Real Estate Market

Market Turnaround in 2017

When looking at all property types in Hamilton-Burlington in 2017, compared to 2016 there were 5.9% less home sales, however the total dollar volume reached a new high of $8,972 billion (a 14.4% increase). Listings were up 15.4%, average days on market were 10% less. Which basically means this, we had more homes being listed, sales dropped a bit, but the homes that got sold were going quicker, and for a higher prices.

“The real estate market in 2017 was notable for the abrupt change through the spring,” noted RAHB CEO George O’Neill. “The market went from a strong, prolonged seller’s market, where the average time to sell a property was 14 days, to a more balanced market where buyers had more time to view and compare properties before putting in an offer to purchase.”

Each of the first four months of year had record sales for those months,” added O’Neill. “At the time, there were few listings on the market, with less than a month of inventory. In April, however, we saw the first glimpse of a turnaround, when we had more listings than average come onto the market. That did not translate into immediate relief for the market, as we still had record sales for the month. It was after that point we began to see higher-than-average new listings and lower-than-average sales.”

2017 RAHB year end stats page 1 2017 RAHB year end stats page 2

You can download RAHB year end stats report here.

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.

The 2018 RE/MAX Housing Market Outlook Report for Hamilton/Burlington, Ontario

2018 REMAX Housing Market Outlook-Report Hamilton-BurlingtonActivity was brisk in 2017 in Hamilton-Burlington as a strong local economy, relative affordability compared to the GTA and proximity to the amenities on offer in both Niagara and Toronto continue to attract buyers to the region. The OSFI mortgage qualification changes that come into effect in 2018 also motivated move-over buyers to leave the GTA and look for more affordable options in Hamilton-Burlington in the fall, particularly in the region’s upper-end market and entry level markets, and this is expected to continue in 2018. The condo market is also expected to experience strong activity in the new year from both single retirees and first-time buyers, while new-build townhomes are also in high demand.

Future Trends

The RE/MAX 2018 average residential sale price expectation for Hamilton-Burlington is an increase of approximately 4 per cent.

Activity in Hamilton-Burlington is anticipated to be brisk in 2018 as both first-time buyers and retirees are expected to drive demand and in turn, create opportunities throughout the market for move-up buyers.

Read the full Hamilton-Burlington report here

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.

Ontario Introduces Fair Housing Plan

A week ago the government of Ontario announced a new “comprehensive package of measures” to cool off the hot real estate market in the GTA, work on increasing housing supply and help protect renters against unfair rent increases.

Greater Golden Horseshoe
Greater Golden Horseshoe

Here is a brief summary of what the Ontario’s Fair Housing Plan includes:

  1. Introduce a 15% Non-Resident Speculation Tax (NRST) on the price of homes in the Greater Golden Horseshoe, if purchased by individuals who are not citizens or permanent residents of Canada or by foreign corporations.
  2. Expand rent control to all private rental unit, even if build after 1991. Meaning the annual rent increase is a caped at 2.5%.
  3. Establish timelines for elevator repair, as more and more residential high-rise buildings are being constructed, making elevators more reliable is a must.
  4. Crack down on unfair and unethical real estate practices like “paper flipping” or “double ending”, ensuring that Ontario is leader in real estate standards.
  5. Ensuring property tax for new multi-residential apartment buildings is charged at a similar rate as other residential properties.
  6. Allow municipalities to introduce a Vacant Homes Property Tax to encourage property owners to either sell or rent.

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.