It’s difficult not to hear about the ever increasing housing prices in the GTA. It’s equally difficult not experience shock at the way outskirt communities like Burlington and Oakville are catching up or surpassing the average house price in The City of Toronto. The numbers, however, are a bit deceiving. You see the average cost of a freehold home in Toronto being $994,623, and Burlington seemingly not being that far behind at $951,485, but you need to look beyond the numbers to see that you’re comparing apples to crab-apples.
Both markets saw a sizeable jump in housing prices over the last 12 months. In Burlington, we saw the average price increase from $763,561 to $951,485 (25%). Whereas, a short Go-Traintrip away, Toronto saw an increase of $766,802 in January 2016 to $994,623. With both markets producing virtually the same numbers, you may wonder why anyone would still choose to commute to Toronto. This is where you need to factor in what you’re getting for that money…
Your $900,000 is simply going to go a lot further in Burlington. It’s going to get you a bigger house, with more of the features you love, a bigger yard, parking convenience and you will be closer to everything.
To illustrate the point…. Let’s take a look at two fairly typical houses in somewhat comparable neighbourhoods (mature, west side, close to lake, lots of development) that just closed in each respective market (at prices close to the community average)
|Burlington (Aldershot)||Toronto (Mimico)|
|Type||Detached, 2 storey||Detached, bungalow|
|Aimed at||“Families with teenagers”||“Renovators/First time-buyers”|
|Lot Size (ft)||50 x 162||32 x 125|
|Parking||1.5 attached garage with entry into home
and space for 4 cars in driveway
|No garage. 2 spaces in drive.|
It’s also worth mentioning that the Toronto home was listed at $729,000, then sold for over $952,000 after a bidding war while the Burlington home listed at $895,000 and was negotiated to $887,500 with the luxury of both a home inspection and financing condition. *Not to be misleading… there are plenty of homes in the Burlington market that are listed low and selling for way over the posted price with no conditions on the sale. This is why it’s important to have a local realtor who understands Burlington neighbourhood values and can make sure you compete for the ones worth competing for and walk away from those that unaware buyers are needlessly outbidding each other on.
What About the Condo Market?
Toronto’s condo market is still absolutely insane, with no signs of slowing down anytime soon. Toronto saw an average condo (towns, and apartments) price of $533,307 in 2017, up from 2016’s $437,014, an increase of 22%.
Condo prices also increased in Burlington, as the average price rose from $359,359 to $416,299. This was a more modest jump of 16%.
Get More. Live more. Live in Burlington
It’s easy to look at numbers and not see the entire story. To really envision the lifestyle difference you can experience here in Burlington, you have to come see it for yourself.
Erin Hayes (Sales Representative) and David Ferrari (Broker) are Your Burlington Neighbourhoods Team with RE/MAX Realty Enterprises Inc. and we offer no obligation neighbourhood tours to those who are new to the city and need more information before they decide to start shopping for a new home.
Burlington was recently named the 1# medium-size city in Canada by Moneysense Magazine for the incredible fourth straight year.