Some eye popping property sale numbers in the Burlington market in the last four months.

By Staff

August 21st, 2017

BURLINGTON, ON

The Rocca Sisters, a Burlington real estate agency, report that while the numbers are a little misleading because there is not enough data to really conclude anything from averages.

Nevertheless they conclude that the market in Burlington has experienced at least a 10% decline from the hot April market and in some areas, as much as 15%.

Year to date, the average prices in Burlington are still very strong as compared to last year and with the exception of Roseland, still in the double digits in terms of increased values.

What does that mean?  The Sisters explain:

“If you listed your house in April/May, chances are you will have to reduce the price by as much as 15% or at least 10% in order to get it sold. Unfortunately, we have seen properties continue to list at pre-price adjustment prices and so we have a lot of inventory that is overpriced at this time. We are seeing a record number of expired listings and/or cancelled listings which will ultimately result in better priced inventory that sells in somewhere around 30 days, on average.

The Sisters report that this is all very good news for buyers and sellers. “We expect to be back to a normal market in September, where sellers list their properties for normal reasons, downsizing, upsizing, new job or any other life experience that causes us to change our living arrangements.

“We suspect that we will continue to see low double digit increases in value year over year which will provide investors a healthy return and families achievable home ownership.”

There are some eye-popping numbers on this chart! Those who got out at the top of those markets can come back in for a very sweet capital gain.