August 16, 2024 | Market Reports
The Local Neighbourhoods with the Biggest Price Gains
Uncovering the Latest Trends: Neighbourhood Home Prices in Burlington, Oakville, and Hamilton
Curious about which neighbourhoods are seeing the most significant shifts in home prices? We’ve analyzed extensive real estate data from Burlington, Oakville, and Hamilton to bring you the latest insights on where prices are soaring and where they’re cooling down.
Here’s a closer look at what we discovered:
1. Major Price Gains in Prime Neighbourhoods
Some of the most upscale neighbourhoods have seen impressive price increases. In Oakville’s Morrison area, the average price for detached homes surged by $729,881, reflecting a 19% increase over the past year. North Burlington’s Rural area (North of Dundas) experienced an even more dramatic rise, with home prices jumping by $892,643, or 53%. Shoreacres also saw a significant 23% increase. In Hamilton, the Durand neighbourhood experienced a significant 33% spike in home prices. These trends highlight ongoing investment and development in prime areas, driving strong demand despite rising interest rates.
2. Strong Demand for Large Rural Properties
Rural properties have also been in high demand. In North Burlington’s Rural area, prices soared by 53%, an increase of $892,643. Flamborough’s Greensville and Ancaster neighbourhoods also experienced notable appreciation. This surge indicates a growing interest in larger, more secluded properties, likely driven by lifestyle changes and the appeal of more space.
Looking Ahead
As we transition into the fall market, the landscape is shifting. The Big Banks have recently revised their interest rate forecasts, now predicting a 2% decrease by the end of 2025. This anticipated drop in rates is expected to invigorate the real estate market, which has remained robust despite the current high rates.
The condo market has seen a slight softening, with prices down by 3% compared to last year. Both homes and condos are taking longer to sell. However, the projected lower interest rates should bolster the market and offer relief to buyers and sellers alike.
For a detailed look at the data, including charts and more specific neighbourhood information, click here to see charts for Burlington, Oakville, and Hamilton.
Stay tuned as we continue to monitor these trends and provide you with the most up-to-date insights on the real estate market in your area.
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