~Hamilton Burlington Luxury Real Estate Market Update~
Hamilton-Burlington’s luxury housing market reported its best year on record in 2017, with more than 900 homes changing hands over the $1-million price point. While sales are off to a slower start this year, momentum is expected to build in the coming months as disenchanted buyers from the Greater Toronto Area continue to seek more bang for their buck.
In the first two months of 2018, 59 homes over $1 million have sold. This is compared to 133 sales during the same period one year ago. Sixty-eight per cent of upscale purchasers chose to live in Burlington with the lion’s share of sales occurring in the southeast quadrant. Ancaster also remains a perennial favourite with buyers, representing almost 17 per cent of total upper-end sales.
The vast majority of luxury home sales have taken place in the $1-million to $2-million price range this year. Several properties have moved in multiple offers, although that is usually the exception rather than the rule. New listings tend to move quickly, with many selling within the first 30 days on market. The highest-priced sale in 2018 occurred in Ancaster at $2.1 million, while the most expensive property currently listed for sale is a country estate in Burlington with a price tag of $7.88 million.
While buyers in Hamilton-Burlington had a wait-and-see attitude during the first six weeks of 2018, the market is picking up. Agents’ phones are ringing and more showings have been booked, with many buyers considering larger homes or more desirable areas. A good supply of upscale product is available for sale, with more than 250 homes currently listed over the $1-million price point. Homebuyers looking in the $800,000 to $999,000 price range are also likely to expand their budget up to $1.2 million.
The region also has a number of areas that are transitioning into luxury enclaves with prices breaking through the $1-million threshold. Bungalows, side-splits, and back-splits on generous 70- to 100-ft. lots in the $700,000 to $900,000 range are sought-after by savvy buyers in Hamilton-Burlington, with plans to demolish and make way for custom-builds ranging from 3,500 to 4,000 sq. ft.