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If you’re looking for a picturesque city, Burlington claims prime location along the shores of Lake Ontario with the bonus of having the Niagara Escarpment to the north. It has a big city vibe while maintaining a sense of community. At its heart is the downtown, complete with boutique shops, farmers’ markets, restaurants, entertainment and office space. The waterfront attracts visitors to its parks, festivals and beaches. Homebuyers enjoy a wide selection of house styles, ranging from century homes, new subdivisions and condos to lakefront estates. Older bungalows on large lots are now being developed into custom homes. It’s the perfect city for families who appreciate access to numerous sports amenities, including an abundance of ice arenas, pools, golf courses and community centres. Burlington also offers more than 580 hectares of parkland within the city and is a stone’s throw away from the Bruce Trail and Niagara Escarpment.
Hamilton Burlington housing market to favour sellers in 2021, prices expected to rise 7%.
The Hamilton Burlington housing market is expected to continue in strong seller’s territory in 2021, which is being attributed to a spike in demand from move-over buyers from the Greater Toronto Area. In response to rising demand, prices have continued on an upward trajectory throughout 2020. The Hamilton Burlington housing market saw average residential price rise to $651,418 in 2020 (Jan. 1-Oct. 31) compared to $569,919 in 2019 (Jan. 1-Dec. 31). Looking ahead, continued demand is expected put upward pressure on prices, with an expected increase of 7% in average price to $697,017 across all property types.
Demand for Hamilton Burlington real estate is being driven largely by migration from larger cities within the Greater Toronto Area, with buyers seeking homes with large lots, swimming pools, and neighbourhoods that have both suburban and urban aspects to them.
This has been a common trend across many Canadian housing markets as well as regions abroad, whereby homebuyers are opting for more square footage and green space outside of urban areas in the wake of COVID-19. Factors impacting this broader trend include the rise in remote work, the desire for more space and less density, as well as lower housing prices.
First-time homebuyers in Hamilton Burlington are typically young couples who are paying between $450,000 and $550,000, and most commonly purchasing townhomes.
The move-up market has recently seen a large increase in activity and demand, and is being propelled predominantly by families. More traditional home layouts, proximity to good schools, and nearby walkable open space are some of the main criteria for the move-up buyer since the start of COVID-19.
Hamilton Burlington’s luxury market has seen rising prices and low supply, and demand only expected to increase in 2021.
The most in-demand neighbourhoods projected for 2021 are Community Beach/Fifty Point, Meadowlands and Waterdown West.
*Source: Historical values are sourced from CREA or Local Board statistics. Estimates and forecasts are based on the opinion of independent RE/MAX broker/owners and affiliates.