Category Archives: Real Estate Market

2015 Housing Market Outlook Report for Hamilton-Burlington

Most regions across Canada posted modest gains in average residential sale price in 2014. Prices are expected to remain stable, despite an increase in inventory.

Hamilton-Burlington (Ontario)
The major trend characterizing Hamilton’s real estate market in 2014 was an influx of buyers from the Greater Toronto Area looking to the city for more affordable single-family homes. This increase of activity in the Hamilton real estate market has spurred development, particularly in the city’s historic downtown. The average residential sale price in Hamilton in 2014 is an estimated $319,300, and it is expected to increase by approximately three per cent in 2015.

Average Residential Home Sale Price Hamilton-Burlington 2014

In neighbouring Burlington, situated to the east of Hamilton, demand for condos downtown and on the waterfront has greatly increased. The average number of days on market for these units has been steadily decreasing over the past three to five years, and new projects coming onto the market are renewing interest. Downtown Burlington’s vibrant mix of shopping, restaurants, and culture is drawing buyers, particularly Baby Boomers, to condo units in the area. The average residential sale price was approximately $512,500 in 2014, and is anticipated to increase by approximately two per cent next year.

Burlington, with its closer proximity to the Greater Toronto Area, is typically the more expensive of the two cities. However, in October 2014, the average sale price in Ancaster, an area of Hamilton, was $541,922 – higher than in Burlington in the same period ($539,363), which has never happened in the past.

Demand was very high in 2014 for properties in Hamilton Mountain, and multiple offers were common. Its older homes and vibrant communities make it a desirable destination for buyers from the GTA looking to get more space for their money. The increase of buyers from the GTA is a key driver of demand in Hamilton and this is expected to continue to represent an increasing market segment in the coming year. The luxury market, particularly those properties priced between $750,000 and $1 million, was brisk in 2014, with sales up approximately 30 per cent year-over-year.

The overall outlook for the region is bright. The manufacturing sector, a key driver of the Hamilton economy, has been growing, and a 12 per cent increase in manufacturing jobs was reported for 2014. Health care is the region’s largest sector, and a newly-opened hospital should continue to bring new jobs to the area. There was a five per cent increase of full-time jobs in Hamilton in 2014, which should have a positive impact on the housing market. The overall average residential sale price in the HamiltonBurlington region was approximately $406,900 in 2014, an increase from the previous year, and it is expected to rise between two and three per cent in 2015.

Most of the region was a seller’s market in 2014, and 2015 should likely see the region move into a balanced market, especially for upper-end properties.

Read full report here: http://download.remax.ca/PR/HMO2015/Report/Outlook2015Final.pdf

Burlington Real Estate Agent
Looking to buy or sell real estate in Burlington and Hamilton area? Contact Lori VanDinther, an Experienced Licensed Sales Representative and Team Leader with RE/MAX Garden City Realty Inc. Brokerage. As a long time resident of Burlington, Lori has been very familiar with the real estate market in Burlington, Oakville, Carlisle, Kilbride, Waterdown and surrounding areas for over two decades!

Strong Fall Market Continues

The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1258 property sales processed through the RAHB Multiple Listing Service® (MLS®) system in October. This represents a 4.5 per cent increase in sales compared to October of last year.

“October was another strong month for real estate activity in the RAHB market area,” said RAHB CEO Ross Godsoe. “Listings and sales are both well above average and are the highest they’ve been in October since the most recent recession.”

“The challenge in a sustained strong market is affordability,” said Godsoe. “That may be why more buyers have been attracted to the condominium market over the last few months.”

Seasonally adjusted data for residential properties for the month of October, 2014:

Seasonally adjusted data for residential properties for the month of October, 2014:

If you’re in the market for a new home, get in touch with Lori VanDinther, a reliable Burlington Realtor. Put the Team VanDinther Experience to work for You!

Canadian Farmland Market 2014

Interested in seeing how farm property values are across Ontario in 2014? Look no further!

Canadian Farm Report 2014 REMAX

WINDSOR-ESSEX
– Prices in Windsor-Essex remained steady in 2014
– Area factory closure has motivated owners to shift from tomato crops to corn, beans and wheat productions.
– Stable demands and limited supply has meant properties do not last long on the market
– price per acre: $6,500 – $11,000

CHATHAM-KENT
– High demand for high quality land has caused prices to rise by as much as 100 per cent in some areas
– Properties of all qualities are selling fast, often between three and six months
– Demand and prices in the area are expected to remain strong
– price per acre: $7,000 – $22,000

HURON COUNTY
– Year-over-year price increases plateaued by mid-2014 amid weaker crop prices
– Many buyers are family-owned operations seeking to expand
– Hobby farms are becoming more difficult to finance
– price per acre: $13,500 – $15,000

LONDON-ST. THOMAS
– Market held strong through the winter and farms continue to sell within one month
– Foreign investors are looking to buy land with development potential
– Lenders have been less enthusiastic about financing hobby farms
– price per acre: $7,000 – $12,000

WOODSTOCK – STRATFORD
– Challenging weather conditions have led to increased days on market, but no significant change in land – prices
– Sales of dairy and feather farms drove price increases, while cash crop properties have leveled off
– Buyers are looking for proximity to highways, processing facilities and existing infrastructure
– price per acre: $14,000 – $20,000

KITCHENER – WATERLOO
– Prices in Kitchener-Waterloo are leveling off as demand drops
– Properties are staying on the market longer due to lack of demand
– Hobby farms lead the way in sales volumes
– price per acre: $14,000 – $18,000

BRUCE COUNTY
– High demand has tapered off as buyers and sellers differ on price
– Unpredictable weather and uncertain harvest is causing buyers to hesitate
– Potential buyers of hobby farms are finding it difficult to secure financing
– price per acre: $6,500 – $10,000

GREY COUNTY
– Average prices have increased by nearly 20 per cent
– Prices for certain types of land have more than doubled in three years
– Farmers migrating to Grey County to get a better price for comparable land quality are driving demand
– price per acre: $3,500 – $8,500

SOUTH SIMCOE
– Demand for agricultural land is strong as farms near the Greater Toronto Area sell to developers
– Many buyers are established farmers seeking to expand existing operations
– Demand and prices expected to increase for the foreseeable future
– price per acre: $10,000 – $25,000

QUINTE
– High quality land at an affordable price provides excellent value amid soft commodity prices
– Many buyers are established farmers seeking to add to existing holdings
– Market is expected to be stable over the next 24 to 36 months
– price per acre: $1,500 – $7,500

STORMONT, DUNDAS AND GLENGARRY COUNTIES
– Prices increased in 2014 due to a shortage of available land
– Highest prices in the area are closest to the Ontario-Quebec border
– Cash crop farmers are expected to continue to grow operations, further driving demand
– price per acre: $7,000 – $17,000

OTTAWA VALLEY
– Tile-drained land is selling briskly despite soft commodity prices
– Area properties provide excellent value with less expensive prices for comparable quality to other parts of Ontario
– Mennonites from southwestern Ontario are relocating to the region and establishing small communities
– price per acre: $8,000 – $10,000

Lori VanDinther, a long time resident of Burlington, has been successfully selling Real Estate in Burlington, Oakville, Carlisle, Kilbride, Waterdown and surrounding areas for over 20 years. If you’re looking to make an investment in real estate get in touch with her today info@loriv.com

For a full RE/MAX Farm 2014 report that includes other Canadian provinces click here.