By Staff
November 8th, 2017
BURLINGTON, ON
The monthly Rocca Sisters analysis of the real estate market in the area has not included condominiums, mainly because taking the temperature of the condo market every month would have resulted in the same old same old.
That is changing.
Starting January 1st, they will be monitoring the condo market – it will be treated separately and include condo stats each month.
Bunton’s Wharf – one of the several condominiums strung along the north side of LAkeshore Road, Sales of condo units will be published in 2018
In the meantime, the condo market has become very relevant in many of our trading areas.
In October we saw 95 condominiums sell which is down over 25% as compared to the same period last year however, we saw the average price increase by 20% which is about 3 times more than the average price increase we would normally see.
We are chalking it up to affordability and first time home buyers. With the average price of a condo at $510,000 and the average price of a freehold home at $910,000, it’s no wonder buyers are turning to the condominium market, some out of choice and some out of necessity.
The month of October saw a just over 3% increase in prices paid, as compared to last October and a 7% decline in the number of sales.
YTD however, Burlington is still holding on to a 15% increase in sale prices with a 10% decrease in the number of sales.
There are approximately 80 Active listings for lease, many of which have been on the market for over 30 days.
Details on the residential market in Burlington are set out below.
