Prices falling in Burlington, but 30% of houses still over $1.5 million

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Published January 4, 2024 at 10:37 am

housing prices burlington
House prices haven't risen sharply in Burlington - photo by Karen Longwell

While house prices in Burlington are down from the record highs reached in 2022, over 30 per cent of homes for sale are still priced at $1.5 million or higher. 

According to recent data from the Realtors’ Association of Hamilton-Burlington (RAHB), sales and prices have been impacted by the steady rise in interest rates last year. According to RAHB’s report, sales eased by close to eight per cent, with homes priced over $600,000 seeing the most impact. 

That said, prices still remain high.

According to the report, the average price of a home (all home types combined) in the city hit $1,049,699 in December 2023–up 2.7 per cent from December 2022. 

Last month, 98 homes changed hands (down 7.5 per cent year-over-year), while just 74 new listings hit the market (down 37.3 per cent year-over-year). While the dip in new listings is significant compared to last year, buyers have more inventory to choose from, which is putting some downward pressure on prices. 

According to RAHB, 296 homes are currently on the market–up 12.5 per cent from December 2022. This means there’s three months’ worth of supply on the market, with homes taking an average of 40 days to sell. 

“Easing sales and rising inventory caused the months of supply to trend up by the latter part of the year. While the months of supply is not as high as in other areas, prices still trended down,” the report reads. 

“This is likely due to the share of higher-priced properties in Burlington. Over 30 per cent of the inventory is priced above $1,500,000; this price range reports the highest months of supply and lowest sales-to-new listings ratio.”

RAHB says the 2023 annual average benchmark price was $1,037,075, nearly seven per cent lower than the 2022 record high.

As for specific home types, the report says detached properties remain the most expensive, with the average price hitting $1,333,771 in December (a 6.8 per cent decrease from December 2022). Semi-detached homes cost $925,100 (up 8.8 per cent), townhouses cost $912,342 (up 17 per cent) and condos cost $592,583 (up 4 per cent). 

RAHB says condos were the only property type to report a modest growth in sales, while activity slowed across all other property types, adding that adjustments in sales and new listings caused tighter conditions for the relatively more affordable row and apartment-style properties. 

RAHB says annual price declines were lower in the Burlington region than in other locations within the RAHB market area, which includes Hamilton, Niagara North and Haldimand County. 

“Lending rates have not been at these levels in two decades, which is weighing on housing demand,” Nicolas von Bredow, president of RAHB, said in the report. 

“What we saw in 2023 is that higher-priced detached and semi-detached properties were the primary drivers of sales declines. Sales improved for homes priced below $600,000, but this range only represents 20 per cent of supply.” 

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