GTA Spring Market 2011

HAMILTON – BURLINGTON

Price Point — $750,000 plus Upper-End Residential Sales — January to April

Luxury home sales in Hamilton-Burlington have been robust in 2011, with sales 13 per cent ahead of last year’s levels. Purchasers have demonstrated a growing appetite for upper end real estate in Burlington, in particular, with 20 per cent more homes changing hands over $750,000 to date.

Inventory is adequate at present, but less selection exists closer to the upper-end starting price point. High-end homes in east Burlington, north and south of the QEW, remain most sought-after, although Ancaster and Flamborough have emerged as favoured hot pockets, accounting for 20 per cent of all sales in the region.

In fact, Ancaster’s rising appeal was underscored with the recent sale of a $3.25 million-dollar home—the highest ever re- corded in the Hamilton Area. The priciest property to change hands overall in Hamilton-Burlington, at $3.8 million, was located on Burlington’s lakeshore. The most expensive home currently listed—at $5.9 million—is also a lakefront estate in Burlington. Locals are most active, although approximately one in four purchasers is coming from across the GTA.

Older, established areas are coveted and buyers are not afraid to build to realize their dream home, driv- ing the infill phenomenon in Hamilton, Burlington and Ancaster. Renovations are also pushing up prices, with applications for building permits very strong throughout Hamilton-Burlington.

OAKVILLE

 

Price Point — $1.5 million plus Upper-End Residential Sales — January to April

Luxury home sales have soared year-to-date, with the number of homes sold between January and April exceeding peak levels reported back in 2008. Professionals, entrepreneurs, and business people from the Greater Toronto Area are behind the push for luxury product. Empty-nesters are also having an impact in the market, with sales of high-end condominiums gaining momentum. The most expensive sale so far this year was a $2.7 million penthouse unit, while the priciest condo is listed at just under $5 million. The highest priced single- family home sold this year was $8 million. One hundred and twenty-seven properties were avail- able for sale on MLS in Oakville in early May— ranging in price from $1.5 million to $22 million for a three-acre lakefront estate—with key areas experiencing tight market conditions.

Selection taken from REMAX Ontario – Atlantic Press Announcement May 2011

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