House prices predicted to rise in Burlington in 2024

House prices in Burlington are expected to rise by as much as four per cent in 2024 according to new data released by Re/Max.

Analysts with the real estate company indicate that coming out of a soft market in 2023 a robust return is anticipated next year with the average home price expected to jump to just below $1.148 million.

“Sales activity will also be solid, with housing transactions predicted to rise by three per cent,” the Re/Max report says.

The analysts go on to say the Burlington real estate market will turn into a balanced one where demand for homes will equal the supply.

In particular, Re/Max points to condominium sales as an area that could spike in 2024. This is a change from what was experienced in 2023 where condo/apartment sales fell 41.5 per cent year-over-year, although benchmark prices rose three per cent to $622,000.

Recently the overall market has been considered soft with residential property sales in October tumbling by nearly 20 per cent in Burlington in year-over-year data.

Still, despite the lack of transactions, the trend has not impacted prices this year with Re/Max indicating that the average price for a residential home sold in Burlington increased by six per cent.