home sale prices trends

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!

October residential market still favours sellers

REALTORS® Association of Hamilton‐Burlington (RAHB)
Established in 1921, the REALTORS® Association of Hamilton‐Burlington (RAHB) represents more than 2,500 real estate brokers and sales representatives from Hamilton, Burlington, and outlying areas

Actual residential sales overall were down by 0.8% in October 2012 compared to last year but the average sale price saw an 8.3% increase and the average days on market was lower than last year.

“The steady increase in residential prices over last year continues,” said Nolan. “We are also seeing less of a difference between numbers of new listings this year compared to last. Those listings are still being sold faster than last year, with the average number of days on market at 45 days.”

All property types overall saw an increase in sales (by 0.4%) and average price (by 12.7%) compared to last years period, indicating that October residential market still favours sellers.

“The October market has confirmed that we are in a seller’s market, as we have been most of the year.” said RAHB President Cameron Nolan. The REALTORS® Association of Hamilton-Burlington (RAHB) reported the residential market saw an 11.9 per cent increase in average sale price in October compared to the same month last year.

For the complete report visit: http://www.rahb.ca/press/2012/121105pressreleaseOct.pdf

Thinking of selling your real estate property in Burlington or the surrounding areas? Lori VanDinther – Burlington Real Estate Agent has over 20 years of experience in selling real estate in Burlington area. Don’t hesitate to get in touch with her to help you sell your home at the best possible price!

Highlights of Municipal Property Assessment Corporation report which Tracked Home Sale Prices in Ontario over a Four Year Period

Municipal Property Assessment Corporation logoThe 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!