The Best Mortgage Rates in Burlington
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Rates Updated March 11, 2014 15:45 EDT
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More About Burlington
Burlington Key Stats
- Burlington population (2011): 175,780
- Dwelling units (2011): 69,813
- Average yearly income (2006): $34,379
Source: Stats Canada
Canadian Mortgage Rates to Moderate in 2013
Mortgage rates are expected to remain at historical lows for the first portion of 2012 before moderating later in the year. The CMHC forecasts that the 1-year posted mortgage rate will be within the 3.1 to 3.6 range, with five-year posted rates in the range of 5.0 to 5.4 per cent. Rates are expected to rise in 2013 to 3.5 to 4.1 per cent for one-year, and 5.1 to 5.6 per cent for five-year mortgage rates.
Burlington 2012 Housing Market Outlook
The City of Burlington is in the midst of economic growth, as new ventures in the retail, wholesale and service industries create job growth, and the unemployment rate remains below the national average. This, coupled with record low mortgage and interest rates, as well as comparable real estate available at lower price points than the neighbouring GTA and Oakville, make the region attractive to the first time buyer segment.
The strong economic performance experienced in 2011 paved the way for housing market sales of 14,000 units, the best year on record for the region. Prices also grew seven per cent in 2011, to $335,000 from $311,683 in 2010, due to tight inventory levels.
The demand for smaller single detached starts is growing in Burlington, as both first time buyers and an aging demographic put pressure on developers for bungalow townhouses with garages, in addition to larger condo units. Sale this year are anticipated to increase to 14,100 units, with an average from of $346,750 – a 3.5 per cent increase.
Source: Remax Housing Market Outlook 2012 Hamilton-Burlington
*The CMHC does not report directly on Burlington's economic and housing factors. The following economic data is representative of the housing market outlooks for the nearby regions of Brantford and Hamilton, respectively.
Hamilton-Brantford Housing Market & Mortgage Rate Forecast
|Census Metropolitan Area||Total Housing
|MLS sales||MLS average
|Hamilton 2011||2 462||13 932||$333 498||3.52%||5.37%|
|Hamilton 2012 (F)||2 650||13 700||$341 000||3.37%.||5.26%.|
|Hamilton 2013 (F)||2 790||13 900||$347 500||3.78%||5.37%|
|Brantford 2011||428||1 971||$237 283||3.52%||5.37%|
|Brantford 2012 (F)||440||1 980||$239 000||3.37%.||5.26%|
|Brantford 2013 (F)||475||1 925||$243 000||3.78%||5.37%|
|Source = CMHC
MLS = Multiple Listings Service
*Last updated October 2012
According to the latest census, Burlington, Ontario's vital stats are as follows:
- Burlington population: 164,415, large increase in the previous 5 years from 150,836
- Population forecast: by 2011 expected to increase to 175,800
- Dwelling units: 63,159, increase from 59,020 5 years previous
- Forecast: 68,159 units by 2011
- Average individual income: $41,070
- Average household income: $83,729
Source: City of Burlington statistics
Burlington 2008 Housing Outlook
The CMHC reports that Burlington's housing market has sustained steady growth and continues to attract buyers as it is still a relatively new city. This trend is evident in its population growth which has outpaced the national average. Large, single-detached homes on sizeable lots and a diversity of condominium apartment sizes and types are popular in Burlington and suitable for many households including young professionals, families, empty nesters and retirees. Total starts in Burlington last quarter were up 50 per cent as compared to the same time last year, and single-detached starts increased by almost 83 per cent.
The more expensive home markets in Hamilton such as Burlington, Ancaster and Stoney Creek will remain popular among affluent buyers, and in a relatively expensive market such as Burlington, average home prices will rise more quickly. Last quarter, the average price of resale homes in Burlington alone was 28 per cent higher than the average for Hamilton.
CMHC Burlington area mortgage rate forecast
|Census Metropolitan Area||Mortgage rates |
|Mortgage rates |
Source = CMHC