BURLINGTON REAL ESTATE TRENDS
BURLINGTON REAL ESTATE
You may have heard that the real estate market has not been doing as well for the year 2017. As a real estate lawyer we are also quite aware of any changing trends in the housing market.
According to the website Zolo it seems for the start of 2018 the average price of a home being sold in Burlington was $736.000 and that prices in 2018 seem to be bouncing back from 2017. A 4 bed room detached home three months ago was selling at an average of $987.000 however as of February 2018 was averaging at $1.1 million.
The cost of townhomes have remained largely the same with a 4 bedroom townhome averaging at $585,000 three months ago and as of February 2018 averaging at $568,000.
Within the 28 days preceding February 5, 2018, 349 homes were listed and 101 homes were sold and they were on the market for an average of 39 days. Its no surprise that homes that were under a million seemed to have been on the market less than homes over a million.
The trends above demonstrate that the housing market is not in some type of dire bleak state. If anything it shows a slight differentiation from 2017 but seems to be bouncing back. While its true that there are tighter rules for obtaining a mortgage, I continue to see people buying and selling on a regular basis with ease. I firmly believe this trend will continue and that we can hope to see at least some steadiness for 2018. The best indicator will be the spring of 2018 when people will likely start to decide on buying and selling as the weather gets better.
Burlington and Halton region in general continues to enjoy an influx of new residents. Given the high marks Burlington and Halton region continue to receive for livability and raising a family its no surprise that people continue to select Halton as a their first choice for settlement. These new residents are continuing to keep the local housing market buoyant.
The statistical information cited in this blog post was obtained at https://www.zolo.ca/burlington-real-estate/trends
IS THERE A REAL ESTATE LAWYER NEAR ME?
If you are buying a home or selling contact our office to speak with a real estate lawyer in Burlington.
I provide legal services in Burlington, Milton, Hamilton and Oakville.
My address is 901 Guelph Line, Burlington.
You can also call or text at 416-505-4901 OR call Toll Free: 1 (800) 939-9211
anytime for a free consultation