Housing Prices

Moderation On Tap For Canadian Housing Markets in 2013

REMAX Housing Market Outlook 2013
With Canada’s economy showing signs of improvement, the overall outlook for the country’s residential real estate market is healthy!

Canadian real estate markets demonstrated remarkable resilience in 2012—with home sales up or on par in 65 per cent of major centres—despite considerable headwinds in terms of tighter financing and economic uncertainty abroad. The trend is expected to continue, with home-buying activity propped-up by low interest rates and an improved economic picture in 2013, according to a report released today by RE/MAX.

“Despite all the negativity surrounding residential real estate, the sky is not falling,” says Gurinder Sandhu, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. “Home sales have moderated, but remain within healthy levels. Greater optimism is expected to return next year, as the economy marks further improvement. Canadians appear to be reigning in their spending, heeding cautionary statements by the country’s financial leaders. We believe that will only serve to shore up the already healthy framework of the Canadian housing market in 2013.”

Summary of key points for Hamilton-Burlington real estate market:

  • Significant GDP growth, expanding at an annual rate of approximately 2.5 per cent, has made Hamilton-Burlington one of the top performing markets in Ontario.
  • Approximately 13,100 homes are expected to change hands by year-end, down six per cent from the city’s record level of 13,932 reported in 2011. Yet, average price is forecast to appreciate seven per cent to $358,000 in 2012, up from $333,498 one year earlier.
  • Seller’s market conditions exist at the starter price points, while a more balanced picture emerges at the mid-level.
  • Condominiums continue to have universal appeal—popular with both first-time buyers and an aging demographic. In Burlington, first-time buyers seeking close proximity to the GTA are gravitating toward entry-level apartments, between 500 sq. ft. and 700 sq. ft. in size. Starting from the low $200,000s, these units have experienced bidding wars throughout much of the year
  • Numerous brownfield projects and developments that are underway are expected to have a positive impact on economic performance in coming years.
  • Manufacturing is also forecast to climb in Hamilton-Burlington, rising by more than four per cent, building on a 3.7 per cent increase in 2011 and an 8.6 per cent increase in 2010. New housing starts are on the upswing, with 2012 levels hovering at more than 25 per cent ahead of last year’s levels.
  • Immigration is also expected to continue to play a role in Hamilton-Burlington, with approximately 3,300 permanent and temporary residents welcomed in 2011.

For the complete report visit: http://www.bestagent.ca/uploadedFiles/BestAgent/Content/News/Press_Releases/2012/REMAX_2013Outlook_RPT.pdf

Interest in 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 put my knowledge and experience to use and help you find your dream home!

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!