Supported by serious upward appreciation over the past decade, value-conscious homebuyers continue to drive demand for move-up product in the Burlington Area. The greatest trade-up activity is occurring between the $450,000 to $600,000 price point in Burlington. Last year, sales in that segment of the market represented 23 per cent (705 units).
The figures are expected to increase this year as more experienced buyers move to take advantage of lower interest rates and equity gains. Average price in Burlington has almost doubled in the past decade, rising from $183,442 in 2002 to $360,059 in 2012, for an annual compounded rate of return of close to 7 per cent.
In Burlington, trade-up purchasers are looking to the northwest quadrant of the city where older homes on larger, well treed lots represent good value. Many move-up buyers are willing to undertake renovations, such as updating kitchens and bathrooms, in order to realize ownership in these established areas. As a result, sales in the northwest were up 86 per cent in 2012, compared to one year earlier. Those willing to spend closer to $600,000 are choosing mid-southeast communities in Burlington, south of the QEW.
| Property Value Appreciation in Burlington, Ontario | ||
| 5 Year | 34 % | (6.02 % annually) |
| 10 Year | 96 % | (6.98 % annually) |
Offering some of the most affordable housing in Southwestern Ontario, inventory is expected to be tight this spring in Burlington, with under 100 properties currently listed for sale at the move-up price points.
For complete information you can download the Move-up Buyers Report 2013.
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