Almost 75% more houses for sale in Burlington

A study of the June real estate market in Burlington shows a market in a slump.

Sales are down and inventory is up, according to Cornerstore Association of Realtors, which covers the Burlington area.

The report shows sales in June continued declining compared to the previous month and the same period last year.

In June, there were 199 sales, down 28.2 per cent over last June, with 417 new listings, only down 3.5 per cent, year-over-year. That means inventory jumped to 593, a massive 73.4 per cent increase over last June. The average sales price was $998,000, down five per cent over last June.

Year-to-date, there have been 1300 sales in Burlington at an average of $998,000, on par with last year.

“Higher interest rates and rising cost of living have impacted the housing market. Despite a recent rate reduction by the Bank of Canada, mortgage rates remain high, and potential buyers are likely waiting for further cuts or a shift in market conditions,” said spokesperson Nicolas von Bredow.

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“Rising supply levels have reduced the sense of urgency experienced during the periods of low inventory, taking the pressure off home prices.”

Across both Burlington and Hamilton, new listings in June reached 2,048 units, a gain over last year and high enough relative to sales to contribute to further inventory gains. June inventory levels trended up over last month and were 54 per cent higher than last year’s levels, which is well above long-term trends for the month.

So far this year, apartment condominiums and detached properties saw the steepest declines in sales, which account for nearly 70 per cent of all sales.

At the same time, year-to-date new listings have improved across most property types, but for detached homes, new listings remain well below long-term trends.

While conditions are not as tight as they were last year, the months of supply was just over one month for semi-detached and row homes, three months for detached homes and six months for apartment style.

The Cornerstone Association of Realtors is a new group formed recently when nearly 9,000 Realtors from Hamilton-Burlington, Mississauga, Simcoe & District, and Waterloo Region amalgamated under a single banner.