Experienced Mortgage Agents in Burlington: How the Skyway Influences Local Lending Practices

If you have ever spent any time as an experienced mortgage agent in Burlington, a growing Ontario suburb with a widening gap between affluent Toronto and its struggling periphery, you will know that some of the factors that influence the local housing market can seem rather strange. However, the Burlington Bay James N. Allan Skyway, better known as the Burlington Skyway, is in a class by itself.
 
It is not merely the bridge that connects this city with its bigger sister, Hamilton; it has also begun to shape the local mortgage market in a way that few, if any, people would have expected just a few years ago. The Skyway is more than just a bridge rising thirty-six meters over Burlington Bay and stretching a whopping twenty-five hundred meters between the shores; it is difficult to miss. Completed in nineteen fifty-eight, the Skyway has become a prominent feature of the city's skyline. However, the mega-structure even more thoroughly moulds the cultural texture of this place.

Location and Elevation

On the most tangible level, the Skyway clearly has an impact on Burlington’s mortgage economy. Homes with a view of the bridge tend to go for more, and of course those prices translate to bigger loans. "You can tell when the buyer has a view—they are pricing it as if the Skyway were right beside them," said Anthony Spadafora, an experienced mortgage agent in Burlington. 

"The houses that we can get a price per foot for properties that probably do not have as good a view—we take those people and take them to the other houses and say—what would this one be for? I am talking about ten to fifteen percent." Besides the view, however, the Skyway has begun establishing property zones in the local real estate market, as nearby homes often appreciate at higher rates. Not only do homes near the bridge command higher prices when purchased, but their owners also have different refinancing options than those who live farther away.

The Traffic Factor

Anyone who has lived in Burlington since the Skyway was built certainly knows something about the traffic. Here is how the congestion patterns on the bridge affect mortgage applications—via the movement of their creative and enthusiastic agents from one office to another. It is all in the debt-to-income ratios! Many homebuyers living in Burlington but working in Hamilton have to pay extra to get through Skyway traffic jams, expenses that can bleed into their debt-to-income ratios, an important part of the mortgage approval process. Many lenders are now tipping the scales toward approval as more buyers have to include Skyway-related costs in their loan application.

The Burlington Skyway Effect on Business Mortgages

Improvisations like these apply not only to residential mortgages but also to commercial property loans in Burlington, where real estate assets in proximity to the Skyway often hold enhanced value and visibility for consumers and financial institutions. Not incidentally, you may also notice a micro-trend of Skyway-adjacent business parks climbing the charts on the league tables of commercial mortgages for their combination of the Burlington cachet and the Hamilton and Greater Toronto Area commuter-grade access. Call Anthony Spadafora now to schedule a consultation at your convenience with an experienced mortgage agent in Burlington!