Projected real estate market flat next year in Burlington following this year’s dip

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Published December 1, 2023 at 2:03 pm

Ontario real estate

Experts at Re/Max Realty believe the Burlington housing market will be a balanced one in 2024, one of the few in the province not expected to favour sellers.

And sales prices are expected to rise by four per cent, after a year that just saw them fall by nearly 10 per cent (down 9.7 per cent from 2022 to 2023).

The national housing outlook anticipates home prices going up only slightly country-wide, up 0.5 per cent, but with increased activity.

In Burlington, to go along with the drop in prices last year, the number of total sales dropped from 2,279 in 2022 to 2,077 this year.

“The market has fluctuated throughout the year and is currently a buyer’s market, which is expected to move into balanced market conditions in 2024,” reads the report. “Average residential sale price is expected to increase by four per cent in 2024, while the number of sales transactions is expected to increase by three per cent.”

The top three neighbourhoods in Burlington that are likely to be the most desirable next year include Millcroft/Headon Forest, Downtown, and Tyandaga/Brant Hills.

“Emerging trends that are of interest to buyers right now include proximity to highways, public transportation options such as Go Trains, community walkability – an overall priority on easy movement within and beyond the region.”

Condominiums are expected to be the property type that will see the most sales in 2024, driven primarily by downsizers searching for units in downtown Burlington.

These buyers are looking for buildings that offer amenities like gyms, pools, and indoor theatres, and are located close to grocery stories and health services. New construction projects are primarily focused on condominiums, building larger units with two to three bedrooms, located close to the downtown core.

“An increasing number of first-time homebuyers are pursing alternative homeownership options such as buying with friends or family in order to get a foot in the door for home ownership,” said Conrad Zurini, Broker/Owner, RE/MAX Escarpment Realty Inc. “We anticipate this trend to continue in 2024.”

Interest rates and mortgages are prominent influences on housing market conditions in Burlington right now, with many first-time buyers either waiting on the sidelines or looking for alternative homeownership opportunities for an affordable way into the market.

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