All prospective home buyers want to get the best deal possible. This means buying in the right market, at the right time. Is it a good time to buy a house? Will prices continue to rise? What’s a better option… Condo in Toronto? or House in Burlington? These are the questions we hear buyers ask all the time.
There are literally thousands of numbers you can look at to gauge the current market, while forecasting what’s up ahead.
But to keep things simple, here are 4 Important Numbers that you should consider if you’re uncertain if and/or where you should buy in 2016.
$823,701: The Average Freehold House Price in Toronto at the end of 2015
As we have said before, Toronto remains expensive as hell, and getting more so each year.
With average freehold properties selling at $823,701, they are 10 per cent over the 2014 average.
According to a recent RE/MAX report “The GTA’s average residential sale price is expected to increase approximately five per cent in 2016, driven by continued low inventory for single-family homes and low interest rates.”
Record high prices in Toronto are great news for people selling in the GTA—but decisively less so for people looking to buy.
This is why over half of all Torontonians still can’t save enough for a down payment or own something in the city.
$624,614: The Average Price of a Burlington Home (Freehold)
Things are looking far more affordable for people looking to get into the market in the suburbs of Toronto. The Realtors Association of Hamilton Burlington reported the average sale price of a freehold home (detached, semi-detached and townhomes without condo fees) in Burlington at $624,614 at the end of 2015.
That’s a saving of nearly $200k for those looking to get a yard for their kids or dogs to play in. With a commute of less than an hour this is continuing to be an appealing option to people who want to earn a Toronto-sized wage, without paying a Toronto-sized mortgage.
People with an entry level budget will also be able to secure a property in Burlington with condos (town or apartment) selling for an average price of $402,861 (and plenty of options still falling below that price point).
8.9%: Increase in Burlington Home Values in 2015
In addition to being more affordable and offering the kind of space many people want for a growing family, the Burlington housing market is also proving to be a great investment.
Just shy of a double digit increase in value, the Burlington market is performing nearly as well as the hot Toronto market which gained 10% in value over 2014 prices.
All these numbers help to explain why the area spent much of 2015 breaking sales records.
The Realtors Association of Hamilton-Burlington posted record-breaking sales for 5 straight months, ending in December 2015. “Sales were 1.3 per cent higher than the same month the previous year, 17.6 per cent higher than the 10-year average, and were a new record for the month of December reported the local Board (RAHB).
So, to put it in simple language: People are moving here.
And, aside from a more affordable housing market, this next point might explain why….
1#: Burlington’s Rank Among Canada’s Mid-sized Cities
In June of 2015, MoneySense Magazine named Burlington the #1 Midsize City in Canada, for the third time!
Burlington continues to rank 1# because of its amazing schools, one of the only developed waterfronts in the GTA and a perfect situation between beautiful Niagara and all the opportunities of Toronto.
No one has a crystal ball to see into the housing market future, but there are several indications that lead us and many other Real Estate professionals to forecast continued growth of the Burlington housing market in 2016.