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Real estate market in Burlington

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  • Apr 8th, 2016 12:58 am
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Apr 4, 2016
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Real estate market in Burlington

Hi I'm new.

I have been watching the “sold” reports that list recent home sales in the Greater Toronto Area and have been floored by the crazy rise in prices in some areas, especially York Region. In case you haven't noticed, York Region home sales have really gotten insane.

I see a lot of activity in Durham Region, too, but what's going on there is different than what’s going on in York Region. Durham seems to be an up and coming area because the prices are still so low that many people can afford to buy there, but York is where "demanding buyers" are pushing prices up to the sky.

I am wondering about the western side. Burlington seems to be heating up now. Burlington houses are selling quickly for over the asking price. This is a new phenomenon there. I haven't seen it there before. Not like this, anyway.

I’m just wondering what others think.

I know that Hamilton is running a similar streak to Durham region, where the low, low prices are attracting a lot of buyers, but Burlington is an different sort of market. Maybe like York? I'm wondering. I'm thinking I might head that way but want to get in before the craziness gets going.

Does anyone think that Burlington real estate going to heat up to insanity the way York Region has in the past couple of years?
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Feb 2, 2014
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Loie1977 wrote: Hi I'm new.

I have been watching the “sold” reports that list recent home sales in the Greater Toronto Area and have been floored by the crazy rise in prices in some areas, especially York Region. In case you haven't noticed, York Region home sales have really gotten insane.

I see a lot of activity in Durham Region, too, but what's going on there is different than what’s going on in York Region. Durham seems to be an up and coming area because the prices are still so low that many people can afford to buy there, but York is where "demanding buyers" are pushing prices up to the sky.

I am wondering about the western side. Burlington seems to be heating up now. Burlington houses are selling quickly for over the asking price. This is a new phenomenon there. I haven't seen it there before. Not like this, anyway.

I’m just wondering what others think.

I know that Hamilton is running a similar streak to Durham region, where the low, low prices are attracting a lot of buyers, but Burlington is an different sort of market. Maybe like York? I'm wondering. I'm thinking I might head that way but want to get in before the craziness gets going.

Does anyone think that Burlington real estate going to heat up to insanity the way York Region has in the past couple of years?
Man, you're dead on.

Durham is insane right now. I mean I was in a bidding war with over 20 other offers on Monday. As you said, where else can you get a decent house in the east end for around $300,000-$350,000? Oshawa and Bowmanville are smoking right now.

Hamilton is already there. Last year I started to get involved in some crazy bidding wars on the Mountain. With the Red Hill Valley Parkway, it's so fast and easy to get to the QEW to commute to Oakville/Mississauga/Toronto for work.

Good job following the real estate markets and analyzing them.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
[OP]
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Apr 4, 2016
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CdnRealEstateGuy wrote: Man, you're dead on.

Durham is insane right now. I mean I was in a bidding war with over 20 other offers on Monday. As you said, where else can you get a decent house in the east end for around $300,000-$350,000? Oshawa and Bowmanville are smoking right now.

Hamilton is already there. Last year I started to get involved in some crazy bidding wars on the Mountain. With the Red Hill Valley Parkway, it's so fast and easy to get to the QEW to commute to Oakville/Mississauga/Toronto for work.

Good job following the real estate markets and analyzing them.
Hey, thanks for this. I'm just an amateur but I do try to pay attention and learn.
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Dec 21, 2010
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Burlington is already well past the "heating up" stage.

It's now becoming bidding war territory to get into Burlington. I have been moving clients even further west.... Acton and Guelph are the next steps now. Caledon is almost untouchable (depending on the area).

Guelph is getting big now because of the proximity to the airport and hwys, and really famliy-friendly communities, growing infrastructure, safety ratings and low price detached homes. Just sold one for $340,000 on a decent sized lot with updated features, etc that would be comparable to homes in York Region (ie Markham, slightly older detached that would sell for $850,000+). Just to give you some perspective :)
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Jul 3, 2011
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Further to Loriblum's post, Burlington has been on fire for three solid years.
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We moved to Stoney creek on the lake side last year and got involved in 4 bidding wars all of which sold over asking before we got our home and that was last April. I can only imagine what it's going to be like this coming year and were are 15 min further then Burlington. I must say the commute is very very easy I imagined it way worse to Mississauga but I was very wrong
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How and where do you get sold reports? Would love that. MLS listing price is not factual at all in today s frenzy
Deal Guru
May 1, 2012
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CJJ25 wrote: How and where do you get sold reports? Would love that. MLS listing price is not factual at all in today s frenzy
Listing price is basically 5-10% below what you expect to pay. If the house is presentable and shows well, you are basically screwed unless you got another 15% over listing laying around.
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Apr 4, 2016
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licenced wrote: Further to Loriblum's post, Burlington has been on fire for three solid years.
But it's not flaming hot like York Region. I have a few friends who sold homes in Newmarket-Aurora last fall and after seeing the outrageous jaw-dropping bids (which clearly are still going on, by what I'm seeing), I started really paying close attention. It's ridiculous.

At the same time I have been semi-actively looking, as well as watching the solds, and it's clear that Burlington is heating up, but again, there's not the same heights of "feeding frenzy"that are currently found in York Region.

Only in recent weeks have I seen the possible beginnings of a similar phenomenon in Burlington. Hence, my question. With all that's going on in Burlington (lakeshore, all day trains, etc.) when compared to Newmarket-Aurora, I'm genuinely surprised that the madness isn't more comparable.
CJJ25 wrote: How and where do you get sold reports? Would love that. MLS listing price is not factual at all in today s frenzy
I subscribe to tosolds.ca. For $1 a month, it's a bargain.
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Less inventory, for starters.

You are comparing a city to a region. Burlington is not a fair comparable of York Region.

If you mean Burlington compared to Stouffville, I can send you insane Sales that are occurring at record speeds for above asking prices. It's all relative.
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At the end of the day, you're the boss and need to make sure I'm worth your rate of pay!
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Jan 31, 2016
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Kawartha Lakes
CdnRealEstateGuy wrote: Man, you're dead on.

Durham is insane right now. I mean I was in a bidding war with over 20 other offers on Monday. As you said, where else can you get a decent house in the east end for around $300,000-$350,000? Oshawa and Bowmanville are smoking right now.

Hamilton is already there. Last year I started to get involved in some crazy bidding wars on the Mountain. With the Red Hill Valley Parkway, it's so fast and easy to get to the QEW to commute to Oakville/Mississauga/Toronto for work.

Good job following the real estate markets and analyzing them.
In Bowmanville right now for example a 1400 sq ft starter home is selling for 100k more then this time last year. That is a huge increase when you are talking a 300k home.

We looked in Burlington 10 years ago fpr investment, regret not buying there with the solid increase in values the last few years.
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Jul 3, 2011
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Loie1977 wrote: But it's not flaming hot like York Region...
Only in recent weeks have I seen the possible beginnings of a similar phenomenon in Burlington. Hence, my question. With all that's going on in Burlington (lakeshore, all day trains, etc.) when compared to Newmarket-Aurora, I'm genuinely surprised that the madness isn't more comparable.
No it's not flaming hot like York Region, there's no reason it would be since York Region has for decades now been more popular than Burlington.

But, still Burlington has been experiencing fantastic increases in values for more than just in recent weeks.

The increases to the median price for Burlington in each of the years since 2011 at March 31 are:

18.6% (12/11) 3.8% (13/12) 10.9% (14/13)11.6% (15/14) 8.9% (16/15)

Median price has gone from $364,750 since march 2011 to $605,000 in March 2016. That's nothing to sneeze at.
[OP]
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loriblum wrote: Less inventory, for starters.

You are comparing a city to a region. Burlington is not a fair comparable of York Region.

If you mean Burlington compared to Stouffville, I can send you insane Sales that are occurring at record speeds for above asking prices. It's all relative.
I get what you're saying, but it's also easy to break it down by city. Stouffville is hot as well. It's pretty clear where the hottest markets are.

The real estate sales and prices in the cities north of Toronto are hitting the sky. To the east of Toronto, sales are high, but prices are not -- the prices are rising, but they're not hitting insane levels. The cities west of Toronto have been priced higher than those east of the city historically, so there's not the life-changing explosive prices going on there.

Here’s a sampling of what was in this morning’s “sold” report.

STOUFFVILLE
MLS N3449303 listed at $549,900 sold for $582,000 in 7 days (106% difference)
MLS N3447827 listed at $550,00 sold for $620,00 in 7 days (113% difference)
MLS N3440075 listed at $719,000 sold for $758,000 in 18 days (105% difference)

NEWMARKET
MLS N3451165 listed at $529,900 sold for $602,100 in 5 days (114% difference)
MLS N3450581 listed at $679,880 sold for $757,000 in 6 days (111% difference)
MLS N3450983 listed at $565,000 sold for $587,000 in 5 days (104% difference)

AURORA
MLS N3449107 listed at $539,000 sold for $622,000 in 7 days (115% difference)
MLS N3449483 listed at $898,9800 sold for $1,050,000 in 2 days (111% difference)
MLS N3449357 listed at $948,800 sold for $1,018,000 in 7 days (107% difference)

AJAX
MLS E3452804 listed at $350,000 sold for $421,250 in 4 days (121% difference)
MLS E3448701 listed at $599,900 sold for $611,000 in 7 days (102% difference)
MLS E3452115 listed at $699,900 sold for $745,000 in 5 days (106% difference)

WHITBY
MLS E3457824 listed at $314,900 sold for $309,000 in 1 day (98% difference)
MLS E3434841 listed at $350,000 sold for $439,000 in 3 says (125% difference)
MLS E3450575 listed at $449,900 sold for $461,000 in 6 says (102% difference)

BURLINGTON
MLS W3452815 listed at $449,900 sold for $475,500 in 5 days (106% difference)
MLS W3451543 listed at $524,900 sold $524,900 in 6 days (100% difference)
MLS W3451507 listed $620,000 sold for $624,900 in 6 days (99% difference)

For yesterday’s sales under $400,000 the sold homes are found in Clarington, Georgina, Whitby, Oshawa, Brock and Brampton

For yesterday’s sales between $400,000 and $500,000 the sold homes are found in Whitby, Oshawa, Clarington, Ajax, Brampton, Georgina, and one sale each in Halton Hills, Stouffville and Burlington

For yesterday’s sales between $500,000 and $600,000 the sold homes are found in Whitby, Oshawa, Ajax, Pickering, Clarington, Brampton, Mississauga, Burlington, Toronto, Newmarket and Aurora

For yesterday’s sales between $600,000 and $800,000 the sold homes are found in Toronto, Newmarket, Aurora, Mississauga, Vaughan, Brampton, Oakville and Whitby. Not as many sales in this category to the east of the city – they are more north, northwest and west.

I've sort of lost my original point (if I had one). But it's all interesting (to me, at least) how one region becomes so "desirable" in different ways (and I'm always trying to figure out the reasons for that).
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I love your enthusiasm and drive, but as someone in the industry, I'm objective and view the overall, including new builds, resales and new construction permits being issued that tells me of future builds.

What I see is that, while York Region is obviously "hotter", Burlington is an area where Sales are reported less often due to supply and also other variables including FSBO's (however I do not have the stats on that at my disposal).

Rest assured, Burlington will continue to rise and it's a wonderful place to invest/live :)
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Ketchenany wrote: In Bowmanville right now for example a 1400 sq ft starter home is selling for 100k more then this time last year. That is a huge increase when you are talking a 300k home.

We looked in Burlington 10 years ago fpr investment, regret not buying there with the solid increase in values the last few years.
Forget about comparing 2015 to 2016! Bowmanville and Oshawa have boomed compared to January 2016!

Here's the deal...Oshawa and Bowmanville are the only areas out east where you can find a freehold house in decent shape for low to mid 300's (near the GTA). Courtice is just a notch higher in price. There such a huge demand for properties in that price range, but there isn't much for sale (lack of supply/inventory). As a result you are getting massive bidding wars and people are spending at the top of their budgets to win those wars.

If you're buyer that can only afford a $325k house, you have to buy now or you may never get one for a while (until your income or down payment increases). I hate to say this, but buyers in this price range are "desperately" looking to win a bidding war and buy a house.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative

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