Sales were up, prices were up and days on market were way down. Looking a little closer, the expected was happening and it was all superficially and completely unsustainable..

News 100 blueBy Staff

June 13th, 2017

BURLINGTON, ON

 

The sisters released their most recent update on where things are going in the world of real estate – a market that is in a state of flux to say the least.

The Rocca Sisters & Associates, who work under the banner of Royal LePage, have created a brand that is supported by significant local promotion.

the sisters

Cathy and Tanya Rocca.

In their end of May report, they say the impact of the new rules announced by the Wynne government had not yet been felt in Burlington, overall.

Sales were up, prices were up and days on market were way down. Looking a little closer, the expected was happening.

The older parts of Burlington where homes lack the more modern amenities started to show some softening.

When inventory levels start to increase in areas such as Millcroft, Orchard and more significantly in Oakville, these older homes – side-splits, bungalows and raised ranches start to look less attractive. Similarly but for different reasons, Tyandaga saw a significant decrease in sale price for the month of May, due to a few uncharacteristically low sale prices for some link and semi-detached homes, but also due to the area being much farther west, adding to commute times.

When buyers have choices in Oakville, and north east Burlington, they tend to avoid anything west of Walker’s Line if they work east of Burlington. We expect the market in Burlington to continue to settle and with any luck, achieve more balance, where buyers have choices, time to think about a purchase and include conditions to ensure that they are able to successfully complete a transaction.

Clearly some communities will see softening but only from a superficial high that was completely unsustainable.

Rocca sales numbers May 2017

 

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1 comment to Sales were up, prices were up and days on market were way down. Looking a little closer, the expected was happening and it was all superficially and completely unsustainable..

  • David Fenton

    I’m glad you two are not selling my beautiful century home West of Walkers. Are you not paid by the seller?