{"id":1384,"date":"2016-12-09T10:22:08","date_gmt":"2016-12-09T15:22:08","guid":{"rendered":"http:\/\/www.loriv.com\/blog\/?p=1384"},"modified":"2017-12-05T15:45:27","modified_gmt":"2017-12-05T20:45:27","slug":"burlingtons-housing-market-outlook-for-2017","status":"publish","type":"post","link":"https:\/\/loriv.com\/blog\/real-estate-market\/burlingtons-housing-market-outlook-for-2017\/","title":{"rendered":"Burlington&#8217;s Housing Market Outlook for 2017"},"content":{"rendered":"<p>The average residential home sale price in Burlington\/Hamilton area is estimated at $535,520 in 2016 \u2013 a 20% increase compared to 2015&#8217;s average of $446,961. The market has continued to see substantial growth!<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1385\" src=\"http:\/\/www.loriv.com\/blog\/wp-content\/uploads\/2016\/12\/REMAX-Average-Residential-Sales-Price-Hamilton-Burlington.png\" alt=\"REMAX Average Residential Sales Price Hamilton-Burlington\" width=\"504\" height=\"151\" srcset=\"https:\/\/loriv.com\/blog\/wp-content\/uploads\/2016\/12\/REMAX-Average-Residential-Sales-Price-Hamilton-Burlington.png 504w, https:\/\/loriv.com\/blog\/wp-content\/uploads\/2016\/12\/REMAX-Average-Residential-Sales-Price-Hamilton-Burlington-300x90.png 300w\" sizes=\"auto, (max-width: 504px) 100vw, 504px\" \/><\/p>\n<p>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.<\/p>\n<h2>First Time Home Buyers<\/h2>\n<p>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.<\/p>\n<h2>Condo Market<\/h2>\n<p>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.<\/p>\n<h2>Luxury Homes<\/h2>\n<p>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.<\/p>\n<h2>Future Trends<\/h2>\n<ul>\n<li>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.<\/li>\n<li>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\u2019s now required for both first-time and move-up buyers.<\/li>\n<li>RE\/MAX average residential home sale price expectation for Burlington\/Hamilton area is 11%.<\/li>\n<\/ul>\n<figure id=\"attachment_1386\" aria-describedby=\"caption-attachment-1386\" style=\"width: 625px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/www.loriv.com\/blog\/wp-content\/uploads\/2016\/12\/REMAX_2017HousingMarketOutlookReport.pdf\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-1386 size-large\" src=\"http:\/\/www.loriv.com\/blog\/wp-content\/uploads\/2016\/12\/REMAX-2017-Hamilton-Burlington-791x1024.jpg\" alt=\"REMAX 2017 Hamilton-Burlington\" width=\"625\" height=\"809\" srcset=\"https:\/\/loriv.com\/blog\/wp-content\/uploads\/2016\/12\/REMAX-2017-Hamilton-Burlington.jpg 791w, https:\/\/loriv.com\/blog\/wp-content\/uploads\/2016\/12\/REMAX-2017-Hamilton-Burlington-232x300.jpg 232w, https:\/\/loriv.com\/blog\/wp-content\/uploads\/2016\/12\/REMAX-2017-Hamilton-Burlington-768x994.jpg 768w, https:\/\/loriv.com\/blog\/wp-content\/uploads\/2016\/12\/REMAX-2017-Hamilton-Burlington-624x808.jpg 624w\" sizes=\"auto, (max-width: 625px) 100vw, 625px\" \/><\/a><figcaption id=\"caption-attachment-1386\" class=\"wp-caption-text\">DOWNLOAD FULL REPORT HERE<\/figcaption><\/figure>\n<p>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. <a href=\"https:\/\/www.loriv.com\/contact-lori-vandinther.aspx\">Contact Lori today<\/a>.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The average residential home sale price in Burlington\/Hamilton area is estimated at $535,520 in 2016 \u2013 a 20% increase compared to 2015&#8217;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 [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[56],"tags":[87,183],"class_list":["post-1384","post","type-post","status-publish","format-standard","hentry","category-real-estate-market","tag-burlington-real-estate-market","tag-remax-report"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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