The average residential home sale price in Burlington/Hamilton area is estimated at $535,520 in 2016 – a 20% increase compared to 2015’s average of $446,961. The market has continued to see substantial growth!
Low inventory in Burlington/Hamilton area has caused a slow-down in sales. However, Hamilton is expected to get an inventory boost from couple of downtown new development projects, which are due to be completed in a year and a half.
First Time Home Buyers
Most of the first-time home buyers, from all over the GTA are buying homes in Burlington/Hamilton area because of the affordability factor and still being relatively close to Toronto. These people are spending about $300K for older, detached homes in Hamilton and about $500K for townhouses in Burlington.
Condo Market
Burlington/Hamilton area has experienced a demand for condos, due to a large number of young professionals and retirees looking for new and older condos close to downtown. This has caused a 21% sales price increase. Burlington and Hamilton both have large number of condo projects underway and more planned.
Luxury Homes
Sales of homes over $1 million were up from 63 between January and October in 2015, to 146 in 2016 during the same period. Increased activity from first-time buyers moving into the region from the GTA at the lower end of the market has allowed move-up buyers in Hamilton to become more active in the upper-end segment. With price appreciation expected to continue across the GTA and new construction in the upper end of the market in Hamilton-Burlington, demand for luxury homes is expected to remain strong in the region in 2017.
Future Trends
- The GO train and LTR projects in Burlington/Hamilton area will continue to boost the local economy and bring lots of activity in the housing market.
- New mortgage rules that came in effect at the end of 2016, may slightly, decrease the housing market demand because of a larger down payment that’s now required for both first-time and move-up buyers.
- RE/MAX average residential home sale price expectation for Burlington/Hamilton area is 11%.
Looking to sell your home? Or buy a first time home, or move up, or downsize? Let Lori VanDinther, RE/MAX Sales Representative guide you through the process and help you make the right moves. With over 23+ years of successfully selling real estate in Burlington/Hamilton area, Lori has the experience and market knowledge. Contact Lori today.