In 2016, Burlington City Council approved a strategic plan that includes no new development of detached homes. According to Mayor Rick Goldring, the city, of which 50 percent of land is designated Greenbelt, has run out of room.
The new Official Plan, which outlines the framework for Burlington’s growth for the next 25 years, shifts focus to condominium projects – aimed at growing the city up, not out.
However, Burlington has long been seen as a haven for Toronto city dwellers that are looking for quiet and, more importantly, a detached home.
“Over the past two years, we’ve seen property values in Burlington increase dramatically,” says Jayne Woolcott, a sales representative with Re/Max Escarpment Woolcott Realty Inc. “There has been an influx of people who have traditionally lived in the GTA taking root in Burlington because of all the wonderful amenities it offers.”
Woolcott says the direction outlined in the city’s Official Plan will have a direct impact on the value of detached homes.
“For those thinking about making a move, whether purchasing a starter detached home or moving up for more space, now is the time to seriously consider making the move,” says Woolcott. “With the supply of detached homes reaching a finite number in the near future, property values of detached homes will likely continue to rise.”
In addition to no new detached construction, the Official Plan will also prioritize growth around the city’s three GO stations, emphasize great public spaces and protect established residential neighbourhoods.
Whether you’re in the early stages of the buying process, have questions about how the Official Plan affects your property value, or are ready to make a move, the Woolcott Team is here for you. Contact us at email@example.com today.