Condos still remain the affordable option for many – especially in Burlington!
While the average condo price in the GTA in June 2018 was $774,554, (23.5% increase year or year) the average price of a condo in Burlington compared to Toronto is still a bargain!
Toronto has broken the $1,000/sq ft threshold on average for new condos, Burlington’s offerings for new condos hover in the low to mid $700’s/square foot as of June 2018. (Urbanation Report: Project Sales by Municipality and Sub-Market)
With a current shortage of supply in both the resale and new condos, these numbers appear to only be going up.
Careful! Averages can be deceiving. Burlington, for example has new condos for sale ranging from the $500’s/sq. ft. to over $1,000/sq. ft.
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,257 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in June, 14.2 per cent fewer than the same month last year and 19.2 per cent fewer than the 10-year average for the month.
All property listings were 19 per cent lower than the same month last year, but 1.1 per cent higher than the 10-year average. Residential sales were 13.7 per cent lower than June of last year, with residential freehold sales 13.3 per cent lower and condominium sales 15.6 per cent lower than the same month last year.
“Having a more balanced market this year really showcases how busy the market was for the last few years,” says RAHB CEO George O’Neill. “Sales and listings are down from last year, but they’re being compared to a year impacted by government regulations. The regular spring market pattern has returned this year.”
Although the average residential sale price for June 2018 is lower compared to June 2017, prices have made healthy gains over the past five and 10 years.
There has been an increase in sales in some areas of our market, such as Hamilton West, Dundas, Grimsby and Dunnville. Some areas which were particularly active over the last few years, such as Hamilton East, Hamilton Centre and Burlington, are still experiencing fewer sales.
“The numbers show the fluctuations and distinct characteristics between our various communities,” adds O’Neill. “This is why a local RAHB REALTOR®’s professional advice is critical when buying and selling your property.”
*Average sale price is based on the total dollar volume of all properties sold through the RAHB MLS® System. Average sale price can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value.
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,317 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in May, 27 per cent fewer than the same month last year and 18 per cent fewer than the 10-year average for the month.
All property listings were 19.8 per cent lower than the same month last year, but 5.4 per cent higher than the 10-year average.
“There’s definitely been a trend to fewer sales compared to the 10-year average since the spring of last year, when the Fair Housing Act came into effect and, coincidentally, the real estate market underwent a significant change,” said RAHB CEO George O’Neill. “However, the local real estate market is stable and is, in fact, following the normal progression of increasing spring-time sales from the lows of December and January.”
Overall, residential sales of 1,273 units were 26.2 per cent lower than May of last year. Residential freehold sales were 28.9 per cent lower than the same month last year, while sales in the condominium market were 13 per cent lower.
The median price of freehold properties decreased by 5.7 per cent compared to the same month of the previous year, while the median price for condominium properties remained the same.
“The condominium market is not seeing the drop in average and median sale prices seen in the freehold market,” noted O’Neill. “Prices were stable compared to last year, suggesting that lower priced properties and the condo market are faring quite well. That market is also seeing a higher sales-to-new-listing ratio and is on the border between a balanced and seller’s market.”
The average price of freehold properties declined by 8.5 per cent from May 2017, and the average sale price in the condominium market increased by nearly one per cent compared to the same period.
Average sale price is based on the total dollar volume of all properties sold through the RAHB MLS® System. Average sale price can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value. Please contact a local REALTOR® for information about your specific neighbourhood or property.
The average number of days on market rose to 27 days from 16 days in the freehold market and increased to 28 days from 16 days in the condominium market, compared to the same month last year.
“There continues to be an increase in average days on market, which is good for the market overall,” added O’Neill. “Buyers have more time; sellers can be more confident that when they sell and turn to buying their next property they won’t be faced with rapidly escalating purchase prices. A RAHB REALTOR® can help buyers and sellers navigate their way through this.”
Every community in RAHB’s area has its own localized characteristics that influence that market. Please ensure you contact a local RAHB REALTOR® for professional advice.