urlington Market update! Here’s what happened in December:

Month-over-Month (November to December):

Sales dropped by 58%
New listings plummeted by 98%
Average price fell 14%
Days on market increased by 13%
Year-over-Year (2023 to 2024):

Sales were similar to last year but still below long-term trends.

New listings increased throughout the year, pushing inventory higher.

Burlington avoided oversupply seen in other areas, keeping prices stable overall.

Semi-detached and row homes saw modest sales growth and stayed in demand with less than 2 months of supply.

Apartments had the highest months of supply (nearly 4 months) and were the only property type to see prices dip.

What does this mean for 2025?

With rising inventory and seasonal slowdowns, buyers might have more options, while sellers need a sharp pricing and marketing strategy to stand out. The spring market will likely bring more activity, so now’s the time to prepare!

Ready to plan your next move? Email me today, and let’s create a winning strategy for 2025!

Canada's annual inflation rate ticked down to 1.9 per cent in November, with the slowdown in price growth mostly driven by lower mortgage interest costs and cheaper travel tours, Statistics Canada said on Tuesday.

Inflation largely came down across the board. The price of groceries slowed 2.6 per cent compared to the same time a year ago. But those costs are still high, having risen 19.6 per cent since November 2021, the agency said.

While the headline inflation rate hit the Bank of Canada's two per cent target in September, its preferred core measures of inflation are still trending well above that magic number, with CPI-median at 2.6 per cent and CPI-trim at 2.7 per cent in November.

"This report reinforces the point that the Bank will now turn to a more gradual path for rate cuts as we head into 2025," wrote BMO chief economist Douglas Porter in a note to clients. 

While BMO expects another cut at the central bank's Jan. 29 meeting, "another meaty set of core readings next month will prompt some chattering about a pause, especially with the [U.S. Federal Reserve] seemingly headed that way in January and the loonie on the ropes," Porter wrote.

Mortgage interest costs slow, but rent prices still growing

On the housing front, shelter prices grew at a slower pace of 4.6 per cent year-over-year in November.

Mortgage interest costs slowed for the 15th consecutive month. But rental prices grew at a faster yearly rate in November (7.7 per cent) compared with October (7.3 per cent), with Ontario, Manitoba and Nova Scotia hit hardest.

Gas prices also fell in November to –0.5 per cent, but had a smaller year-over-year decline due to a base-year effect — the impact of comparing prices in a given month to the same month a year earlier. With gasoline excluded, overall inflation rose two per cent last month.

Black Friday deals contributed to lower prices last month, especially in household operations, furnishing and equipment (lower prices for cell services came in at –6.1 per cent), and in clothing and footwear, according to StatsCan. 

The monthly decline for children's clothing is the largest one ever recorded in November, the agency said.

Source:CBC  News

Market Update: Burlington Real Estate Insights 🏡

Over the past three months, sales have picked up, but they haven’t fully made up for earlier slowdowns. Here’s what’s happening:

•Sales Trends: Sales are nearly 1% lower than this time last year and remain 35% below long-term averages.
•Listings & Inventory: New listings are increasing, but we’re still not seeing as many as in previous years.
•Supply Levels: The months of supply (how long it would take to sell all homes if no new ones were listed) is under three months—lower than last year’s three-month average.

Prices:
◦ Detached home prices have been steady, with an average year-to-date increase of nearly 1%.
◦ Apartment-style homes have seen higher inventory, more supply, and slight price declines.

As we head in to the holiday season we have started to see a slow down and typically will continue as we head into December. In the meantime here is a quick look at our activity from October to November.

• Sales: Month-over-month, sales are down 15%, reflecting the seasonal slowdown.
• New Listings: New listings have dropped 47%, meaning there are fewer options for buyers right now.
• Days on Market: Homes are taking longer to sell, with the average days on market increasing to 39 days (up 10 days from October).

Can you guess what I am going to say?

Buy the house anyways (HERE’S WHY)⤵️

You can still reap massive financial benefits from owning a home, even with rising home prices.

Take my buyers recent home buying experience.

They had been in their home for several years, but their family had outgrown it.

They started looking for a bigger home in their ideal neighbourhood and casually searched for over a year.

They noticed homes were going quickly and honestly had sticker shock when it came to prices.

Sound familiar?

They debated whether or not they should move up and even considered doing a large scale addition on their current home to get it to work for them.

Ultimately they made the decision to buy another home that checked all of their boxes despite feeling like they were “buying high”.

They knew their home wasn’t working for them and they understood that with home prices continuing to rise they would benefit from the equity gained in their new home and were able to use the equity they already had in their current home to help offset the cost of moving up.

Their monthly payment increased (still within their budget), but they were ok with that knowing that they would finally be in a home that would work for their family.

They would’ve loved to sell high and buy low, but realized they couldn’t have their cake and eat it too and that timing the market just wasn’t possible.

If you’re in a similar position, you aren’t alone.

If you’re weighing your options and want to get an idea of what it would take for you to buy the home you want in today’s market and what you could sell your current house for, email me so we can discuss your specific situation.

If upgrading your home is right for you, great, but if not the right time that’s ok too…I’m here to help either way!

Downtown Burlington Home For Sale!! 

The charm of this centrally located Burlington Ontario home starts with a sprawling front yard, a brick facade, and a welcoming covered porch. Nestled in a private, treed lot, this home boasts abundant outdoor space and modern updates, creating a truly remarkable place to call home.

Step into an open-concept dream with a chic kitchen featuring quartz countertops, a massive wood block island, and stainless steel appliances. Hardwood floors and large windows fill the home with natural light. The great room, with its wood-burning fireplace, is the perfect spot for relaxation and gatherings.

Discover three charming bedrooms down the hall, each with its unique charm, and a stunning main bathroom with double sinks. 

 The king-sized primary bedroom comes complete with a walk-in closet and an ensuite featuring a glass shower.

 Unlock the potential of the "bonus room" above the garage – a space adorned with pot lights, storage, and a dreamy gas fireplace. This flexible area allows for endless possibilities like an office, den, gym, library, or even a 5th bedroom!

The newly carpeted lower level, featuring custom built-ins and a fireplace, is your perfect retreat for movie nights or work sessions. A comfortable bedroom and a modern 3-piece bathroom make it an ideal guest space or teenage retreat. Plus, there's a convenient laundry area for added practicality.

Escape to your private oasis in the backyard – a park-like setting with a saltwater in-ground pool, a seating area with a pergola, and a grassy space for kids and pets, all surrounded by towering trees. It's the ultimate in privacy, creating a serene retreat for relaxation or lively summer BBQs!

Considering multigenerational housing? You're joining a growing trend. 

Recently, 14% of homebuyers were looking for homes that could house multiple generations. This choice isn't just a matter of preference and desire for family togetherness; it's driven by practical needs and shifting family dynamics. 

Here’s a peek into why both first-time and repeat buyers are choosing these homes:

1) Financial advantages for first-time buyers.
A significant 28% of first-time buyers opt for multigenerational homes to afford larger properties, pooling multiple incomes to make this viable.

2) Space for extended family & adult children.
About 23% of first-time buyers need space for adult relatives or children over 18 who haven't moved out. Additionally, 12% are accommodating 'boomerang' children who return home after living independently.

3) Caring for aging parents.
Among repeat buyers, 30% are looking for homes that facilitate caring for elderly parents. This reflects what I believe is a growing sense of obligation toward elder care in family settings.

These figures highlight a significant shift towards homes that support extended family living under one roof. If you're considering this type of home for your unique family needs, I'm here to guide you through the options and find the perfect fit. 

Let’s connect and start exploring your options in today’s real estate landscape!

Source: All in the Family: Multi-Generational Home Buying

Experts: Multigenerational Housing Needs More Support November 15, 2023

Revealing today what sellers say *actually* helped them sell their homes for top dollar.

1) A slight under-market list price. 

It feels counterintuitive, but sellers willing to list their homes just under market value tell me they’ve been handsomely rewarded. Competitively priced homes typically ignite bidding wars, resulting in a selling price far exceeding the initial listing.

2) Next-level cleanliness.

My crazy successful sellers typically choose to invest in professional cleaning services. Imagine walking into a home where the scents are fresh, surfaces gleam, and carpets feel like they've never been stepped on. A few hundred bucks can transform your home into a canvas where buyers can paint their future lives.

3) Multiple rounds of decluttering. 

We're not talking about tidying up; we're talking about a ruthless purge. If you've lived in your home for years, what seems normal to you might look like clutter to potential buyers. Sometimes, it takes a few rounds to strip back to the essentials, ensuring your home is show-ready and inviting.

Need a hand or more insights? I'm just a message away. Let's sell your home for maximum profit!

Your home has been there for you throughout the year, and now it's time to show it some love before the new year begins. Here's a step-by-step guide tailored for both buyers and sellers in Burlington, Ontario, ensuring your space is not only organized but also appealing to potential buyers.

1. Pre-Holiday Toy Cleanout: Before the festive season and the influx of gifts, go through your children's old toys that no longer see playtime. Consider donating them to a local thrift store or charity. This not only declutters your home but also gives back to the community.

2. Daily Declutter Challenge: Take on the task of decluttering one drawer, closet, or cabinet every day. Set a timer for 15 minutes and witness the transformation. Dispose of or donate items like old magazines, manuals, electronics, unused clothes, and expired medications. This incremental approach makes the process manageable for both buyers and sellers on the move.

3. Kitchen Clean-Up: Streamline your kitchen by eliminating dishes and utensils you rarely use. Follow the rule of doubling the number of sets based on your household size. Additionally, do a thorough check of your fridge and pantry, bidding farewell to forgotten items. This step not only improves functionality but also enhances the appeal of your home for potential buyers.

4. Home Decor Downsizing: Dust off and declutter unused home decor items. If they've been sitting around collecting dust, consider passing them on or selling them online. This not only refreshes your living space but also creates a more attractive environment for potential buyers.

5. Storage Area Organization: Address all storage areas, from the basement to the attic. Employ labels and bins to keep items organized and easily accessible. This step is crucial for sellers looking to present a well-organized home to potential buyers.

If you find the decluttering process overwhelming, I collaborate with excellent home organizers who can provide the support you need. Feel free to reach out with your home organization needs. Moreover, if you have any real estate questions or need advice, I'm here to assist you in navigating the Burlington housing market. Let's start 2024 with a fresh and organized home!