By Staff
July 22, 2015
BURLINGTON, ON
A few interesting observations in Burlington: Shoreacres, the community with the highest increase in # of sales and one of the lowest DOM (Days on Market) resulted in the lowest increase in price which suggests that Shoreacres is experiencing a very balanced market. The more likely explanation is that there were several properties on the market that were over-priced.
Girls selling lemonade on Palmer Drive
On the other hand, Palmer is a community where supply is not meeting demand – sales are up by 35%, DOM are down significantly and price has risen by over 13% – a true example of a sellers market.
This can be explained by the simple fact that the average price of a property in Palmer is still in the low $500’s making these properties very attractive to first time home-buyers and empty-nesters.
Another notable community is the Orchard. It may very well be that the Orchard community has finally reached a ceiling in terms of price. The results for the first half of the year suggest that while there is still not enough inventory, that there are a never ending number of buyers and properties are generally selling for the asking price or more, prices are not increasing accordingly.
The Rocca Sisters provide the data for this report.
Overall, the Burlington market is heavily favoured towards the seller and with the exception of a few communities, experiencing double digit growth. There is still a large pool of buyers just waiting for the right property to be listed. One very significant sector that has stalled due to a lack of inventory is the downsizer.
There are very few decent sized condo apartments / bungalow / bungalofts for downsizers which has resulted in a stalled move up market.
