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The high house prices in Toronto push purchasing power to the peripheral cities, and the Hampton and Burlington areas are one of the areas to benefit. Some real estate websites analyze the household income needed to buy a house in the area and sum up the communities where house prices are most affordable.
Although house prices have been falling in most areas since the provincial government launched hot measures to regulate the property market in April last year, its affordability still makes buyers feel helpless, thus pushing purchasing power to more peripheral cities. For example, the Hamilton-Burlington area (Hamilton-Burlington), west of Toronto, has attracted a large number of first-time home buyers and young families. Taking a comprehensive view of the average house price of each district in the whole region, the most affordable one is only 370000 yuan. At this price, it should only be enough to buy an one-bedroom condo in the city center.
Although Hammerton-Burlington does not belong to most areas, the local real estate market has also experienced price declines like those in areas 416 and 905.
According to a report on second-hand residential transactions by the Hamilton-Burlington Real Estate Association (Realtors Association of Hamilton-Burlington, there were 1317 sales of second-hand properties of all types of homes in the region in May, down 27% from 1804 in the same period last year. The average selling price of various types of housing in May was 568000 yuan, down 8.8 percent from 623000 yuan in May last year. The market improved in June, with the decline narrowing: sales of second-hand properties of all types of residential properties in the region totaled 1257 in June, down 14.2 per cent from 1465 in the same period last year. The average selling price of homes in June was nearly 550000 yuan, down 3.5 percent from 570000 yuan in the same period last year.
If it is subdivided into two cities, Hamilton and Burlington, the activity of the real estate market is higher than that of the former. There were 644 second-hand property transactions in Hamilton in June, a year-on-year decrease of 17.2 per cent, a significant improvement from the 26.7 per cent decline last month; the average selling price was 506000 yuan, down 1.5 per cent year-on-year. The decline in sales was mainly due to freelance houses such as detached houses, semi-detached houses and town houses. During the period, there were 525 transactions, a decrease of 18.2% from 642 in June last year and better than the 30% drop last month. The average selling price is 541000 yuan, a decrease of only 2.4%. In terms of jointly managed properties, there were 119 transactions, with an average price of 354000 yuan, down 12.5% and 1.5% respectively.
In Burlington, there were only 219 second-hand residential transactions in June, with an average price of 717000 yuan, down 17.1 per cent and 4.7 per cent respectively. It is worth noting that the average price of jointly managed properties in Burlington reached 516000 yuan in May, a year-on-year increase of 7.8%, while the average price fell back to 493000 yuan in June, a year-on-year decline of 6.3%. There were only 68 transactions in June, a drop of 30.6%. The transaction volume of free-ownership homes was 151, with an average price of 818000 yuan, down 9 per cent and 7.7 per cent respectively, but better than the 24 per cent and 9.8 per cent decline in May.
In fact, house prices throughout the Hamilton-Burlington area have been increasing over the past decade, with the average house price rising from 275000 yuan in 2007 to 576000 yuan in 2017, an increase of 110 per cent in 10 years and a compound annual growth rate of 7.69 per cent.