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Burlington Real Estate Market Report – October 2024 The Burlington real estate market saw significant activity in October 2024, with notable year-over-year gains in sales, although average prices have softened compared to last year. This report highlights key market trends, property type performances, and valuable insights for both buyers and sellers in Burlington. Key Takeaways: Total Sales: 226 sales in October 2024, up by 65% from the previous year. Average Sale Price: $1,088,016, marking a 5% decline from October 2023 ($1,140,816). Detached Homes: 125 sales in October, a 70% increase from October 2023. Average Price: $1.33 Million (down 8.5% from last year). Days on Market: 27 days (up from 24 days last year). Semi-Detached Homes: Average sale price of $971,800 (slightly up from last year). Freehold Townhomes: Average sale price of $920,355 (down 13.6% from last year). Condos: Average price of $662,855 (up 5.9% from last year). Sales: 43 condo units sold in October, an increase from 29 units last year. Inventory: 709 active listings by month-end, up from 563 in October 2023. October 2024 Market Overview: October 2024 in Burlington witnessed a robust increase in sales activity, as the total number of transactions rose by 65% compared to the same month in 2023. A total of 226 homes sold in October, signaling continued buyer demand despite some softening in prices. At the same time, new listings were up slightly to 475 from 419 in October 2023, reflecting a healthy influx of properties to meet the growing demand. However, while more homes sold, the average sale price for Burlington properties in October 2024 was $1,088,016, a 5% decline from the same period in 2023, when the average price was $1,140,816. This price drop could be attributed to a shift in buyer preferences, with more mid-range properties coming onto the market and changes in the mix of property types that are selling. Property Type Performance in October 2024: Detached Homes The detached home market in Burlington saw a strong surge in sales, with 125 detached homes selling in October, representing a 70% increase from the previous year. This is a significant jump from 71 sales in September 2024. However, despite the increase in transactions, the average price of detached homes in October was $1.33 Million, a drop of 8.5% from last year’s $1,455,498. Detached homes took an average of 27 days to sell in October, slightly longer than the 24 days it took in October 2023. With 236 new detached home listings in October, inventory levels are on the rise, closing the month with 340 active detached homes, up from 314 last year. Semi-Detached Homes Semi-detached homes in Burlington experienced a mild increase in price, with an average sale price of $971,800, compared to $963,500 in October 2023. This slight increase indicates that demand for semi-detached homes is holding steady in Burlington, though this market segment remains smaller relative to detached homes. Freehold Townhomes The freehold townhome market saw 11 sales in October, a notable increase from the 6 sales recorded in October 2023. However, the average sale price of freehold townhomes saw a significant 13.6% decrease, dropping to $920,355 from $1,065,250 last year. This price drop could reflect a shift towards more affordable homes or a change in the types of townhomes sold. There were 35 active freehold townhomes available for sale by the end of October, indicating limited inventory in this segment. Condos Condos in Burlington saw a stronger performance, with an average sale price of $662,855, up by 5.9% from $625,759 in October 2023. The condo market also experienced an uptick in activity, with 43 sales in October compared to 29 sales last year. 133 new condo listings were introduced in October, reflecting the growing interest in condominium properties, especially as they remain more affordable relative to detached homes. Active condo listings at the end of October reached 233, up from 145 in 2023. Market Conditions for Buyers and Sellers: For Buyers: October 2024 presents a unique opportunity for buyers, especially in the detached and townhouse segments, where prices have softened compared to last year. The increase in inventory levels (709 active listings by month-end) means more choice for buyers, although competition can still be fierce, particularly for well-priced homes in desirable neighborhoods. Detached homes remain a major draw, with increased sales volume, but prices have dropped slightly, making it a potentially more affordable time to buy in this category. However, keep in mind that days on market for detached homes have increased, indicating that some listings may need to be priced more competitively to move quickly. Buyers in the condo market are also seeing favorable conditions, with more inventory coming onstream. Condo prices have seen an uptick, but the relative affordability of condos compared to detached homes makes them a strong option for first-time buyers or those downsizing. For Sellers: Sellers in Burlington may face a more competitive market due to the increase in active listings and the slight decline in prices compared to last year. Homes that are priced too high may take longer to sell, as evidenced by the increase in days on market for detached homes. Sellers should aim for competitive pricing strategies and market their homes well to stand out in a crowded market. Detached homes and condos have been the most active segments, and sellers in these categories should continue to see solid demand. However, for those selling freehold townhomes, they may need to adjust their pricing expectations due to the larger year-over-year price declines in this segment. Conclusion: The Burlington real estate market in October 2024 shows a market in transition. Strong sales numbers indicate ongoing demand, but price adjustments across property types suggest a market that’s shifting, with buyers becoming more selective and inventory levels on the rise. Sellers will need to be strategic with their pricing and marketing efforts, while buyers have opportunities to take advantage of slightly lower prices in some segments, especially detached homes and townhouses. Looking Ahead: As we move into the colder months, the market could see further price stabilization, particularly if interest rates remain steady. For now, Burlington’s real estate market remains active, with opportunities for both buyers and sellers to make informed decisions based on evolving trends. Ready to Discover Your Dream Home in Burlington? Contact me today to explore these wonderful neighbourhoods and find the perfect fit for your lifestyle.                                 Roshan Basnet is a seasoned real estate broker with extensive experience in the Oakville and Burlington markets. Known for his personalized approach and deep market knowledge, Roshan is dedicated to helping clients make informed decisions and achieve their real estate goals. Whether buying or selling, working with Roshan means partnering with a trusted expert who ensures a smooth and successful real estate journey.  

The Oakville Real Estate Market Report – October 2024   October 2024 was an interesting month for the Oakville real estate market. The surge in total sales, coupled with an increase in new listings, paints a picture of a market that is active but showing signs of stabilization after the explosive price growth of the last few years. Let’s dive into the key data points and explore what’s happening in each segment of the market. Oakville's Overall Market Trends: A Surge in Sales and Climbing Prices With the BOC interest rate cuts and optimism; Oakville’s overall real estate market saw a remarkable recovery in October. Sales were up a staggering 73% compared to October 2023, with a total of 242 homes changing hands. This uptick in activity is encouraging, but there’s more to the story. While sales volumes surged, the average sale price also increased by 6.5% to $1.49 million. This suggests that buyers are active, they are likely looking for value. Higher-priced properties may be seeing less demand, and more affordable options are getting traction. At the same time, the increase in new listings—566 in October 2024 compared to 497 last year—indicates that more homeowners are entering the market, likely capitalizing on the increased demand before prices flatten again. As more inventory hits the market, it provides buyers with more options, which is likely contributing to the longer time on the market. Detached Homes: A Strong Segment, But Price Correction in Progress compared to September    Detached homes, the backbone of Oakville’s real estate market, continued to perform well in October 2024. The 125 detached homes that sold represent a significant 70% increase in sales compared to October 2023, showing that demand for larger family homes remains strong. The average sale price for a detached home was $1.96 million, a slight drop from $2.2 million in September 2024. However, compared to last year’s October average of $1.78 million, it’s clear that detached homes are still commanding a premium. The 10% year-over-year price increase suggests a strong market, detached homes remain one of the most coveted property types in Oakville. Sellers of detached homes are still seeing healthy demand, though it’s worth noting that the number of days on the market has increased slightly to 29 days compared to 30 days last year. The inventory for detached homes was at 496, which is much higher than the 418 active listings in October 2023, indicating that while more homes are selling, new listings are outpacing the demand. As we head into the final months of the year, it will be interesting to see if the price stabilization continues or if prices continue to retreat. Oakville Townhomes: Strong Demand and Increased Sales Freehold townhomes were one of the standout performers this month, with a 126% increase in sales from last year—52 units sold in October 2024 compared to just 23 in October 2023. This is a clear indication that more buyers are seeking affordable options within Oakville, and townhomes have become an attractive solution. However, despite the increased sales, the average price for freehold townhomes decreased slightly to $1.21 million from $1.25 million in October 2023. This suggests that although demand is high, buyers are still conscious of price fluctuations and may be opting for smaller or less expensive townhomes as a more viable option. At the end of October, there were 156 active listings of freehold townhomes, providing a moderate level of inventory for prospective buyers. If the demand continues at this pace, it’s likely we’ll see more listings and potentially price stabilization in this segment. Oakville's Condos: Stability Amid Increased Inventory The condo market, while more stable, is also showing signs of increased activity. There were 124 new condo listings in October, down slightly from 154 last month in September. While sales increased modestly to 35, up from 30 in October 2023. The average sale price for condos was $805,000, a slight dip from last year’s $811,000, reflecting the ongoing price stabilization across the market. The month-end inventory of active condo listings was 252, significantly higher than last year’s 181, indicating that more condos are coming to market. Buyers in the condo market now have more options to choose from, and this increased inventory may put downward pressure on prices if demand doesn’t pick up further. However, the fact that condo sales are up suggests that there is still solid demand, particularly for those seeking more affordable or low-maintenance living in Oakville. What Buyers and Sellers Should Know For Buyers: More Inventory and Less Competition: With overall listings increasing, buyers now have more homes to choose from. This means less urgency and more time to carefully consider a property before making an offer. Price Negotiation Is Possible: While prices are still relatively high, especially in the detached home market, the average sale price has come down from previous highs, giving buyers more room to negotiate. Condos and Townhomes as More Affordable Options: If you’re priced out of the detached market, consider freehold townhomes or condos as more affordable alternatives. Townhomes, in particular, have seen a surge in sales, indicating demand for more moderately priced homes in Oakville. Prepare for a Longer Timeline: Homes are now taking an average of 31 days to sell, up from 23 last year. Be prepared for longer waits, particularly if you’re purchasing in a competitive segment like detached homes or townhomes. For Sellers: Price Carefully: While demand is strong in many sectors, pricing your home too high can lead to longer days on market. Sellers need to be realistic and understand that while prices may still be high compared to historical averages, they’ve come down from the peak. Leverage High Demand in Detached and Townhome Markets: Detached homes and freehold townhomes are still moving quickly in Oakville, but you need to ensure your home is well-presented and priced correctly to compete with the influx of new listings. Timing Your Listing: With 1,012 active listings at the end of October, the market is becoming more competitive. Listing now may be beneficial if you want to capitalize on demand before winter, but ensure your home is competitively priced to stand out in a crowded market. Highlight Your Home’s Unique Features: Whether you're selling a detached home, townhome, or condo, making sure your property stands out with high-quality photos, staging, and competitive pricing is essential to achieving a successful sale. Final Thoughts The Oakville real estate market in October 2024 shows that while the pace of sales has increased dramatically compared to last year, we are seeing signs of a price correction across different property types. Detached homes, though still highly desirable, have seen some price softening, while townhomes are benefiting from strong demand due to their more affordable price point. The condo market remains stable, but increased inventory may create more opportunities for buyers. For buyers, this is a time to take advantage of more choices in the market and consider various property types. For sellers, understanding current market conditions, pricing your home appropriately, and being prepared for slightly longer selling times will help you achieve a successful transaction. Stay informed and make decisions that align with your goals, whether you're buying or selling in Oakville. Ready to Discover Your Dream Home in Oakville? Contact me today to explore these wonderful neighbourhoods and find the perfect fit for your lifestyle.               Roshan Basnet is a seasoned real estate broker with extensive experience in the Oakville and Burlington markets. Known for his personalized approach and deep market knowledge, Roshan is dedicated to helping clients make informed decisions and achieve their real estate goals. Whether buying or selling, working with Roshan means partnering with a trusted expert who ensures a smooth and successful real estate journey.  

As a local expert in Burlington Ontario real estate, I’ve had the privilege of exploring every corner of this beautiful city. My YouTube channel “Where to live in Oakville and Burlington” features everything you need to know before moving to Burlington. From upscale neighbourhoods to vibrant, family-friendly communities, Burlington Ontario offers something for everyone. Whether you’re seeking top-tier schools in Burlington (learn here), scenic parks, lakeside living, or quick commutes, you’ll find it all here. There are housing options for everyone and you can find detached homes under one million dollars (click here). Below, I’ve highlighted the top five neighbourhoods in Burlington to help you decide which one might be right for you. 1. Millcroft Burlington – Golf Course Living at Its Finest   Overview: Millcroft neighbourhood is synonymous with luxury. Known for its spacious homes and well-manicured streets, this neighbourhood centers around the Millcroft Golf Club, which weaves through the community. Millcroft area has mature trees, beautiful parks, and a family-friendly vibe, making it a top choice for professionals and families alike. Why it's great: Known for its golf course community, beautiful homes, and family-friendly vibe, Millcroft offers a premium lifestyle. Home Styles: A mix of detached, townhomes, and luxury homes. Many backing to a golf course. Amenities: Close to Millcroft Golf Club, excellent schools, parks, restaurants and grocery shopping. Commute: Quick access to the QEW, making it convenient for commuters. Who it’s best for: Families and professionals seeking affluent living with access to recreational activities. Millcroft Schools: Charles R. Beaudoin Public School (Highly ranked) Dr. Frank J. Hayden Secondary SchoolMillcroft’s schools are known for their academic excellence, making it a great neighbourhood for families with children. For the Best Schools in Burlington, Ontario visit our School Page (click here) Nearby Restaurants and Entertainment: Ben Thanh – Solid Vietnamese restaurant & Thai, best Pho  El Inka Burlington – A Peruvian restaurant with a great Atmosphere  Millcroft Shopping Plaza – Offers a variety of stores and cafes for everyday needs. Parks and Recreation: Millcroft Park – A great space for outdoor activities, with playgrounds and sports fields. Clost to Tansley Woods Community Centre – Features a pool, gym, and library. Millcroft’s peaceful environment, proximity to good schools, and easy access to shopping make it an exceptional neighbourhood. To learn more about Millcroft Real Estate (click here) 2. Alton Village – A New and Vibrant Community   Overview:  Alton Village is one of Burlington’s newer neighbourhoods, attracting families and professionals looking for modern homes and quick commutes. Its strategic location near the 407 and 403 highways makes it perfect for those working in Toronto or surrounding areas. Why it's great: A newer community with modern homes and a strong sense of community. Home Styles: Detached homes, semi-detached, and townhomes. Amenities: Close to Alton Community Centre, parks, and great schools. Easy access to big-box stores and amenities on Appleby Line. Commute: Well-connected to the 407 and Appleby GO Station. Who it’s best for Young families and professionals seeking newer homes and a modern lifestyle. Alton Village Schools: Alton Village Public School Dr. Frank J. Hayden Secondary School – One of Burlington’s most popular high schools, located nearby. Nearby Restaurants and Entertainment: Kelsey’s Original Roadhouse – A great option for family dining. Farm Boy – For fresh groceries and ready-to-eat meals. Chick-fil-A - Just Opened October, 2024  Alton Parks and Recreation: Norton Community Park – Offers a splash pad, sports fields, and a playground. Also, Norton Leash Free Dog Park is here. Swan Lake – A small but peaceful spot for nature lovers. Alton Village offers a suburban feel with modern amenities, making it ideal for young families and professionals. To learn more about Alton Village Real Estate (click here) 3. Roseland – Prestigious Lakeside Living   Overview: If you’re looking for charm and prestige, Roseland is the place to be. This historic neighbourhood features grand homes on large lots, often surrounded by mature trees. Its proximity to the waterfront and downtown Burlington adds to its appeal. Why it's great: One of Burlington's most prestigious neighbourhoods, known for mature trees, estate homes, and proximity to Lake Ontario. Home Styles: Large detached homes, including custom builds and original century homes. Amenities: Minutes from downtown Burlington, lakeshore parks, and boutique shops. Commute: Convenient access to the QEW and downtown Burlington's GO Station. Who it’s best for Buyers seeking luxury living in a picturesque, established area. Roseland Schools: John T. Tuck Public School (Highly rated) Nelson High School – Known for its academic and athletic programs. Roseland Nearby Restaurants and Entertainment: Lettuce Love Cafe – A vegan restaurant popular with locals. The Dickens – A British-style pub with live music. Burlington’s Waterfront Trail – A scenic route perfect for walking or biking. Roseland Parks and Recreation: Paletta Lakefront Park – A beautiful waterfront park with picnic areas and trails. Central Park – Features sports facilities, a community centre, and a large playground. Roseland’s prime location near the lake and top schools make it one of Burlington’s most desirable neighbourhoods. To learn more about Roseland Neighbourhood and Housing (click here) 4. Shoreacres – Luxury Meets Lakeside Serenity Overview:  Shoreacres offers a perfect blend of luxury and nature, with elegant homes along tree-lined streets just minutes from the lake. It’s ideal for those who want peaceful surroundings without sacrificing access to amenities. Why it's great: A prestigious, lakeside neighbourhood with large lots and beautiful tree-lined streets. Shoreacres offers a blend of elegance, tranquillity, and proximity to Lake Ontario. Home Styles: Predominantly luxury homes—a mix of original mid-century homes, newer custom builds, and estates. Amenities: Close to Paletta Lakefront Park, Nelson Park, and Lakeshore Road’s scenic views. Commute: Easy access to the QEW and a short drive to Appleby GO Station. Who it’s best for: Families and buyers seeking privacy, elegance, and proximity to the lake, with access to top-tier amenities and schools. Shoreacres Best Schools: John T. Tuck Public School Assumption Catholic Secondary School – Known for its excellent programs. Shoreacres Area Restaurants and Entertainment: Peach Coffee Co. – A cozy little cafe & bakery with delicious pastries and coffee. The Carriage House Restaurant – Classic, wood-decked pub with spaces to enjoy pints, pub fare & local bands, plus weekend brunch. Burlington Art Gallery – Offers exhibitions and workshops throughout the year. Shoreacres Area Parks and Recreation: Paletta Lakefront Park – Just a short walk away, with picturesque lake views. Lakeshore Road – Perfect for morning runs or evening strolls along the waterfront. Shoreacres is perfect for those seeking upscale living close to the lake with access to Burlington’s best amenities. To learn more about Shoreacres Real Estate (click here) 5. Longmoor – Underrated Charm with Great Value Overview:  Longmoor is a hidden gem in Burlington that offers a perfect balance of affordability and convenience. With a variety of detached homes and townhouses from the 1960s and 1970s, it has a charm that appeals to families, retirees, and young professionals alike. It’s also close to major transit routes, making commuting easy. Why it's great: Underrated and affordable compared to other Burlington neighbourhoods, Longmoor offers a lot of value. Home Styles: Older homes with renovation potential, townhomes, and detached houses. Amenities: Close to Nelson Park, with a pool, sports fields, and walking trails. Commute: Appleby GO Station is nearby and easy access to the QEW. Who it’s best for: First-time buyers or those looking for affordable homes with renovation potential. Longmoor Schools: Pauline Johnson Elementary School - Ranked #1 Elementary school in Burlington (Fraser Ranking 2023) Nelson High School – A well-regarded high school with strong academic and extracurricular programs. Longmoor Area Restaurants and Entertainment: Chef Grande Shawarma Pita & Grill – A local favourite for Mediterranean cuisine. The Black Bull – A laid-back pub with great food and live music. Appleby Mall – Offers shopping, dining, and entertainment options. Longmoor Area Parks and Recreation: Iroquois Park – Great for outdoor activities, with sports fields and a playground. Longmoor Park – A peaceful green space for family picnics and walks. Nelson Pool & Splash Park -  Very nice pool for kids to spend the day here. Lifeguards on duty. Longmoor may not always be in the spotlight, but it’s a neighbourhood with a lot to offer, including affordable homes, access to great schools, and a convenient location. To learn more about Longmoor Real Estate (click here) Final Thoughts Whether you’re looking for luxurious lakeside living, a family-oriented community, or an affordable neighbourhood with easy commutes, Burlington Ontario has something for everyone. Each of these five neighbourhoods offers its unique vibe, amenities, and lifestyle. If you’re considering a move to Burlington, get your free relocation guide here. Working with @RealtorRoshan a local real estate expert, he can make all the difference. As someone who knows Burlington inside and out—from the best schools to the hidden gems along the lake - I’d be happy to help you find the perfect place to call home. Feel free to reach out, and let’s explore your options together! Ready to Discover Your Dream Home in Burlington? Contact me today to explore these wonderful neighbourhoods and find the perfect fit for your lifestyle. About the Author:         Roshan Basnet is a seasoned real estate broker with extensive experience in the Oakville and Burlington markets. Known for his personalized approach and deep market knowledge, Roshan is dedicated to helping clients make informed decisions and achieve their real estate goals. Whether buying or selling, working with Roshan means partnering with a trusted expert who ensures a smooth and successful real estate journey.