The real estate market in Burlington, Ontario is continuously evolving – therefore, no surprise many homebuyers and sellers are wondering what will happen to the market in 2023. The city of Burlington already made a reputation as one of the most desirable places to live in Ontario, offering settlers low housing prices and access to incredible amenities, jobs, and attractions. With the upcoming 2023 real estate market forecast, first-time sellers should know that things are looking good.
Benefits of Living in Burlington, ON
One of the biggest draws to the city of Burlington is the relatively low cost of living compared to some other major cities in Ontario. The city offers many small-town benefits that many people are looking for – like large and spacious parks, great school systems, and small-scale local businesses. Families, retirees and young professionals love it – and given the projected 2023 market forecast couples with Burlington’s many benefits, it’s easy to see why.
2023 Real Estate Market Trends for Burlington
The Burlington housing market trend for 2023 looks positive. So far, Toronto Real Estate Board (TREB) has reported that the average price of a detached home in Burlington is currently around $889,803, which is a 15% increase from 2020 – and prices are expected to continue to rise. TREB also noted that home sales that happened during the first part of 2021 surpassed the same period of 2020 by 8%, with 8,564 detached homes sold in this area, which is the highest number of transactions in the city since the year 2016.
Factors Contributing to 2023 Market Outlook
Aside from the successful sales and prices increases, there are a few factors which may be contributing to the positive 2023 market forecast. The following are some of the most notable:
Down-sizing and Up-sizing
Over the last few years, gains in the economy have made it possible for more first-time buyers to enter the market and purchase a home. This is largely due to job stability and high salaries. As a result, many homebuyers are taking advantage of the options to either down or up-size, which is having a positive effect on Burlington’s real estate market.
Helping Market Conditions
The pandemic has also shifted buyer preferences. Although office setups were being tested by many tech companies over the past few years, there has been a much higher shift towards remote working, which has led to many city dwellers preferring a suburban home environment.
Low Inventory & Increased Demand
Another factor that’s contributing to the positive 2023 outlook is the fact that buyers know that the Burlington market is in high demand, which leads them to make quick decisions in order to avoid missing out on the chance to buy a property. Meanwhile, inventory is at an all-time low, with only 12,641 homes listed as of early April 2021 according to TREB. Residences are selling as fast as they come on the market and we expect this trend to continue throughout 2023.
Preparing Your Home for Sale in Burlington
If you’re a first-time seller in Burlington, there are a few things that you should know before you put your home on the market. Here are some tips that you should keep in mind:
Hire a Real Estate Agent
In an ever-changing real estate market, it’s important to have a professional on your side to represent your interests and help you stay ahead of the competition. A reputable real estate agent such as Tony Sousa and The SousaSells.ca Team will be able to provide you with helpful advice and assistance every step of the way.
Stage your Home
It’s no secret that buyers love homes that have been nicely staged and decorated. After declutting, consider hiring a professional furniture and interior design company to help turn your home into a blank canvas that anyone can envision creating a life for their family.
Take Professional Photos
Today’s buyers rely heavily on pictures to determine if they’re interested in viewing a property. Taking high-quality pictures can help you to boost your exposure and make a great first impression.
Price Your Property
It’s essential to set an appropriate price for your home that accurately reflects current market conditions and the condition of the home. Talk to your real estate agent to get tips on the best way to list your price so that you can get the most for your money.
Conclusion
The Burlington real estate market is one that is poised for growth in 2023. For first-time sellers, this means the perfect opportunity to cash in on the positive market conditions. Things to keep in mind include hiring a real estate agent, staging your home, taking professional photos, and setting an appropriate price. As long as you can do these things and do your research, you should have success in selling your home in Burlington.
FAQs
Q1: What is the average cost of a detached home in Burlington?
A1: According to the Toronto Real Estate Board (TREB), the average cost of a detached home in Burlington is currently around $889,803.
Q2: Are home sales in Burlington increasing?
A2: Yes, home sales in Burlington have increased. TREB reported that home sales that happened during the first part of 2021 surpassed the same period of 2020 by 8%.
Q3: How can I best prepare my home for sale in Burlington?
A3: Sellers in Burlington should hire a reputable real estate agent such as Tony Sousa and The SousaSells.ca Team, stage their home, take professional photos, and price their property appropriately.
Q4: What factors are contributing to the positive 2023 market forecast?
A4: Factors that are contributing to the positive 2023 market forecast include down-sizing and up-sizing, helping market conditions, and low inventory and increased demand.
Q5: What tips should first-time sellers keep in mind when listing their home?
A5: First-time sellers should keep in mind that they should hire a real estate agent, stage their home, take professional photos, and price their property appropriately.
