More good news! Hamilton-Burlington residential real estate is expected to post a strong performance for this year. Demand remained solid across the board throughout much of the year, although inventory proved a challenge, particularly at the entry-level price points. With sellers firmly in the driver’s seat, the market experienced persistent upward pressure on pricing.
The construction sector remains a bright spot, with building permits on track to set another new record in 2013. More than $1.175 billion in building permits was issued in the first three quarters of 2013 alone. Spillover should continue into next year.
Renovations continued unabated, with plenty of money poured into older product. This trend is expected to gain momentum in 2014, with additions already commonplace.
Hamilton-Burlington is forecast to set a new record for annual home sales in 2014, with 14,300 units expected to change hands, an increase of 4.5 per cent. Average price should ease from 2013’s exceptional pace, but still exceed national house price appreciation, as values climb four per cent to push past the $400,000 threshold ($402,500).
Looking for a professional real estate agent in Burlington to help you with the selling or buying of your home? Contact Lori VanDinther – and let her help YOU make the right moves.
Phone: (905) 336-7300