Blog Category Archives: Real Estate Market

Canadian Real Estate Market Statistics for December 2022

The REALTORS® Association of Hamilton-Burlington (RAHB) and the Canadian Real Estate Association (CREA), each released their statistics for December 2022. It was reported that in the Burlington real estate market area that there were a total of 98 sales of residential properties. This was a decrease of 23.3 per cent compared to the same time last year. It was also reported that there were a total of 2,522 sales in total in 2022, this was a decline of 27 per cent compared to 2021. 

“Burlington did see some gains in sales throughout the pandemic, but levels never achieved the same highs as activity reported in 2015. While new listings have also been lower since 2015, 2022 did see a pickup in new listings and a return to more balanced conditions.”

According to RAHB, there were a total of 117 new listings in Burlington in December 2022. This was an increase of 7.3 per cent year-over-year. The average price of a residential property within the Burlington real estate market was $1,039,940, a decrease of 14 per cent compared to the same time last year. 

Residential property sales in the entire Canadian real estate market saw a slight increase in both November and December 2022. This isn’t very common to see at the end of the year. CREA states that the real estate market slows down in response to uncertainty. It was also reported that there were some decreases in sales volume in both 2009 and 2020. These were both years where there were some periods of economic skepticism. With that being said, CREA doesn't expect to see the volume improve in 2024. 

The Canadian Housing Market Sales Volume 

According to the Canadian Real Estate Association (CREA), the sales volume saw a decrease of almost 40 per cent in December 2022 compared to the same time last year. There was also an increase of 1.3 per cent when it came to the sales volume in November. This remained fairly consistent after there was a significant drop in 2022, it’s common to see this sort of drop at the end of the year.

It was reported that there was a break from the more common annual trend, the market is indicating that there’s a lot to look forward to this year. Most likely this is due to the fact that a lot of buyers were pushed out of the market because of increased property prices, and now these potential buyers have the opportunity to enter the market.

There's another important factor that will help these buyers re-enter the real estate market. This factor is that the real estate market doesn’t have the same sense of urgency it once had. The real estate market is slower and more stable now so there’s more focus on being affordable. These are all factors that make it easier for potential buyers to take advantage. 

Affordability Within The Canadian Housing Market 

During the height of the pandemic the average residential property prices increased. This created a situation where potential buyers were simply priced out and left to wait in hopes that it would eventually come back down. Causing a lot of stress and uncertainty, this didn’t slow down for a while. There are three factors that contributed to the affordability issue. 

Affordability can be measured by three factors, house prices, interest rates and income. It was reported by the National Bank’s Q3 Housing Affordability Monitor that affordability had reached levels that had not been seen since 1981 and 1989. Both of those years, the highs were then followed by a more balanced market. It's also been reported that the Bank of Canada created more vacancies in the job market in order to reduce inflation. This meant there needed to be a decrease in the interest rate, so that the market can be more affordable.

It should also be mentioned that the residential property prices had the largest decline year-over-year since 2009. Since the average price of a residential property in the entire Canadian real estate market had a 12 per cent decrease in December 2022. There are many real estate market areas across the country had an increase in the average price during the height of the pandemic and have now seen that price decrease. 

Burlington’s Real Estate Market for December 2022

As we continue to focus on the housing prices and property sales, we should note that it was reported by RAHB that sales eased in the Burlington real estate market area in December 2022. It was also reported that new listings improved, while the inventory remained low. 

The Burlington real estate market is broken down into different areas and each one assigned a number. The most sought after area is Millcroft, located in area 35. This area had the greatest number of residential property sales with a total of 25 in December 2022. This was a decrease of 16.7 per cent compared to the same time last year. There were 30 new listings, which was a slight decrease of 7.1 per cent. The average price of a residential property was $970,986, this was a 13.2 per cent decrease compared to December 2021. 

Another area of significance is area 31, this area had the second greatest number of sales in December 2022. With a total of 20 sales and 20 new listings, sales had a 33.3 per cent decrease while new listings only had a 16.7 per cent decrease. The average price of a residential property in this area was $834,245, this was a decline of 19.8 per cent compared to the same time last year. 

“The pandemic, combined with historically low interest rates, created an exponential surge in housing demand. Supply could not keep pace, resulting in price growth that far exceeded expectations over a two-year period, 2022 saw conditions start to shift back to a more balanced market. Improved supply is an important component to stabilizing both sales and home prices. If higher lending rates continue, they will weigh on home sales in 2023, however; the dip in prices coupled with better supply choice could start to support a more stable market for the foreseeable future.” — Lou Piriano, RAHB President.

Contact The VanDinther Team 

If you’re looking for a more in-depth and detailed matrix of these statistics, please refer to the Burlington Real Estate Statistics for December 2022. You can also get in contact with the VanDinther Team and someone will be more than happy to discuss them with you. 

Have you been thinking about listing your home and not sure where to start? The VanDinther Team is ready and excited to get you started on this journey. Lori VanDinther has 30 years of experience working with clients in the Burlington and surrounding areas. Please also give our “What’s My Home Worth” calculator a try, it’s a great place to start. 

Getting in contact with the VanDinther team is simple and can be done directly by phone at 905-632-2199 or by email at info@wesellmillcroft.com. The VanDinther Team is looking forward to working with you soon so they can help you make the right moves! 

Should You Stag Your Home?

Some have asked recently if it's worth it to have your home staged? This is a complicated question to answer and is based on a few factors. Deciding to sell your home is the first step in the whole process, then comes the question of whether or not to stag it. Does it need to be? Your REALTOR should be able to help you answer this question, since it's a very individual thing. 

So we need to know if you’re home needs some improvements to help potential buyers image themselves living in your home. That;s the goal after all! But what is home staging anyway? It’s the process in which we present your home as I mentioned above, to prospective buyers. REMAX Canada recommends three steps that include depersonalizing, decluttering and redecorating.

Depersonalize The Room

Let's get less personal! Starting with  organizing and putting things away, less is more people! You can pack your personal items from around your home. Items such as pictures, awards, etc... should be cleared away and cleaned up. Most likely you’ll have a professional stagger some and help you determine what to pack. This also means when you do move there's less to pack, it's a win win! 

Declutter Your Home

There can be a lot of stuff collected over a few decades of living in the same home, you might not even notice that things are a bit cluttered. Since we want to attracted potential buyers, we need to stick to the less is more motto. Let's pack some items that we maybe don’t need for now and make room. The idea is to have a clean and organized space, you might even want to paint a room or two, that’s where redecorating comes in.

Time To Redecorate 

The time had come, time to redecorate and make your home shine. Literally we want to make it shine and look like the perfect home for the buyer. Something needs to be said about what a fresh coat of pain can do! Your stagger might even choose to rent some new furniture to help get things even more modern and stylish. According to REMAX Canada, hiring a professional stagger is the right move, I agree!

But Who Will Pay For It?

This is a great question and usually it's the seller that's going to pay for this service, but it’s understood that they’ll make the money back in the sale of the home. According to the National Association of REALTORs, homes that are staged sell up to 30 percent more than those that aren’t staged.

The cost of having your home staged is determined by a few different factors. These can be the overall state of the home and how much staging is actually required. The home might only really need some paint and cleaning, while another home might be more work.

Depending on the amount of staging needed will determine the cost, that’s something you’ll discuss with your REALTOR and stagger. That’s the fun part, we want to make your home so appealing that buyers are knocking down the door to buy it!

The We Sell Millcroft Team

Do you have any questions about staging and how we can help you? The We Sell Millcroft Team is made up of experience real estate professionals that are ready to help you with all of your home buying and selling needs. Please feel free to contact our fantastic team at anytime either by phone at 905-330-2002 or by email at info@wesellmillcroft.com.

Housing market outlook for 2020 will be a seller’s

Let’s take a look at the housing market outlook for 2020. In this article we’ll review the report REMAX provided us with. They reported on these statistics and trends expected for 2020. It was reported that the market will favour sellers in the housing market when it comes to the average price of a residential property.

The Hamilton-Burlington area is experiencing a seller’s market. And with 1.9 months of inventory in Hamilton and 1.6 months of inventory in Burlington. It should be noted that buyer’s have had to adjust to the mortgage stress test.

And have had to find other ways to finance the purchase of their home. For example, there are some people that have chosen to go through private lenders rather than using a bank.

The Development Freeze in downtown Burlington

If you’ve been to visit downtown Burlington recently, it’s hard not to notice that there’s a lot of construction going on. New condo buildings seem to be popping up everyday. But there has been a development freeze put in place. This means that there could be delays to any future developments.

The municipal government has been putting out regular newsletters to let the community know what the plans are. It’s a good idea to pay attention to these updates if you have invested in a new condo.

You can find updates on the City of Burlington website. So that you’re aware of any possible changes to the freeze. However, with that being said, there are many new buildings that are in very sought after areas going up all over the downtown area.

The GO Train and Affordability Beyond the GTA

It’s no surprise that many people have been leaving Toronto and the surrounding GTA for quite a few years now. And they’re moving to areas such as Hamilton and Burlington.

With the GO Train service expanding and moving toward the Niagara area, it’s only giving more people opportunities to own their own home. And the Hamilton industrial sector has picked up, the economy is expected to see positive impacts over the coming year.

With buyer’s from the GTA being a major force in the area and because there has been this expanded GO Train service in recent years, along with affordability in the area. There will be a clear impact on the Hamilton-Burlington housing market in 2020. These buyers are expected to help drive the demand in 2020.

Hottest Neighbourhoods in Hamilton and Burlington

It’s time to talk about the hottest neighbourhoods in Hamilton and Burlington. In Hamilton the neighbourhoods that made the most popular list are; Leckie Park, Waterdown West and Fifty Point. And the hottest neighbourhoods in Burlington that made the popular list are; Brant Hills, Central and The Orchard.

All of these are some of the most sought after neighbourhoods in the Hamilton-Burlington area. There are a lot of different factors that come in to play here; it can be things such as schools, affordability and most desired area.

National Perspective

RE/MAX Canada is anticipating a levelling out of the highs and lows that were reported by the Canadian housing market in 2019. And this is specifically true in Toronto and Vancouver. There are expected to be healthy price increases.

It was also reported that across Canada the markets have experienced moderate price increases year-over-year from 2018-2019. That being said, some regions in Ontario have continued to experience higher than normal gains.

“Southern Ontario is witnessing some incredibly strong price appreciation, with many regions seeing double-digit gains. Thanks to the region’s resilient economy, staggering population growth and relentless development, the 2020 market looks very optimistic.” – Christopher Alexander, Executive Vice President and Regional Director RE/MAX of Ontario-Atlantic Canada.

Have Questions About the Market Outlook?

If you have any questions about the information you’ve just read about, contact Lori VanDinther and her team. They would be more than happy to discuss them. And if you’ve been thinking about selling your home, contact the team at We Sell Millcroft today. They’ll help you find your dream home.

You're Planning To Move In The Winter 

So you're moving and it's the winter, that can be stressful but we want to help make the experience easier with some helpful advice. Lots of people move during the winter months, it's more common than you might think. We hope that these tips and advice will help you with your upcoming move. 

Check The Weather 

This one is obvious, but needs to be said. It's so important to check the weather the week leading up to your move. Depending on where you are in the country will determine what weather to expect. In Burlington anything seems to be possible. We can have a mild winter or lots of snow. So keep your eyes on your weather app and make sure you're prepared. 

Kids and Pets

You're moving the family and you also have pets, plus it's the winter. Or you just have pets, which to some of us are our children. It's not a bad idea to find a babysitter or send them off to a family member for the day. This is a good idea during any season that you're planning on moving. 

Don't Forget To Transfer Your Utilities 

The winter is cold, as you know, and we want to make sure that you're warm on the day of your move. It's not a bad idea to get your utilities on in your new home a few days early. Then you'll be moving into a warm and comfortable home. 

Start Moving Day Bright And Early 

We all know that sometimes winter can be unpredictable and the weather can change. Because of this, we recommend that you start the day as early as you can. That way if there are any delays at least you're off to an early start. Don't worry, movers are prepared in the winter for such events. But we also would recommend that you speak with your moving company a few days before to re-confirm details about your move and any weather concerns you might have. 

Dress For The Season 

It's winter and it's cold out. Make sure that you're wearing the appropriate clothing. We would also recommend that you wear layers; that way you can take layers off if you're getting to warm from all that running around. Moving day is a busy day, so let's dress for the weather inside and outside.  

Contact Us At We Sell Millcroft 

All of us here at We Sell Millcroft are looking forward to working with you. And helping you find your dream home in Burlington's most sought after neighbourhood. Make sure you contact us and we can get you started and find the home you've been looking for. And if you have any questions about moving in the winter we would be happy to help. 

When we take a look at the above chart, Monthly Housing Statistics. we can see that the median price of a home in the Millcroft neighbourhood was listed at $875,000. This is a 20.2% increase from 2018 however, the average sales price of a home saw a 11% increase from 2018 to $889,667.

August was a good month in Burlington's most sought after neighbourhood. We can now take a closer look at the average sale price of a home by looking at the bar graph below. 

This is a great bar graph that represents the Average Sale Price of a home in the Millcroft neighbourhood. It's great because it shows us a comparison to 2018. Red represents August 2018 and the blue represents August 2019. We can see that there was an 11% increase from 2018 in the average sale price of a home to $889,667. 

We can clearly see that there is a significant increase from 2018 and only a slight decrease in the year to date graph on the right. There was a 1.63% decrease to $973,808. It's also important to take a look at how long a property remains on the market. And to do that we can look at the graphs below and get an idea of how Millcroft did in August 2018 and August 2019. 

Above are the graphs that represent the Average Days on Market for homes in Millcroft for August 2019 and 2018. This is where we want to see a decrease in numbers. And we can see that there was a huge decrease in the number of days a home was on the market. 

It's come to no surprise that in 2019 there was almost a 50% decrease in days a home is on the market since Millcroft is one of the most sought after neighbourhoods in Burlington. 21 days was the average days and there was a 10.11% decrease in the year to date graph with the average days being 24. 

For More Information About Statistics 

If you would like to learn more about the Millcroft real estate statistics you can visit the Market Stats section of our website. And you can always feel free to reach out to Lori and she'll be more than happy to answer any questions you might have. 

Contact Lori VanDinther at We Sell Millcroft 

If you think it might be time to sell or if you have been interested in moving to Millcroft, contact Lori today. She would love to talk to you about this incredible neighbourhood.