Burlington home prices dropped by almost 15 per cent in May

The average home price in Burlington dropped by 14.75 per cent, from $1.3 million in April to more than $1.1 million in May.

Conrad Zurini, a realtor with Re/Max Escarpment Realty Inc. who works in Burlington, said the city's northeast, which hugs a border with Oakville, and the city's southeast, which is higher-end, have both done extremely well."

However, the rest of Burlington - and as it goes closer to Hamilton - has more inventory and saw a drop in sales. The smaller semi-detached homes, which have one or two storeys, and townhouses haven't done as well as first-time homebuyers or newer prospective buyers wait to see how the market settles.

Those entry-level type properties aren't doing as well, but the higher-end market isn't seeing an issue," Zurini said.

People from Oakville also migrate to Burlington, as it's more affordable, helping home prices in the northeast part of the city.

But year-over-year, average home prices rose 14.48 per cent from May 2021 to May 2022, according to TRREB.

One-third of the market in Burlington is still a seller's market," he said. It's cheaper to buy today than it was in February and the home will still appreciate significantly in value when looking at it year-over-year."

In May, Toronto area home sales plunged 38.8 per cent annually as rising interest rates pushed down the average sale price of all houses and condos to $1.21 million, a $121,000 drop from the February market peak of $1.33 million, according to a recent TRREB report.

Although home prices rose 9.4 per cent on an annual basis, May was the third consecutive month-over-month price drop, down about three per cent from April, the report added.

Clarrie Feinstein is a Toronto-based staff reporter for the Star. Reach Clarrie via email: clarriefeinstein@torstar.ca