House prices predicted to rise in Burlington in 2024


Published December 20, 2023 at 4:27 pm

homes house Burlington Re/Max real estate

House prices in Burlington are expected to rise by as much as four per cent in 2024 according to new data released by Re/Max.

Analysts with the real estate company indicate that coming out of a soft market in 2023 a robust return is anticipated next year with the average home price expected to jump to just below $1.148 million.

“Sales activity will also be solid, with housing transactions predicted to rise by three per cent,” the Re/Max report says.

The analysts go on to say the Burlington real estate market will turn into a balanced one where demand for homes will equal the supply.

In particular, Re/Max points to condominium sales as an area that could spike in 2024. This is a change from what was experienced in 2023 where condo/apartment sales fell 41.5 per cent year-over-year, although benchmark prices rose three per cent to $622,000.

Recently the overall market has been considered soft with residential property sales in October tumbling by nearly 20 per cent in Burlington in year-over-year data.

Still, despite the lack of transactions, the trend has not impacted prices this year with Re/Max indicating that the average price for a residential home sold in Burlington increased by six per cent.

Meanwhile, Conrad Zurini, a broker and the owner of RE/MAX Escarpment Realty Inc. says a unique trend formed in 2023 and could persist next year.

“An increasing number of first-time homebuyers are pursuing alternative homeownership options such as buying with friends or family in order to get a “foot in the door” for home ownership,” said Zurini in the report. “We anticipate this trend to continue in 2024.”


INhalton's Editorial Standards and Policies