Rocca Sisters report that the real estate market in Burlington is now in balance and able to cool down after a blazing hot six month run.

News 100 greenBy Staff

September 14th, 2017

BURLINGTON, ON

 

The Rocca Sisters, a Burlington Realtor point out that the August real estate sales results need some perspective: you have to look at the last 6 months.

Applefest posterIn March 2017(the peak of the runaway hot market), prices were up by over 30%, year over year.

In August, prices were up 2.3% a slight improvement over July when prices were up 2.2% year over year.

Interestingly, CPI for the same period was up by 1.3% which suggests that even when the real estate market is experiencing a reversal of fortunes, as an investment, it’s still outstripping CPI.

Sales are down by 20%, DOM are up by over 50% and inventory levels are 137% higher at the end of August 2017 then they were in 2016.

These conditions indicate that Burlington is now in a balanced market. If all goes according to plan, this balanced environment will continue right through to the spring.

The interest rate increase announced recently will ensure that the market remains balanced and that’s exactly what the increase is meant to do –  Cool things down.

August 2017

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2 comments to Rocca Sisters report that the real estate market in Burlington is now in balance and able to cool down after a blazing hot six month run.

  • Dan

    I would be interested to see a map that shows the areas above, to further disseminate the info…..for example, does ‘rural’ mean both north Burlington and north aldershot, which itself is very rural? Or is part of just ‘aldershot’? What’s the difference between central and dynes, or longmoor and pinedale? Is Plains not a part of aldershot? Where are the borders? Just curious, would be more interesting to see the areas.

  • JQ Public

    These figures are all over the map. I assume the year-over-year numbers quoted are aggregate over the whole Burlington market.

    The so-called “plan” and the interest rate changes give absolutely no assurance that the market will be “in balance” henceforth.

    Prices rocketed up to absurd levels over many years. They peaked in the spring. If they are now down to about where they were a year ago, then they have only fallen for a number of months, not years. What goes up often must come down. And it often takes years, not months. We’ll see if this “balance” as they call it does indeed stay. But don’t bet the farm (or the house) on it.