The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1803 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in March. The month’s all-property sales set a new high for the month of March, surpassing the record set just last year by 22.2 per cent.
“This is the sixth month in a row – beginning October of last year – that we’ve seen a new monthly record for sales,” said RAHB CEO George O’Neill. “While there was a good increase in new listings, it doesn’t quite balance the number of sales, so the end-of-month listing inventory is 35 per cent lower than last year at this time – that’s less than a month of inventory.”
“Year to date, residential sales are up by 18.4 per cent and the average sale price by 22.9 percent over the same period last year and listing inventory is 35 per cent less than a year ago,” noted O’Neill. “In this market, where homes are selling quickly and buyers are competing for so few listings, a buyer’s and seller’s best ally is a REALTOR® – a real estate professional who can offer the best advice for navigating the market.”
Seasonally adjusted data for residential properties for the month of March, 2017
The average residential home sale price in Burlington/Hamilton area is estimated at $535,520 in 2016 – a 20% increase compared to 2015’s average of $446,961. The market has continued to see substantial growth!
Low inventory in Burlington/Hamilton area has caused a slow-down in sales. However, Hamilton is expected to get an inventory boost from couple of downtown new development projects, which are due to be completed in a year and a half.
First Time Home Buyers
Most of the first-time home buyers, from all over the GTA are buying homes in Burlington/Hamilton area because of the affordability factor and still being relatively close to Toronto. These people are spending about $300K for older, detached homes in Hamilton and about $500K for townhouses in Burlington.
Burlington/Hamilton area has experienced a demand for condos, due to a large number of young professionals and retirees looking for new and older condos close to downtown. This has caused a 21% sales price increase. Burlington and Hamilton both have large number of condo projects underway and more planned.
Sales of homes over $1 million were up from 63 between January and October in 2015, to 146 in 2016 during the same period. Increased activity from first-time buyers moving into the region from the GTA at the lower end of the market has allowed move-up buyers in Hamilton to become more active in the upper-end segment. With price appreciation expected to continue across the GTA and new construction in the upper end of the market in Hamilton-Burlington, demand for luxury homes is expected to remain strong in the region in 2017.
The GO train and LTR projects in Burlington/Hamilton area will continue to boost the local economy and bring lots of activity in the housing market.
New mortgage rules that came in effect at the end of 2016, may slightly, decrease the housing market demand because of a larger down payment that’s now required for both first-time and move-up buyers.
RE/MAX average residential home sale price expectation for Burlington/Hamilton area is 11%.
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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.
There is perhaps nothing more annoying than receiving a high energy bill, especially when you have had as many heat waves as we have had this summer. While some of this might be obvious, we thought it might be a good idea give refresher on a couple ways to cut energy costs.
Close the blinds and curtains
While it may make it a little dark in the home, closing the blinds and curtains will keep the sun and any excessive heat out. This action will in turn prevent the air conditioner from having to run more frequently and for longer periods of time. If your home doesn’t have an air conditioner, it will also help keep the room temperature at bay in the home.
Try running them on off peak times. Hydro companies charge less during these hours – check your service provider for rates and times.
Also, if budget permits, consider purchasing or replacing your appliances with green energy efficient products. You may also find that there are added incentives and discounts from manufacturers when purchasing such products.
Power Bars, electronics and lights
Make sure to turn off power bars, unplug electronics and turn off lights when not in use. You may be surprised at the amount of energy being used by them. Making this simple change will help to decrease your energy usage, helping to lower your costs.
Turn down your water heater! While we all enjoy having hot water, you may be surprised to find that you can still achieve the water temperature you desire even with your water heater set at a lower temperature. Remember: keeping it at a high temperature requires a significant more amount of energy.
Maintaining your home, its devices and appliances play an important role in energy efficiency. When your appliances aren’t maintained properly, they don’t run as efficiently and this can contribute to increased energy costs.
For coupons and more tips on saving energy visit www.saveonenergy.ca. This is a great resource for any home owner.