February 6, 2023 | Market Reports
Local Market Stats For January 2023
Burlington Market Update: February 2023
Welcome to our latest Burlington market update. Buyer activity has picked up from January, just as expected. Right now, there’s a relatively low number of high-quality homes on the market. As a result, well-priced listings are getting real attention from buyers. In fact, we’re seeing some homes sell in multiple offers, something we haven’t seen in a while. This is typical for February, since many sellers don’t list until later in the spring.
What’s Driving This Month’s Burlington Market Update
Buyers who sat on the sidelines in recent months now seem ready to move forward with their plans. This shift comes as prices have settled and interest rates appear to be stabilizing as well, according to the Bank of Canada’s latest rate announcements. Looking ahead, listing inventory will likely increase in the coming months.
Pricing in January stayed relatively flat compared to December. However, it remained down compared to the peak pricing we saw in early 2022, before the rate hikes began. Based on current activity, we suspect pricing this month will trend up over last month on average.
Wondering how things in your area have changed? Below, we’ve broken down the latest trends by city as part of this month’s Burlington market update.
Burlington
Burlington’s housing market saw a 34.1% decrease compared to January 2022, and a 6.6% decrease from December 2022. The average sale price landed at $909,198. On average, these homes stayed on the market for about 30 days.
Oakville
In January, Oakville saw a 22.7% decrease from January 2022, but a 0.1% increase compared to December 2022. The average sale price came in at $1.4 million. Homes in Oakville stayed on the market for an average of 36 days.
Hamilton
The average sale price of homes in Hamilton for January 2023 was $753,109. This reflects a 22% decrease from January 2022, but a 0.2% increase from December 2022. On average, these properties stayed on the market for 38 days before selling.
Here’s a full breakdown of the freehold and condo statistics for Burlington, Oakville, and Hamilton in January 2023.
es. Buyer activity has picked up from January, and some well-priced homes are already receiving multiple offers, a trend not seen in some time.
The average sale price in Burlington was $909,198, down 34.1% from January 2022 and 6.6% from December 2022.
Homes in Oakville are staying on the market for an average of 36 days, with an average sale price of $1.4 million in January 2023.
Hamilton’s average sale price was $753,109, down 22% year-over-year but up slightly, 0.2%, from December 2022.
Likely, yes. Many sellers typically wait until spring to list, so listing inventory is expected to increase in the coming months.
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- Your Burlington & Oakville Spring Market Update
- Home Price Trends by Neighbourhood: Burlington, Oakville and Hamilton
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