It has been an active spring for sellers in the last few months. Listings have been moving quickly and sellers are benefiting from high market demand and shorter sale periods. The reduced inventory has decreased the number of properties sold in the Burlington area this spring, but prices continue to increase. The average sale price was up 7.6% in Burlington compared to April of last year. This is great news for local homeowners.
A notable change in the Burlington real estate market continues to be the increased activity within the condo market. Condominium sales are up over 18% compared to last year. Developer have turned their attention to the Burlington area as a desirable location for condo developments. Young professionals are drawn to Burlington because of its accessibility to transit, relatively affordable prices, and the vibrant downtown area. There are currently 16 new developments underway ranging from high rise apartment condos to low rise boutique style buildings. As the local condo market expands, re-sale properties are benefiting as well. Many buyers prefer the option of being able to physically see the property prior to purchasing it, and can select an earlier closing date to meet their needs.
The Corporate Neighbourhood has seen the largest surge in growth in this market over the last five years. The landscape along Appleby Line just north of the QEW has been transformed into Burlington’s new “uptown” area. Several upscale condo buildings have been built and new restaurants and retail spaces have opened up in the area. Local residents now enjoy more amenities than ever within a close proximity to home.
As we head into the summer months, we expect inventory levels to rise. Buyers will have more to choose from, and the increase in listings could potentially reduce the number of competing offer situations. Mortgage rates will continue to remain at record lows and many lenders are offering highly competitive rates to capitalize on the spring and summer real estate market. If you are thinking of selling in the near future, allow our current seller’s market to benefit you and get the most out of the sale of your home. Please contact us to discuss the value of your property or how to find a