BURLINGTON MAY 2018 MARKET REPORT
- THE MARKET CONTINUES STABLIZING
NUMBER OF SALES in the Burlington was slightly lower in May than last year. Although sales were down over last year, Burlington still reported more sales in May than the month before. While demand was down compared to last year, the supply of homes was up. The
NUMBER OF ACTIVE LISTINGS in Burlington increased compared to 2017.
AVERAGE AND MEDIAN SALE PRICES are down compared to last year however we still see Burlington posted slightly higher sales prices in May versus April. Burlington also saw higher Average and Median sales prices in May 2018 when compared to the same month in 2016…. remember that 2016 was a banner year. Although the psychological impact of the Fair Housing Plan and the Foreign Buyer tax is behind us, we are now starting to experience the effect of the
OSFI MORTGAGE "STRESS TEST" on the real estate market and rising mortgage rates. Buyers now need to qualify at higher rates, and due to the higher borrowing costs, some have to re-evaluate plans. It will be interesting to see how this all plays out in the coming months.
Absorption Ratio is rising a little bit and now is 43.74%. The market continues stablizing.
*** Information has been taken from the Toronto Real Estate Board. At the bottom of the page, there is also a video by Jason Mercer, TREB's Director of Market Analysis talked about what has happened in Toronto and the GTA in May and forecasts what to expect in the next few months.
Here is the video TREB Market Watch April 2018 by Jason Mercer, Director Market Analysis talked about what is happening in Toronto and the GTA. More than ever it is critical that both buyers and sellers need to keep informed of the current local real estate market conditions.
Therefore, if you are considering buying or selling a home in Oakville, Burlington, Mississauga or Milton, ON, call or text Maple Team Realtors at 416-414-3226 today. You can also live chat with us or leave a message for us on the page. We are here to help.
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