Burlington Ontario market outlook 2021
Are you planning to invest in real estate of Burlington? Then we are here to inform you about this amazing city and its real estate market. Burlington is a city of Halton in the Regional Municipality at the Northwestern end of Lake Ontario, Canada. This city is also part Hamilton metropolitan census area and forms the west end of the Greater Toronto Area.
Recent market news:
When we talk about Burlington’s real estate market, there is much fluctuation seen in the market for example in the month of October the average sale price was $822,396 and the median sale price was $744,950, the number of homes sold in the same month was 204 which was 7.3% down from October 2018. According to recent analysis, the sales increase by 31% from the last 10 years and the reason for such increase is given is its affordability as compared to Hamilton. In this blog post this also mentioned that presently there four sellers’ market, one buyer’s market and three stable markets.
Recent Housing markets:
In June this year Pinedale, Longmoore and Dynes were most competitive housing markets in Burlington. These markets remain hot in sellers’ territory with 77% of sales-to-new-listing ratio. While Roseland, Elizbeth Gardens and Shoreacres were balanced markets as compared to previous markets discussed.
Predictions of the real estate market for 2021:
According to the Canadian housing market in 2021 an increase is expected in cost of homes in the area of Burlington and Oakville area, so this might be good news for some buyers and sellers. It is also expected that there will be increase in average residential sale price by 3.8 % in the region next year. This increase could be due to industrial development in the region as it will improve the economy and the buyers from the GTA would be attracted towards this market but in down town Burlington there is development freeze and could have little impact on the market.
Currently Burlington is experiencing a seller’s market with 1.6 months of inventory in Burlington and 1.9 months inventory in Hamilton. In future due to GO Train service and high levels of affordability in the region comparative to GTA, the increase in housing market is expected in 2021. In short one can say that people in the search of more affordable properties will turn towards Burlington market and the house prices would be increased by 2021.
If we talk about neighborhoods in 2021 of Burlington-Hamilton; Leckie Park, Waterdown West and Fifty Point will be hottest markets in Hamilton and in Burlington Central, Brant Hills and Orchard will be on high-demand. Analysts also estimated that there will be level in Toronto and Vancouver housing market and 3.7 percent increase in average national residential sales price in housing market by 2021. The individual markets survey reports say that there was moderate increase in price year-over-year from 2018-2020 across Canada. But there were some regions in Ontario where there was more gain than the average like Niagara, Ottawa, Windsor and London.
