By Staff
January 10th, 2019
BURLINGTON, ON
When all was said and done in 2018, sales were down 12% and inventory levels were down just over 20%. Sale prices settled at 1.9% below the average sale price in 2017. Not a bad result, given the doom and gloom we heard from many industry watchers.
We believe Burlington has had that soft landing we were hoping for and we expect 2019 to be business as usual with normal if not slightly softer increases in value (likely in the 3-5% range), a healthy number of sales and overall, a more balanced real estate market.
As expected, the communities that saw the sharpest increases in value are taking a little longer to recover. In particular, the Aldershot community continues to be struggling with a YTD average price 11% below 2017.
Both the Orchard and Elizabeth Gardens continue with sale prices down over 6% as compared to the same period last year but these communities continue to see improvements and should see parity with 2017 by early spring.
All in all, the real estate market in Burlington is balanced and buoyant and well positioned for a strong and healthy 2019.
