Team VanDinther

Market Turnaround in 2017

When looking at all property types in Hamilton-Burlington in 2017, compared to 2016 there were 5.9% less home sales, however the total dollar volume reached a new high of $8,972 billion (a 14.4% increase). Listings were up 15.4%, average days on market were 10% less. Which basically means this, we had more homes being listed, sales dropped a bit, but the homes that got sold were going quicker, and for a higher prices.

“The real estate market in 2017 was notable for the abrupt change through the spring,” noted RAHB CEO George O’Neill. “The market went from a strong, prolonged seller’s market, where the average time to sell a property was 14 days, to a more balanced market where buyers had more time to view and compare properties before putting in an offer to purchase.”

Each of the first four months of year had record sales for those months,” added O’Neill. “At the time, there were few listings on the market, with less than a month of inventory. In April, however, we saw the first glimpse of a turnaround, when we had more listings than average come onto the market. That did not translate into immediate relief for the market, as we still had record sales for the month. It was after that point we began to see higher-than-average new listings and lower-than-average sales.”

2017 RAHB year end stats page 1 2017 RAHB year end stats page 2

You can download RAHB year end stats report here.

Looking to sell your home? Or buy a first time home, or move up, or downsize? Let Lori VanDinther, RE/MAX Sales Representative guide you through the process and help you make the right moves. With over 23+ years of successfully selling real estate in Burlington/Hamilton area, Lori has the experience and market knowledge. Contact Lori today.

City of Burlington 2018 Proposed Operating Budget and Tax

City of Burlington has proposed a new operating budget and city tax increase of 4.19% in 2018. The officials are  planning to meet and discuss on Thursday Jan 18. And scheduled for council approval on Monday Jan 22.

Most of the budget will be going towards renewal of city infrastructure, followed by transit and fire protection. And a generous amount for enhancing and maintenance of city sport fields.

“Despite a number of significant budget pressures like the increase to Ontario’s minimum wage effective Jan. 1, 2018, and funding needed to address operational challenges in transit, Burlington’s proposed operating budget continues to ensure our assets are renewed and maintained in a fiscally responsible manner. Since 2011, overall tax increases in Burlington have averaged 1.9 per cent. In a comparison of property taxes in municipalities in the Great Toronto Hamilton Area, Burlington’s property taxes are the third lowest for a residential single-family detached home.”  said Joan Ford, City of Burlington Treasurer and Director of Finance

Proposed 2018 Operating Budget
Proposed 2018 Operating Budget

This is true when examined. Burlington appears to be 4th lowest for residential single-family detached home. Hamilton being the highest. Not to mention voted #1 mid sized city in Canada.

City Residential, Urban RT Tax %
Toronto 0.6616472
Milton 0.722042
Oakville 0.752824
Burlington 0.844535
Mississauga 0.849372
Brampton 1.067852
Flamborough 1.212147
Stoney Creek 1.216721
Ancaster 1.218259
Glanbrook 1.229302
Hamilton 1.312168

Thinking of moving to Burlington? Let Lori VanDinther, trusted Burlington REALTOR, help you make the right move to Burlington, Ontario — a fabulous community to work in, live and raise a family.

The 2018 RE/MAX Housing Market Outlook Report for Hamilton/Burlington, Ontario

2018 REMAX Housing Market Outlook-Report Hamilton-BurlingtonActivity was brisk in 2017 in Hamilton-Burlington as a strong local economy, relative affordability compared to the GTA and proximity to the amenities on offer in both Niagara and Toronto continue to attract buyers to the region. The OSFI mortgage qualification changes that come into effect in 2018 also motivated move-over buyers to leave the GTA and look for more affordable options in Hamilton-Burlington in the fall, particularly in the region’s upper-end market and entry level markets, and this is expected to continue in 2018. The condo market is also expected to experience strong activity in the new year from both single retirees and first-time buyers, while new-build townhomes are also in high demand.

Future Trends

The RE/MAX 2018 average residential sale price expectation for Hamilton-Burlington is an increase of approximately 4 per cent.

Activity in Hamilton-Burlington is anticipated to be brisk in 2018 as both first-time buyers and retirees are expected to drive demand and in turn, create opportunities throughout the market for move-up buyers.

Read the full Hamilton-Burlington report here

Looking to sell your home? Or buy a first time home, or move up, or downsize? Let Lori VanDinther, RE/MAX Sales Representative guide you through the process and help you make the right moves. With over 23+ years of successfully selling real estate in Burlington/Hamilton area, Lori has the experience and market knowledge. Contact Lori today.