RE/MAX just released its 2015 Housing Market Outlook Report – and the Canadian real estate market looks positive across the country. Strong sales and low inventory in Toronto and Vancouver continued in 2014, and sale prices are expected to increase by four and three per cent respectively.
Enough about Toronto though!
The big question is: how will markets outside of these metropolitan areas fare in 2015? Let’s explore the outlook for the Burlington real estate market.
Toronto’s anticipated increase in sale prices could lead more buyers to head to areas in the GTA, including Burlington, for affordability. This may lead to increased sale prices as more buyers come into the market looking for the whole package that they are unable to have in Toronto.
According to the RE/MAX report, this is especially true for condominiums, which will continue to grow their share of their market. This is because baby boomers are leaving Toronto in search of affordability while still having all their amenities within walking distance. Burlington is an ideal location for this growing population because of the high walk scores, access to GO transit and fantastic amenities (including the new LA Fitness opening on Brant St. soon!)
We’ve already seen the effects of the city dwellers heading west, with the number of days that homes on the Burlington waterfront and condominiums are on the market declining over the last three to five years.
What does this mean for property value? The average residential sale price in Burlington in 2014 was approximately $512,000. This is expected to increase by approximately two per cent in the new year – adding around $10,000 to the average Burlington home sale.
Above image reflects average residential sale price for all homes sold by the Realtors Association of Hamilton-Burlington. Burlington has higher sales than the area as a whole
One interesting thing to point out is the expected change in market balance for 2015. Burlington was mostly a seller’s market in 2014, but this should move into a more balanced market in the new year, especially in upper-end properties.
Overall, 2015 is gearing up to be a strong year for both sellers and buyers. If you have any questions about the information reflected in this blog post, please don’t hesitate to send us an email at drewandjayne@woolcott.ca or call us at 905-332-9223!
Source: Sea Pines Real Estate | Ocean Front Hilton Head Island.
