If you have been following the local real estate market at all, these numbers are probably not terribly surprising, but they still jump out at you. REMAX released their 2017 housing numbers and reported that the average property for sale in Burlington went for $535,520 in 2016, a 20% increase compared to $446,961 in 2015.
These numbers are also up more than 35% from 2013. 2013 doesn’t seem that long ago. Despicable Me 2 was in theatres. The last season of Breaking Bad was airing. And houses in Burlington cost an average of $210,000 less.
REMAX’s numbers also found that.
- There were 13,694 properties sold in the region between January and October this year, compared to 13,901 in 2015
- In Burlington, first-time purchasers are often looking to purchase townhouses in the $450,000 and $550,000 range
- The average sale price of condos also increased considerably by 21% in 2016 due to high demand for both new and resale product
- Prices in the area are expected to climb another 11% in 2017
Burlington’s Proximity to Toronto Makes it a Hot Target
Burlington’s Go-Train access and quick drive to The City is making it more and more attractive to people who want Toronto access, without Toronto prices.
“Ongoing transportation updates, such as increased GO Train service to the region and the proposed LRT project, are likely to provide a boost to the local economy and promote activity in the housing market,” said the report.
What Does This Mean if You want to Buy a Home in Burlington?
If you’re on the fence about buying a home, that fence is costing you thousands of dollars for every month you wait.
If you looked at houses for sale in Burlington this time last year and decided to wait, those houses now cost an average of $88,559 more than they did a year ago. If you’re still thinking about waiting, these houses will likely jump another $58,907 by this time next year.
So You Probably Shouldn’t Wait for the Spring to Look at Homes
The longer you wait, the more prices will go up. Now is a really good time to look for a new home. Actually, the holiday season is a shockingly amazing time for homebuyers, as you will face a lot less competition when bidding on houses.
Let us help you find the home you want in Burlington, for a price you can afford. Burlington was recently named the #1 medium-sized city in Canada, for the 4th straight year!