From the top of my head, if you had the money, why wouldn’t you buy property in Burlington? This place is located near the great Lake Ontario, Niagara Escarpment, and the Royal Botanical Gardens getting you closer to nature than any other parts of the Greater Toronto area. It also boasts of beautiful golf courses as well.
Industries are also booming in the area which why it has seen a rise in population density reaching over 8 million residents. It also boasts a lively culture with wonderful events like the Canada Largest Ribfest and Sound of Music Festival plus they have the famous the Art Gallery of Burlington and the beautiful Spencer Smith Park.
The real estate industry is growing at high rate recently especially the high-end homes. Statistics have shown that dating back to 2013 the number of properties bought in the high-end market have risen significantly in comparison to growth in the past.
A high-end house typically has a minimum price of $750,000. It is quite astonishing considering that the number of units sold for these properties have risen by the hundreds in recent years. Celebrities and affluent families in the Toronto area are mostly responsible for this increase.
This demand was facilitated by low property inventory and interest rates. It was also found out that housing refugee from the Toronto area pushed the demand for high end properties further up. But, the upward sales trend was mainly because buyers think the interest rates they offered were practical.
On average, an upper-class home in Burlington would cost you $931,000. The steady growth was unexpected to say the least because there was almost a 200% sales growth and almost 500 homes were sold last year.
Looking at the sales numbers, one-quarter of the buyers of these high-end properties had addresses in the city of Toronto. Many of these buyers would first look at the property listings in the city, and then they’d explore possible options in the Burlington area.
Many realtors are not surprised by the fact that wealthy buyers are looking to Burlington mansions when they want to buy property. They attribute the activity in the market to the baseline prices they think are bargains compared to other areas in Greater Toronto.
The real estate market in Canada has received substantial gains in equity as well which is why properties are being sold at these prices. An improved economy and better performing stock markets in the US have also contributed to the rise in demand.
A lot of Canadians have also reached the millionaire ranks in the recent years. The latest data showed that in 2012 there are now almost 300,000 millionaires in the country which is roughly a 6.5% increase compared to the 2011 number.
A lot of potential clients gave offers for properties priced under $1 million. The number of sold properties around this price range made up the 33% of upper-end property sales which explains why the market was hot.
Luxury condominiums and mansions made up the remaining property sales for the year. There were also several multi-million estates sold in the market. The real estate market remains hot and this house buying trend is still expected to continue as long as prices hover around the same range.