Burlington enjoys a wide variety of transit options with train stations, bus services, and major highways making travelling convenient. Burlington train station is located at Fairview St, offering easy access to nearby and far off destinations. Appleby train and GO bus station is another transit option on Fairview St, adding to the convenience of the residents. Another GO station in the city is the Aldershot GO train station, offering fast access to nearby areas.
Major transport corridors, including Hwy 407, Hwy 403, Dundas St and Queen Elizabeth Way run across the city, making it comfortable to travel to Toronto and other areas. The presence of many major arterial streets such as Appleby Line, Walkers Line, Fairview St and Cedar Springs Rd make it easy to travel around Burlington and nearby areas.