MARKET INSIGHTS

burlington market report

APRIL 2024 MARKET INSIGHT REPORT: RESIDENTIAL

Just a reminder of the parameters we use when assembling these stats:

Freehold properties only, meaning both the land and the structure on it is owned outright with no space co-owned or co-managed with owners of adjacent homes. We do review Burlington condo apartments in a separate section. Price ranges – in order to avoid outlier sales that skew the numbers too significantly, we restrict our price ranges, shown in parentheses after the city name.

Below you will find the Market Insight Report for residential properties for Burlington, Oakville, Hamilton, and Greater Hamilton. The market has continued to change this month as you will see in this report.

The market is changing, let’s talk! Contact us at any time.

If you are thinking about selling, we offer a helpful FREE Seller’s Guide to help you get the most out of your biggest investment – your home.

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Burlington

The average price for a freehold property during the month of April was $1,370,695, down approximately $40,000 from March ($1,410,948) and up just $42,000 from April 2023, when the average price was $1,328,865. Units sold were up 9.2% as compared to April 2023. Days on market were at 16 (up from 15 in March) and properties sold for 100% of the listed price, on average. There were 198 active listings at the end of April, up 6% from the 187 listings at the end of March.

Click here to view the Burlington sales and inventory spreadsheet

Oakville

The average price for a freehold property during the month of April was $1,750,882, down approximately $25,000 from March ($1,774,000) and very close to April 2023, when the average price was $1.76 million. Units sold were down 15.6% as compared to April 2023. Days on market were at 15 (no change from March) and properties sold for 100% of the listed price, on average. There were 412 active listings at the end of April, up 26% from the 326 listings at the end of March.

Click here to view the Oakville sales and inventory spreadsheet

Hamilton

The average price for a freehold property during the month of April was $723,816, up around $16,000 from March ($706,689) and very close to April 2023, when the average price was $733,690. Sales were down 5.8% as compared to April 2023. Days on market were up 12.4% at 23 (compared to 21 in March) and properties sold for 100% of the listed price, on average. There were 491 active listings at the end of April, up 17% from the 421 listings at the end of March.

Click here to view the Hamilton sales and inventory spreadsheet

Greater Hamilton

The average price for a freehold property during the month of April was $1,002,720, down approximately $14,000 from March ($1,016,023) and very close to April 2023, when the average price was $988,198. Sales were up 8.7% as compared to April 2023. Days on market were at 26 (no change from March), and properties sold for 98% of the listed price, on average. Inventory levels from March to April were as such: Dundas up 18% (from 22 to 26), Ancaster up 3% (from 94 to 97), Waterdown up 66% (from 32 to 53), Flamborough down 20% (from 79 to 63), Stoney Creek up 10% (from 163 to 180), and Glanbrook up 1% (from 83 to 84).

Click here to view the Greater Hamilton sales and inventory spreadsheet

Burlington Condos

The average price of a condo in Burlington during the month of April was $660,000, down $3,000 from March ($663,000) and down 1.3% from April 2023 ($669,000). The price per square foot was $680, nearly identical to April 2023. Sales were up 3.5% compared to April 2023. Days on market were 29 (up 107% from April 2023, but lower than March at 33) and condos sold for 98% of the listing price on average. There were 159 active listings at the end of April, up 15% from the 138 listings at the end of March.

Click here to view the Burlington Condo sales and inventory spreadsheet


What This All Means

Despite all the excitement about a possible rate decrease in June (which may or may not happen, depending on who you ask), we are seeing a true balanced market. Houses are selling at a healthy rate, and prices are staying extremely level. It has been said before - right now is a very, very good time to buy, and a good time to sell if you are also buying at the same time. Prices have not really changed in the past year, but that is very likely to change by the end of the year. We haven’t seen this kind of stability in all of our market areas in a very long time. If a move is in your future, it is a great time to get moving!

 

If you would like a call with us to understand this changing market and where it’s going and what to expect please don’t hesitate to request a call here, otherwise reach out and we would be happy to chat with you anytime.