2020 is shaping up to be another year of growth in Oakville and Burlington-Hamilton. According to the RE/MAX Canadian Housing Market Outlook, the price of the average Canadian home is expected to rise by 3.7% in 2020. Meanwhile, PWC noted that the square footage of a home is becoming less important when compared to the services offered nearby and the overall amenity of the home.
Forecast for Burlington-Hamilton and Oakville
In line with the national average, the Burlington-Hamilton market is anticipated to see a price increase of 3.8% for the average residential home. Oakville’s housing market is expecting price increases in the vicinity of 5% – thanks to low inventory and consistently strong buyer interest.
Months of Inventory in Your Market
The Market Outlook asserts that Burlington has 1.6 months of inventory and Hamilton has 1.9 months of inventory. Oakville had three months of inventory in December, however, this figure looks set to rise.
But what does that mean?
Months of inventory is a measure of how fast properties within a region are selling. It contemplates how fast the existing listings within an area would sell assuming:
- No additional listing are added to the market; and
- The properties on the market sell at the average rate based on sales within the previous 12 months.
Essentially, it’s a figure that can help you assess the strength of the market within that region. Low inventory typically indicates that properties in that region are selling quickly. While high inventory suggests the opposite.
A seller’s market is defined as having less than 6 months of inventory. As you can see, both Burlington-Hamilton and Oakville are seller’s markets. Though Oakville is trending towards a balanced market as its inventory rises.
This means it’s a great time to sell your Burlington-Hamilton or Oakville home.
Factors Driving Price Increases
Real estate valuations are complex. They take a wide range of market considerations into account, ranging from neighbourhood and access to amenities and transport through to the condition of the property itself.
Oakville has gone from strength to strength over the past years, with move-up buyers from Toronto driving the market. The superior liveability of the Oakville area contributes to the consistent strength in the market.
The abundance of parks and greenery, in conjunction with the neighbourhood’s reputation for safety and a range of high-quality leisure facilities, health services, schools and transport options, all bolster its liveability.
The luxury housing market is anticipated to continue to thrive as Oakville cements itself as an incredible lifestyle option for move-up buyers who want access to golf and the water recreation opportunities offered by Lake Ontario.
The median average days a property spends on the market with Team Logue in Oakville is just 15 days.
The Burlington-Hamilton region offers exceptional lifestyle features at a pricing level that’s much more affordable than the GTA. When this is coupled with improvements to the GO Train services, it’s easy to see why this region is expected to continue to be a seller’s market into 2020.
The hottest neighbourhoods include:
- The Orchard
- Brant Hills
- Central Burlington
- Waterdown West
- Fifty Point
While the freeze could delay future development in Downtown Burlington, it seems that the incredible access to outdoor living will continue to drive interest from move-over buyers.
The median average days a property spends on the market with Team Logue in Burlington North is 19 days. While in Burlington South, the median average is 27 days.
Staging Your Home for Success
Of course, no matter the market conditions, the value of your home comes down to the buyers. It will always benefit from being beautifully staged – with staged homes typically selling 87% faster than non-staged homes.
Check out our blog outlining our top home staging tips for more information.
Home Staging by Team Logue
Our sellers get free access to our accredited staging professional so they can reach their full potential. The service includes staging consultation, use of furniture and décor, and delivery.
Selling Your Home in 2020
Team Logue knows the Oakville and Burlington-Hamilton markets inside out. If you’re looking to sell your property in 2020, get in touch with Team Logue!
Our “outside the box” approach to real estate has proven results. We continue to shine with outstanding performance consistently reaching our Diamond Award Status, providing personal service to our clients with a premium marketing plan.