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Burlington Market Update – January 2017

Burlington Private Mortgage & Other Services – Loewen Group Mortgages

Are you interested in buying a home in Burlington? If so, you’re not the only one.

According to the REALTORS Association of Hamilton-Burlington, 904 sales occurred in December 2016, up 13.1% from December 2015. This was a new high for the month of December and the sixth month of 2016 that set a new monthly record.

While new sales records were reached when looking at statistics for Hamilton and Burlington combined, it’s not difficult to see why buying a home in Burlington is becoming harder.

The average sale price for a residential home in Burlington rose by 29% to $707,652 in December 2016 compared to the same month last year. Sales for all-residential homes fell by 27.9% year-over-year, but the steep increase in the average selling price isn’t the only factor to blame.

The number of listings in December 2016 was just 83 units, down 9.8% from the same period last year. Additionally, homes sold in just 25 days on average, which was 8 fewer than it was in December 2015. Also contributing to the drop in sales is the lack of supply available. Last month, there were 135 homes listed on the market, 38.6% fewer year-over-year.

When looking even deeper into these numbers, we found that freehold homes and condominiums experienced similar changes year-over-year. Freehold sales fell 29.6% while condo sales dropped by 24.5%; the average number of days a home spent on the market for freehold homes was 26 while condos were 24; and end of month listing inventory fell 43.2% and 29.2% for freehold homes and condos, respectively.

Hamilton is one of the cities identified by the Canadian Mortgage and Housing Corporation as being in the “red zone”. This means that evidence of problematic conditions exists. With Burlington being in close proximity to Hamilton and experiencing accelerated prices of its own, it’s important to monitor how the market performs over the coming months.

We Can Help

If you’re considering entering the housing market, talking with a mortgage professional in the area is always a good idea. Loewen Group Mortgages offers a variety of products and services. Whether it’s a Burlington private mortgage or a first-time home buyer plan you’re looking for, we can help.

To learn more about how we can help ensure you get the right deal, get in touch with one of our professionals today!

Source: http://www.rahb.ca/category/press-release/market-reports/

Source: http://creastats.crea.ca/hami/

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