Residential housing prices remain steady - year over year increase was a whopping 21.7%

By Staff

August 24th, 2021

BURLINGTON, ON

The country struggles with how to deal with a fourth wave of Covid19 infections.

The country gets plunged into a federal election.

And the world watches as thousands of people in Afghanistan fee for their lives terrified that the Taliban will change the country.

In Burlington people are still buying and selling homes in uncertain economic times.

The Rocca Sisters, a real estate agency, advise that:

While prices remained steady with an average sale price of $1,260,080, up 21.7% year over year, sales were down by 36.8% when compared to July 2020. The big news at the end of July was inventory levels.

On average, for the past 5 years, there were 334 active listings at the end of July. At the end of July 2021, there were 78. During the month of July properties sold for 105.75% of the listed price and in an average of 12 days (compared to 10 days in June) and a slightly higher list/sale price ratio in June when it was 105.22.

The remarkable sales that we always referred to in months gone by are becoming less and less remarkable and more and more predictable. Prices are stabilizing and a good real estate agent should be able to predict outcomes much more accurately these days.

Price and sales data for July 2021 freehold sales

What does all this mean?

August will be a quiet month. While there still does not seem to be any shortage of buyers, there is just not enough inventory to keep them active. It is likely a very good time to list your home given the incredibly low inventory levels but, the buyer pool has shrunk. We expect to see inventory and sales ramp up fairly early in September and we also expect to see a strong, slightly more balanced fall market which is good news for everybody.

Condo market

Average sale prices in the condominium market were up 7.6%, price per square foot was up 17.5% and sales were down 43.9% in July, as compared to July 2020.

Condo apartments sold for 100.10% of the listed price and in an average of 16 days.

Inventory levels were at 53 active listings, down considerably from the 5 year average of 89. Year to date, sale prices have increased by just over 16% and price per square foot has increased by just over 18% when compared to the same period in 2020.

Pricing and sales data on the Burlington condo market.