Ontario’s Top Ranked Communities Have Healthy Real Estate Markets
MacLeans has released its Best Communities in Ontario 2019 List1. The top 3 spots go to Burlington, Grimsby and Ottawa. We can see why these communities were a cut above the rest. In addition to having great amenities, culture, community, and easy access to the major transportation systems, these areas boast healthy real estate markets as well.
Ranked #1 – Burlington
Nestled between the Hamilton-Niagara region and GTA, Burlington has always been a desirable place to live. Burlington is home to many public events, including Canada’s Largest Rib Festival and the Burlington Sound of Music festival. With a low crime rate, a diverse economic base, and a beautiful downtown district on Lake Ontario, it is a family-friendly location that has stood the test of time.
According to the RAHB REALTORS® Release of August 2019 Statistics2, Burlington has produced 314 new home listings with an average sale price of $766,382, up 1.8% from August 2018. Approximately 51% of homes listed are single family, 27% townhouse, and 22% condo apartments. The average days on the market is a healthy 29.7 days compared to August 2018 where homes spent an average of 35.2 days on the market. Based on the RAHB’s Burlington Residential Table2, the sales-to-new listings ratio is 82% which indicates there is a demand for housing in Burlington. This is advantageous to know if you’re thinking of purchasing a home in Burlington, since you will likely pay close to asking price if you want to purchase a home in Ontario’s #1 community.
Ranked #2 – Grimsby
A decade ago, not many people talked about Grimsby. This little town on the shores of Lake Ontario and the midpoint between Hamilton and St. Catharines has grown nearly 8% since 20114 and doesn’t appear to be slowing down. With a mix of new residential units and older homes dating back to the 1950s and earlier, Grimsby is a charming town with a lot of home value potential.
According to the RAHB REALTORS® Release of August 2019 Statistics2, Niagara North, which Grimsby is a part of, has produced 94 new home listings with an average sale price of $581,326, down 6.9% from August 2018. Approximately 64% of homes listed are single family, 18% townhouse, and 18% condo apartments. A note of interest is that from August 2018 until now there has been a 220% increase in the condo apartment property style; this is likely due to the new condo buildings going up north of the QEW. The average days on the market is 38.8 which is comparable to August 2018 where homes spent an average of 35.8 days on the market. Based on the RAHB’s Niagara North Residential Table5, the sales-to-new listings ratio is 76% which indicates there is a demand for housing in Grimsby. Like Burlington, you will likely pay close to asking price if you want to purchase a home in Grimsby, Ontario’s #2 community.
Ranked #3 – Ottawa, Ontario
Living in Canada’s capital city has its perks. As one of Canada’s largest cities it has a surprisingly low crime rate, in addition to being home to plenty of green space with one of the highest percentages of parks to residents in Canada. And as a resident of Canada’s capital, you can expect to enjoy many fantastic festivals throughout the year.
According to the Ottawa Real Estate Board's Release of August 2019 Statistics6, Ottawa real estate sales have increased 9.5% from August 2018 with approximately 75% of homes listed falling into the single family or townhome category and 25% of the listings being a condominium property. Dwight Delahunt, Ottawa Real Estate Board President, commented on the increase of listings, “Although the numbers are up, Ottawa continues to undergo issues with inventory as the limited supply persists.” What this means is Ottawa has a seller’s market, where right-priced homes will likely receive multiple bids. Buyers can anticipate paying over asking price in some of these situations. Delahunt suspects that this trend will continue into fall 2019 as the market continues to accelerate. The median days on market supports Delahunt’s predictions with single family homes having a median number of days on the market at 16, townhomes at 11, and condominium apartments at 23.
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1 Best Communities in Ontario 2019 (Maclean's)
2 RAHB REALTORS® Release August 2019 Statistics
3 RAHB REALTORS® Burlington Residential Table August 2019
4 Grimsby Census Profile, 2016 Census (Statistics Canada)
5 RAHB REALTORS® Niagara North Residential Table August 2019
6 Ottawa Real Estate Board August 2019 Market Release