Burlington Market Supply Continues To Improve
A total of 265 resale transactions were recorded in Burlington in June, down by 30.1% versus the 379 units sold in June 2016. At the same time, new listings in June totalled 495 – up by 14.8% compared to June 2016. This brought total active listings by month end to 519 units – up by a whopping 74.2% versus last year. Despite this surge, inventory still lags the latest 10-year end of June average of 599 units by about 13%. The current market appears to be in a state of flux that often follows major policy announcements pointed at the housing market.
On one hand, purchase intent in the Burlington market remains strong, but a chunk of these would-be buyers are remaining on the sidelines waiting to see the full impact of the Ontario Fair Housing Plan. On the other hand, many existing home owners are listing their homes because they feel that price growth may have peaked. The end result has been a market with improving supply and moderating annual price growth.
The average selling price for a resale home in Burlington in June was $752,071 – up by a healthy 10.2% versus the $682,258 average price in June 2016. That said, prices are off substantially from their high of $837,719 which was recorded just last month. An increasingly better supplied market and a pause in demand have combined to create some moderation in price growth. Despite the recent pullback in prices, the overall price gain in 2017 remains highly significant.
With the year now half over, the year-to-date (January thru June) average price increase for all property types in Burlington remains at an eye-popping 23.2%. That translates into a home equity gain of over $148,000 for the average Burlington homeowner. Overall, the market appears to be heading back to a more balanced situation with supply starting to return to more normal levels and with the expectation that the recent pause in buying activity will be short-lived.
Burlington Transactions - JUNE 2017
|Neighbourhood||Total Transactions||Avg Sales Price ($)||Avg Days on Market|