The Burlington resale home market recorded double digit increases for both volume and prices in April. From a volume standpoint, a total of 384 sales were recorded in April – up by an eye-catching 12.3% versus the 342 homes sold in April 2014. On a year-to-date basis (January through April), volume is up by a solid 7.6% versus last year despite a very weak month of January (which was actually down by 16.1%). These healthy volume gains clearly demonstrate both the continued affordability of home ownership and the growing allure of the Burlington market. It should also be noted that ultra-low interest rates have gone a long way toward mitigating the effect of rising home prices. The 5-year variable rate is now as low as 2.00% while the 5-year fixed rate is as low as 2.48%.
Double digit growth also occurred on the pricing front, with the average price reaching a new all-time high of $583,867 in April. That was up by a whopping 12.5% versus the $518,869 average price posted in April 2014. On a year-to-date basis (January through April), Burlington prices are up versus last year by the same 12.5% figure. To put this price growth into a more full perspective, the most recent inflation growth figure from Stats Canada (March 2015) stands at just 1.2%. Therefore home ownership in the Burlington market has offered a real return of over 11% thus far in 2015. Prices are being bolstered by a combination of low inventory (active listings at the end of April were down by 6.9% versus last year) and the aforementioned ultra-low borrowing costs.