By Staff
April 8th, 2022
BURLINGTON, ON
Yesterday we got the federal budget that promises all kinds of money for housing people can afford and a tightening of the rules that will govern real estate speculators.
Today we get to look at what life is really like in the Burlington real estate market.
From the Rocca Sisters:
During the month of March, the average price for a freehold property in Burlington was $1,510,482, 17.3% higher than March 2021 when we saw the average price at $1,288,129 and slightly down from the average price of $1,626,700 last month.
During the month of March, properties sold for 116% of the listed price down from 124% last month and in 6 days, on average, on par with last month.
Sales were still down 23.8% as compared to March 2021.
Inventory levels, although still historically low, have increased substantially over the last month. The market started to shift slightly mid-late February and we continue to see the transition day to day.
The City of Burlington appears to have lost the ability to process new development and building applications.
The system appears to be broken and well over regulated. It would almost seem that the Mayor working with Planning has designed it to be this way. I doubt that no more than 40 or 50 new homes will be built in the low density infill areas for a City of almost 200,000 thats pathetic. That must put a smile on the face of the Banana Nymby’s and our Mayor.
With more than 450,000 new immigrants coming to this country a year, I wouldn’t hold my breath on the shortage of housing ending anytime soon.
Remember, those deciding to sell their houses now to cash in. Still need a house or other forms of housing to move into. You will find many developers in Burlington who have had to wait 8 or 9 years to have their development completed by the City’s incompetence will be walking away from the deals they made with purchasers, which the offers signed permit them to do. The Mayor will soon be turning peoples lives upside down. The purchasers equity that built up with the increased value of the units they thought they would be purchasing. Will head back into the pockets of the developers. If they now want to buy again they will almost have to pay double. Making developers wait 8 or 9 years
thats almost 1/3 of a Government employees working career. Insane.
It appears that some common sense is coming down the road to facilitate housing approvals. From what I understand the Provincial Government is stepping in to force Municipalities to move along much quicker and take away much of the power from Nimby’s and their Mayors.
For those poor folks that are now having to pay the developers much more money to re-negotiate their deal. You can thank your Mayor.
I have 1 question. With the value of the condos
you purchased skyrocketing and almost a bag of gold at the end. Why did all of you purchasers not force this Mayor to move this project forward a little quicker? Make sure you vote for her again, she served you well. For those who work in the construction industry and related fields I don’t think all those delays of these buildings to be built have helped you. Come election time help her as much as she helped you.