As your local Burlington mortgage brokers, we strongly believe that once you make the decision to buy a home, you should look into the current residential market of the area you want to live. Understanding what the housing prices were listed in the past and comparing them to current prices today will help you know when the best time to buy is.
To help you get started, our team of experts at Loewen Group Mortgages has listed a market update for the Burlington Area.
Burlington Market Update
According to the(RAHB), the market for Burlington is stable and the prices have decreased compared to the year prior. In May 2018, the number of listings were 456, which was a 24.6% decrease from May 2017. The number of sales dropped from 314 in May 2017 to 243 this year.
A drop in sales could largely be due to the new Canadian mortgage rules that have been in place since the beginning of January 2018. These rules require a mandatory stress test, which makes it more difficult for buyers to obtain a Burlington mortgage. The purpose of this change is to make sure Canadians can still afford their payments if there is a rise in interest rates. This recent decline in sales for May 2018 could be because buyers are waiting to save more money before they make such a large purchase.
Median Sale Price
The median sale price for freehold homes in Burlington has decreased over the past twelve months. In May 2017, the median sale price was $875,000 and dropped 5.7% to $825,000 by 2018. With this current drop in the market, now would be an excellent time to buy a freehold home before the prices go back up.
For condominiums, however, the median sale price has increased over the past year. In May 2017, the median sale price was $469,000 and increased 2.4% to $480,000. The median days on the market also jumped from 10 days in 2017 to 26 days in 2018. This suggests that buyers are taking more time to assess their finances instead of immediately jumping into a new sale.
For more information on the current market, or to get started on your Burlington mortgage application today, please contact Loewen Group Mortgages at 289-813-7305.