Homes For Sale in Burlington
With the Golden Horseshoe experiencing a very cold winter, breaking records on the coldest January days, spring was slow coming this year. It’s a funny thing, but we are such creatures of habit. As the days lengthen, the sun starts to show its face and temperatures pop up above those frosty winter norms we all come out of hibernation. It’s even more apparent in the housing business. Early in the spring, trying to divine if the year will be busy, we look for clues. The recent interest rate increases and dire warnings from the government regarding the monetary tightening seemed foreboding. The listings of Homes for sale in Burlington felt stagnant for a spell. The phone was also quiet in the early spring and real estate news seemed glum. Fast forward a couple of months and a few degrees in temperature. Here we are in May and perhaps it’s the optimism of a budding spring but in our neck of the woods things are heating up to be a very busy year!
In March Kelly Bennet wrote for the CBC explaining that despite falling short of the previous year’s dizzying highs the real estate market was still showing a great deal of vitality. Homes for sale in Burlington this February were the lowest in 15 years. Perhaps the inventory was exhausted by the “press” to buy before the new mortgage rules hit, regardless, supply and demand economics would suggest upward price pressure with that dearth of supply.
Bennett quoting George O Neil CEO of the Realtors association explained that February 2017 was a “remarkably active month.” However comparing to 2018, across the board, Homes for sale in the Burlington area still increased year over year. Despite other reports lamenting what is widely considered a sluggish spring market real estate expert, Gord Collins’ crystal ball sees an upsurge in GTA real estate citing the expectation of a post Ontario election uptick. TD Bank’s Michael Dolega likewise sees a rebound in the real estate market fueled by a tight job market and increasing wages. Nick Capuano, contracts manager at Chatsworth Fine Homes an expert in purchasing for building new homes, commented that what appeared to be a “softness” in some trade pricing over the winter and early spring has now evaporated with the advent of a new season and the spring rush!
In the interests of brevity and without expanding further, we at Chatsworth Fine Homes see price growth in homes for sale in Burlington for the near and long term future fueled by a shrinking inventory and ever increasing demand.