If you own a home in Burlington, it’s now worth more money than when I started this sentence. Ok, maybe not quite, but the average price for a home in Burlington has spiked by $80,000.00 in an astoundingly short 4-month span.
The numbers from the REALTORS® Association of Hamilton-Burlington (RAHB) are borderline insane:
- Average price for a freehold home Nov-Dec 2015: $649,131.00
- Average price for a freehold home Jan-Mar 2016: $730,180.00
- Average price for a detached home Nov-Dec 2015: $696,196.00
- Average price for a detached home Jan-Mar 2016: $805,753.00
Every single neighbourhood in Burlington saw an increase of at least 10% in price. The Dynes neighbourhood saw the biggest increase at 18%. The most affordable neighbourhood in south Burlington had the most room to improve. It’s still the most affordable in the area, but it’s starting to catch up in price with Longmoor and Pinedale.
The city’s most expensive neighbourhood, Roseland, also saw a big jump of 17%, bringing it to a $1,138,775.00 average.
So You Need to Buy, like, Now
If you’ve been fence sitting about buying a home in Burlington, it’s time to get off the G D fence. There is absolutely no sign of these numbers decreasing over the next 6 months, so the time is 100% now to buy. Every week you wait, is very literally costing you thousands of dollars.
Every week you wait dips into your savings by thousands of dollars. Every month costs you tens of thousands.
This is Great News for People Looking to Upgrade
The best news is probably for people looking to upgrade this year. The gap is closing between houses in the $600k-800k range and the houses in the 1-million plus range.
Simply put, you will get more money than ever for your current home, while the higher end homes in the million-dollar and over range are not increasing in price as quickly.
Also, given the rate that $800k homes are increasing in value, you’re likely better off aiming for the million plus range.
This is Also Great News for People Looking to Invest in Burlington
We helped a client get into a home in Roseland for just under $800,000 in February. That seemed like an amazing deal at the time, and now it seems downright nutty. Their home has already spiked in value, and they haven’t even moved in yet.
People who bought or invested in Burlington in the summer of 2015 will have already seen a huge return-on-investment—in many cases over 6-figures.
The numbers show that now is an amazing time to invest in Burlington properties, with a very strong market that is just going to grow, now that word has gotten out that Burlington is one of Canada’s prestige cities.
Now is the Time to Act. Literally… Right Now
We can help you find a home anywhere in Burlington. As experts in the area, we can show you which neighbourhoods are the best to buy in right now.
Burlington has been named the top mid sized city in Canada for 3 straight years, and even President Barack Obama recently gave the city a shout-out.