The average sale price for residential properties in Ontario has risen by 17 per cent between January 1, 2008 and January 1, 2012, while home prices in Hamilton have risen 10 per cent over the last four years according to the first report on residential sale price trends published by the Municipal Property Assessment Corporation (MPAC) on July 24, 2012.
MPAC analyzes actual sales prices of similar properties to help establish the assessed value of more than four million residential properties across the province. MPAC also assesses more than 800,000 farm, commercial, industrial and other property types across Ontario.
Larry Hummel, MPAC’s Chief Assessor, comments, “The report is good news for most Ontario homeowners. It shows the average sale price of residential properties in most communities has increased since 2008 and that the real estate market continues to be strong”.
“Hamilton has experienced steady measured growth in residential real estate prices as its economy continues to diversify and employment increases”, comments Cameron Nolan President of the REALTORS Association of Hamilton-Burlington.
- Burlington offers a low tax rate, waterfront parks and other amenities including proximity to both Toronto and Hamilton that make it a desirable place to live.
- Oakville remains one of the most desirable communities reviewed. Entry level homes are being sold for between $500,000 to $600,000 compared to $350,000 to $400,000 in 2007.
- Home sale prices in Toronto increased 23 percent over the four year period.
- The report identified some of the most significant growth in Ottawa and in cities in northern Ontario. Home prices in Ottawa rose 24 per cent, according to the report as a result of a stable and fairly diverse economy.
For the complete report visit: http://www.mpac.ca/sites/default/files/imce/pdf/MPAC_MarketSnapshot_July_2012.pdf
If you’re thinking of buying real estate property in Burlington and surrounding areas, don’t hesitate to get in touch with me: Lori VanDinther – Burlington Real Estate Agent. I will help you find your dream home!