The real estate market has been very unpredictable since the start of the pandemic. Everything stopped on a global level, which only showed how easily the economy can be thrown off balance. Canada has one of the largest and strongest economies in the world, but even that didn’t help in the prevention of real estate market problems. Home buyers and sellers might not have felt it right away, but now the issues are obvious: supply chain disruption, housing imbalance, and inflation. If you are thinking about hiring some movers Ontario, then you should also be informed about the current events on the Burlington real estate market.
How did the pandemic affect the Burlington real estate market?
Because of the economic uncertainty, everything in the real estate market stopped at the beginning of the pandemic. This also resulted in a sales drop for most moving companies Burlington. Factors that caused a hot market after the stock market stabilized are:
- Families wanting a bigger space after the lockdown
- Low-interest rates
- Supply chain issues
To stop inflation, the government raised interest rates in the first quarter of 2022. This resulted in more stable prices during the summer and better opportunities for buyers.
Mortgage rates
The mortgage rates are the stars of the show right now. The future of the Burlington real estate market highly depends on this. After the prices hit a record high at the beginning of 2022, something had to be done to prevent the market from crashing. The national average price for a home in Canada during most of 2022 was $632,802. Many first-time home buyers couldn’t afford this, so they had to postpone their plans for moving with some local movers Toronto. With the mortgage rates dropping from 7.08% to 6.85% for the 30 years rate and from 6,39% to 6,13% for the 15 years rate, the situation is starting to get better. But this can quickly change, so professionals are still uncertain about what 2023 will bring. One thing is for sure, market stabilization is on the horizon.
What is the current situation like?
Like the rest of the world, the real estate market in Queen City is competitive. The average price for a home in this area is $469,000, still 12.3% higher than before. When talking about the price per foot, it is $284, 3.4% higher compared to 2022. The average time that homes spent on the market last year were 9 days, while now they need 43 to find a new owner.
Many properties get multiple offers, some even with waived contingencies. Even though the financial situation is tough, some homes are so popular that they sell for 6% above their listing price. This only shows you that if you plan to move with some of the best movers Toronto, you need to be prepared for a hot market.
What can we expect from the real estate in Burlington in 2023?
If you’re looking for Burlington properties for sale, it might seem hard to find affordable housing at the moment. However, after a few uncertain years, the market will be favorable in the future. The situation might not be that great during 2023, the real estate outlooks for 2024 sound promising. For now, you should focus on getting your finances straight, and preferably move for a job with a higher salary. It will be difficult in the beginning, but you will hopefully enjoy a new home in a short time!