4 Ways Mortgages Have Changed

A new year brings plenty of resolutions, and this year will also bring plenty of change when it comes to mortgages. These changes will affect the market in several ways, according to a 2016 Digital Money Trends Report. Here are some trends that may be here to stay in the year ahead.
 

  1. You’re going to need a bigger down payment.
Although the down payment requirements haven’t changed, having more money upfront has a bigger impact on home purchasing, especially for first-time buyers. “As mortgage policy in Canada continues to evolve, the benefits of having a 20 per cent down payment on a home continue to grow,” the report reads. “In addition to saving on mortgage default insurance, having a 20 per cent down payment is now the only way for first-time homebuyers to qualify for a mortgage at the contract rate. The increased importance of reaching this savings milestone may lead to an even higher percentage of first-time homebuyers sourcing some (or all) of their down payment from family.”

 

  1. Asking for help will be the norm
In order to reach that coveted 20 per cent down payment, most first-time homeowners are going to need help. Although monetary gifts from parents to their children has certainly been a common practice over the years, it’s no longer a bonus; increasingly, it’s the case that young adults can’t break into some housing markets without that help. Fourty-four per cent of millennial first-time homebuyers receive financial help from family on their down payment, according to the report.
 
  1. Five-year fixed falling out of favour
The five-year fixed mortgage is a popular product, and for good reason. It promises a period of stability during which your mortgage payments will not change. A 2015 survey by Canadian Association of Accredited Mortgage Professionals (now Mortgage Professionals Canada) shows that for all homes purchased between 2013 and 2015, 72 per cent of first-time buyers had fixed rate mortgages, and 67 per cent of those where for a five-year term. The product has become even more attractive recently, as that the gap in interest rates offered between variable rate mortgages and fixed rate mortgages narrowed greatly in 2016, reducing the need for buyers to opt for a variable rate mortgage because of a much better interest rate. One of new mortgage rules that came down in October, however, was that five-year fixed rate mortgages now have to be qualified at the Bank of Canada rate as opposed to the proposed contract rate. This is a big deal, as the Bank of Canada rate is more than two per cent higher. “Prior to October 2016, the five-year fixed rate mortgage had a key advantage in that it was easier to qualify for,” the report reads. “New rules now require Canadians with a down payment of less than 20 per cent to qualify for all mortgage types and terms using the Bank of Canada’s qualifying rate. The loss of this incentive could lead to a more even distribution in the popularity of rate types and terms in the near future, especially among first-time homebuyers.” In other words, more people who may not be able to qualify for the five-year fixed rate mortgage will be more inclined to look into other options, whether they’re variable rate mortgages or shorter fixed-rate mortgages.

 

  1. Revitalized use for mortgage brokers
Tougher rules mean that it’s getting more difficult for consumers to wade through information on their own and truly get the best mortgage for their particular circumstance. “There’s a lot of confusion right now, there’s a lot of misunderstanding about mortgage rules, qualification standards, and what it means to the average family,” said Gary Mauris, president of Dominion Lending Centres. “I think in many ways, there’s never been a time when Canadian consumers really need the clarity that mortgage professionals can bring to them.” Although the majority of home buyers still head to banks for their mortgages, mortgage brokers have been growing their share of the mortgage market, and more people may turn to mortgage brokers in order to help them decipher the new qualification requirements and find the best lender.
Article courtesy of Which Mortgage
Call us today at 905-297-4885 for our list of trusted mortgage brokers!
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September 2017 Hamilton Burlington Market Report

The REALTORS® Association of Hamilton-Burlington (RAHB)reported 2,296 new listings were processed through the RAHB Multiple Listing Service® (MLS®) System in September, which is 17.2 per cent higher than the same month last year and 16.7 per cent higher than the 10-year average.

All property sales were 23.4 per cent lower than the same month last year, and 13 per cent lower than the 10-year average.

“The trend to higher numbers of listings and fewer sales through the month has continued,” said RAHB CEO George O’Neill. “This month’s listings were actually the highest we’ve seen for the month of September. Our sales to new listings ratio is down to the 44 per cent range, which is a big change from the 80 per cent-plus it was earlier this year and the 70 per cent range from last September.”

Seasonally adjusted* sales of residential properties were 18.9 per cent lower than the same month last year, with the average sale price up 8.5 per cent for the month. Seasonally adjusted numbers of new listings were 24.3 per cent higher than September of 2016.

Seasonally Adjusted_September

The median price of freehold properties increased by 4.7 per cent over the same month last year while the median price for condominium properties increased by 10.2 per cent compared to the same period.

The average price of freehold properties showed an increase of 7.3 per cent compared to September of last year; the average sale price in the condominium market increased by 7.4 per cent compared to the same period.

Average sale price is based on the total dollar volume of all properties sold through the RAHB MLS® System. Average sale price can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value. Contact a REALTOR® for information about your area or property.

The average number of days on market increased to 32 days from 23 days in the freehold market and increased to 31 days from 25 days in the condominium market, compared to September of last year. Compared to last month, average days on market decreased from 33 days for freehold properties and increased from 29 days for condominiums.

“Listings are up, sales are down, properties are on the market for a longer period, yet the price drop many were expecting has not occurred – the median and average residential sale prices for the month are still up 7.2 per cent compared to last September,” noted O’Neill.

Every community in RAHB’s market area has its own localized market. Refer to the accompanying chart, and please ensure you contact a local REALTOR® for professional advice.

*Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data. 

September 2017 Stats Breakdown:

Comparison Chart_September

RAHB Market Activity_September

Residential Market Hamilton_September

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New Listing: 144 Lorenzo Drive

Welcome to 144 Lorenzo Drive!

This simply Stunning home is located in a quiet family-friendly neighbourhood close to shopping, Highway & every convenience. You pull up the double Stamped concrete driveway to the two car Garage with opener. You enter this lovely home into the spacious foyer & 2 piece bath with main floor laundry from the garage. The dining room impresses with pillars and rich hardwood floors. It is an ideal place for entertaining. There is extensive use of Hardwood flooring & ceramics thru-out main level. Relax in the cozy family room and enjoy the gas fireplace & view overlooking the lovely private fenced yard. The Family-Sized eat-in Kitchen features lots of counterspace. The built-in Dishwasher, Stainless Steel Fridge, Stainless Steel Stove, and microwave Oven Rangehood are included. The dinette is perfect to enjoy your mornings & you can step outside to the stunning private fenced backyard with huge patio with Gazebo and shed. Upstairs is your Master bedroom retreat with private ensuite. There are also 3 generous bedrooms and the main bath. The basement Recroom with Gas fireplace, kitchen and bathroom are nearly finished. Homes with this kind of value don’t come up very often. Hurry on this one.

CALL US TODAY FOR A FREE VIEWING OF THIS HOME: 905-297-4885

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Are you looking to buy in the Hamilton Area? Go to www.Top10HomeBuys.ca for a free list of active homes for sale!

Curious to know what your Hamilton Home is worth? Go to www.HomeSaleGuarantee.ca for a FREE, No obligation, online home evaluation!

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September Newsletter: Back to School WOO’s or Woes?

Back to School WOO’s or Woes?

 When you think back to school what comes into your head? For us it’s the promise of a new year of learning and growing for children in the city of Hamilton. While all of our children are now grown up we saw lots of back to school pictures on Facebook which made us smile. Seeing the kids with their brand new clothes, showing off their new backpack for the year, the energy is certainly contagious. Another great back to school thought is “NEW”. A majority of the children eagerly go shopping with their parents to pick out new backpacks, crayons, pencil cases and anything else a learning child may need. As parents, we can understand the financial hardship back to school shopping can be, especially for families with multiple children.

The Hamilton Spectator reported yesterday that 1 in 5 children in Hamilton are living in poverty. Everyday 1 in 5 children will come to school with hand me down clothes that may not fit correctly, they may have an old ratty backpack or no backpack at all. The part that pulls at our heart strings the most, is that many children don’t get breakfast and therefore concentrating on their studies will be difficult. We watched a YouTube video the other day which perfectly depicts how children living in poverty feel. The scene takes place in a classroom and the teacher tells the children to put their books away because it is lunch time.

A little boy reluctantly gets out his lunch box, takes a little peek to find that he has no lunch. Sad and hungry the boy asks to leave the classroom and roams the school hallways for a while. While we can’t imagine this happening to our children, this is REALITY for hundreds of children living in Hamilton. The video shared a happy ending and when the boy returns to the class he found that his classmates shared their lunches with him. If you are interested in viewing this video please go to youtube and enter “Take Care of Each Other”.

Citykidz is like this little boys class. Volunteers watch over the children in their care, they calm grumbly tummies with food and snacks. Children are allowed to grow and explore in a safe environment where they know the volunteers truly care about how the child’s day went. This is one of the many reasons we support CityKidz! The love and dedication they have to every child in their programs are outstanding.

Here’s a special offer for you…

For the month of September, anyone you know considering making a move to a new home, we will Guarantee a minimum $10,000 Savings for every $200,000 in sales price on the home purchase or we will pay the difference*.  

The reason why we can make such a special offer is simply because our 35-year track record of selling homes and specialized knowledge allows us to negotiate the best deal on the best home for our best clients. 

With a guarantee like this, you, your friends, neighbors, work associates and family members who may be considering a move can now do so and avoid the uncertainties of over paying. 

Even if YOU are not moving, you can still benefit…

YOUR referrals help the kids…  

Any one you know considering making a move, wanting to buy or sell their home, please refer them to us without hesitation.  They will receive the guarantee we detailed above and you can rest assured your referrals will help the children at CityKidz.

If you missed last months HomeWard Bound Letter, we are on a mission to raise $10,000 for CityKidz, so we are donating a good portion of our referred income from home sales to them.  As you know, CityKidz do phenomenal work with children living in the inner city of Hamilton. When the children are picked up in the big red bus they know they are going to a safe place to learn and grow. At CityKidz the children can explore their dreams and they feel special because of it.

 

Who do you know considering buying or selling a home you could refer to our real estate sales team? 

Not only will they benefit from our award winning service, but we donate a portion of our referred income on every referred home sale to CityKidz in Hamilton.

We want to make it easy to refer your friends, neighbors, associates or family members considering making a move, so here are your options:

  1. You can pass along our business card to them, I have enclosed a couple here for that purpose.
  2. You can go to www.HelpTheKidz.com and enter their contact info online or forward the link to who you know considering a move.
  3. Of course you can always call me direct as well at 905-297-4885.

 

You and your referrals mean more than ever to our team.  As we move forward please know we are extremely thankful for you and your being a special part of our business. 

With all our appreciation.

 

Craig & Coleen Bush

(Sales Representative & Broker)

 RE/MAX Escarpment Realty Inc., Brokerage

 

WHY WE LOVE CITY KIDS: CITYKIDZ SATURDAY!

From the moment children step onto the big red bus until they arrive safe and sound back home and wave good-bye one last time. It’s an experience where the kids feel safe, cared for and loved unconditionally. CityKidz Saturday is a place where children feed their minds and their souls with wonderful songs and stories, and feed their hungry tummies with a nutritious snack, a meal and a drink.

Each and every week, an otherwise ordinary theatre becomes a magical place where dreams take flight, and children are free to soar above their problems, their hardships and their difficulties into a world without fear, without poverty and without limits.

CityKidz Saturday’s program is so amazing that children can’t help but be filled with joy. Here children come to understand God’s grace, feel God’s unconditional love, and get a glimpse of God’s purpose for their lives.

On Saturdays, children come to believe that:

  • God loves them and has a plan for their lives
  • They are loved and cared for
  • it’s great to be a kid, and okay to have fun
  • when presented with a choice they should always do what’s right
  • they can dream BIG dreams!

At CityKidz, the hope is to instill positive values in the children in their care  and create strong moral foundations to support their dreams and aspirations. They believe God has a plan and a destiny for each child and through CityKidz Saturday they inspire children to dream beyond their circumstances in order that one day they will reach their full potential.

 

 

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More Balance in Hamilton’s Real Estate Market in August

The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,748 new listings were processed through the RAHB Multiple Listing Service® (MLS®) System in August, which is 5.4 per cent higher than the same month last year and 4.2 per cent higher than the 10-year average.

All property sales were 18.4 per cent lower than the same month last year, and 3.2 per cent lower than the 10-year average.

“The tendency toward a more balanced market that we have seen over the last few months has continued into August,” said RAHB CEO George O’Neill. “The sales to new listings ratio is at just over 65 per cent, which is still in the low end of a seller’s market, but much closer to balance than earlier this year.”

Seasonally adjusted* sales of residential properties were 18.3 per cent lower than the same month last year, with the average sale price up 11.7 per cent for the month. Seasonally adjusted numbers of new listings were 6.1 per cent higher than August of 2016.

Seasonally Adjusted Stats August 2017

The median price of freehold properties increased by 13.2 per cent over the same month last year while the median price for condominium properties increased by 20.9 per cent compared to the same period.

The average price of freehold properties showed an increase of 11.7 per cent compared to August of last year; the average sale price in the condominium market increased by 14.6 per cent compared to the same period.

“The median and average prices continued to rise,” noted O’Neill. “There had been speculation that with more listings on the market and fewer sales, prices would decrease as a result. That is not the experience in our market area – at least not so far.”

Average sale price is based on the total dollar volume of all properties sold through the RAHB MLS® System. Average sale price can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value. Contact a REALTOR® for information about your area or property.

The average number of days on market increased to 33 days from 27 days in the freehold market and increased to 29 days from 27 days in the condominium market, compared to August of last year. Compared to last month, average days on market rose from 25 days for both freehold properties and condominiums.

Every community in RAHB’s market area has its own localized market. Refer to the accompanying chart, and please ensure you contact a local REALTOR® for professional advice.

*Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data. 

August 2017 Stats Breakdown:

August 2017 Real Estate Comparison Chart

RAHB-Market-Activity-for-August-2017

Residential-Market-Hamilton-August-2017

Residential-Market-Burlington-August-2017

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JUST LISTED! Great Starter Home or Investment Property!

Welcome to 22 Agincourt Avenue.

This house is perfect for a starter home or investment property!

Great opportunity to move into this freshly updated 2 Bedroom 1-floor starter or investment home located in a quiet area that is steps to Centre Mall, popular Ottawa St Shops, easy access to the QEW and Red Hill for commuters. From the covered porch you are welcomed into the Living Room featuring new laminate flooring. The Updated Eat-in kitchen is at the back of the home and includes the Fridge, Gas Stove and a large dinette area. There are patio doors from the dinette that lead to the back deck and out the deep fenced yard. There are 2 Bedrooms and the freshened 4 piece bath. This home is in move-in condition. Quick Possession available. This is certainly a remarkable home for one smart Buyer.

For more details please go to 22.AgincourtAve.BushRealtySystems.com or call us directly at 905-297-4885

 

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Home for Sale in Trendy North End!

Welcome to 198 Picton Street East!!

This trendy north end home is perfect for young professionals or a growing family!

Great 2 storey, 5 bedroom north end family home. Within walking distance to schools, Bayfront Park, trendy James St. North, GO station and new West Harbour development. This updated home would be perfect for young professionals or a growing family. There are 2 bedrooms on the main floor, one having ensuite privileges to a 4 piece bathroom. Could work for possible in-law situation or separate dinning room and office. 3 bedrooms and a 3 piece bathroom upstairs. Large living room and a bright eat-in kitchen. Back door leads to deck and a large yard. 2 driveways, one in front and the side drive can park multiple vehicles. Large single garage with 10′ addition, insulated, with hydro and a furnace for winter projects. Don’t miss out! Book your showing today.

For more details on this home please go to 138PictonStE.BushRealtySystems.com

 

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Hamilton Real Estate Market July 2017

The REALTORS® Association of Hamilton-Burlington (RAHB)reported 2,013 new listings were processed through the RAHB Multiple Listing Service® (MLS®) System in July, which is 17.8 per cent higher than the same month last year, 9.2 per cent higher than the 10-year average and the most new listings in the month of July.

All property sales were 20.4 per cent lower than the same month last year, and 12.9 per cent lower than the 10-year average.

“Comparing our sales and listings to last year’s shows just how the market has shifted in recent months,” said RAHB CEO George O’Neill. “More homes on the market and fewer purchasers combine to give more balance to the market.”

Seasonally adjusted* sales of residential properties were 20.5 per cent lower than the same month last year, with the average sale price up 10.1 per cent for the month. Seasonally adjusted numbers of new listings were 22.1 per cent higher than July of 2016.

RAHB Seasonally Adjusted Stats August

Overall residential sales of 1,125 units were 21.4 per cent lower than the same month last year. Residential freehold sales were 21.5 per cent lower than July of 2016 while sales in the condominium market were 20.9 per cent lower than the same month last year.

“The trend that started developing back in April and May seems to be continuing, at least in the short term,” noted O’Neill. “Where earlier in the year we were seeing list-to-sell ratios as high as 91 per cent – which indicates a deep seller’s market – on the residential side, we are now seeing a more moderate market, with a 60 per cent list-to-sell ratio. This is much closer to a balanced market.”

The median price of freehold properties increased by 11.7 per cent over the same month last year while the median price for condominium properties increased by 21 per cent compared to the same period.

The average price of freehold properties showed an increase of 9.2 per cent compared to July of last year; the average sale price in the condominium market increased by 20.5 per cent compared to the same period.

Average sale price is based on the total dollar volume of all properties sold through the RAHB MLS® System. Average sale price can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value. Contact a REALTOR® for information about your area or property.

“Home prices, while higher than last year, have actually dropped from the early highs from March through May,” noted O’Neill. “The average sale price for residential properties has come down 3.3 per cent from last month and 12.2 per cent from the high in May, while the median price has decreased 11.2 per cent from the high in April. These are certainly not the price drops experienced in other areas of the Greater Toronto-Hamilton area, but may still be an indication that the hot market is cooling – at least for now.”

The average number of days on market increased to 25 days from 24 days in the freehold market and decreased from 27 to 25 days in the condominium market, compared to July of last year. Compared to last month, average days on market rose from 18 days for freehold properties and 17 days for condominiums.

Every community in RAHB’s market area has its own localized market. Refer to the accompanying chart, and please ensure you contact a local REALTOR® for professional advice.

*Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data. 

Market Comparison Chart July 2017.

RAHB Market Activity for July 2017

Residential Market Hamilton July 2017

Residential Market Burlington July 2017

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Home News Summer Issue- 10 Treasures to Remember

10 Treasures to Remember in Order to Survive and Thrive in The Storms of Life

 

“Do you want us to save your wife or your child?”

The doctor’s frantic question stripped Ike Reighard of his dream of fatherhood and threw him headlong into a nightmare he was not expecting.

Can you imagine being faced with such a question or circumstance?  You may know someone or maybe you are one who has had to face crushing circumstances that life brings at times.  Dr. Ike Reighard, author of ‘Treasures from the Dark’ is a gifted teacher of servant leadership principles.  A core value of our real estate company! 

In our quest to build a great business that serves others, we have read many books, attended many seminars and learned much from very successful business people    offering to share what works to give clients better serviced and results. 

Dr. Ike Reighard is one of those people.  He has graciously given his time and knowledge to many, including us, who believe in being their best and doing their very best for others.  His back story is amazing!  So, amazing and touching that we wanted to share some of it with you here in this newsletter. 

We are doing this because we all will face difficulty in life at some point. Many reading this already have.  Ike calls these circumstances ‘the storms of life’.

Image result for treasures from the dark ike reighard book cover“Treasures from the Dark” book is the story of Ike Reighard’s journey from grief-stricken despair to hope and joy.  We have all known loss to some degree, whether from death, divorce, financial hardship, physical disability, or any number of things.  Ike’s honesty and faith in the midst of his pain will encourage you and anyone you know going thru a challenging time.

We encourage you to grab a copy and share with anyone you know who may be facing pain or difficulty in their life.  The best thing we can do when others are experiencing pain in life is to share our own painful experiences and/or that of others who are willing to share, in hopes it will help them better deal with and move thru these tragic events.  A great example would be something we told our youngest daughter one time, when she was feeling depressed over a very tough circumstance.  We told her the quickest way out of that depressed state was to go help someone else.  We realize that is tough when you yourself are feeling down, but it has proven, in our experience, to be the best medicine.

One of our mentors, the late Zig Ziglar, had this to say about Ike’s book: “Treasures from the Dark” gives you a unique opportunity to see the hurt and bewilderment of a man of faith as he suffered the inexpressible grief of losing his wife he loved and the baby he cherished.  You’ll feel his grief in a real and personal way, and you will probably shed some tears as you read about his deep, personal loss.  This book is for the hurting who are seeking hope. “Treasures from the Dark” will take you to the depths, but even there, you learn you’re there for just a brief tour and not a permanent stay.  You will be lifted to unparalleled heights.  Skillfully and sensitively presented, this message will strengthen your faith, renew your hope and provide you with some guidelines that will make a difference in your life.” 

We reached out to Ike as we were preparing this newsletter for you and asked him if he would share some additional advice for anyone experiencing the toughest things life has to offer. 

 

Here are what Dr. Ike calls 10 Treasures to Remember in Order to Survive and Thrive in The Storms of Life

1) A FAITH Not TESTED Cannot Be TRUSTED. 

2) Life Is Tissue Paper Thin.  Everything can change in a moment and your life will never be the same.

3) Nothing Ever Catches God Off Guard. Nothing Has Ever “Occurred” To God. Whether a religious person or not, does not change this fact.

4) A Troubled Faith Is Better Than No Faith at All. 

5) Trouble Handled Rightly is the righteous quest.

6) It Is One Thing to Tell Your Story, It Is another Thing to Live Your Story!

7) Helping Others Brings You Out of any Depressed State.

8) Blaming Others When Things Go Insane is Easy. Forgiveness and Faith is How You Grow Through It.

9) Never Doubt in The Dark What You Know to Be True in The Light.

10) Live Your Story Now the Way You Will Want to Tell Your Story in the Future.

Adversity Will Prepare You to Help Other People. 

With that, we want to thank you for being connected to our real estate business.  We  love helping people locate and relocate the place they call home.  We are grateful for the opportunity to serve! 

 

Blessings,

Craig & Coleen Bush

(Sales Representative & Broker)

The Bush Team with Re/Max Escarpment


The Market has Shifted!!

The market has made a swift change from a Seller’s market to a  balanced market.  It’s now one of the best times to enter then market in the last 12-18 months! There are now far fewer multiple offer situations forcing cash offers, and we can include conditions to safeguard your purchase. Currently, there are twice the number of homes on the market as there was a short time ago (see June’s Market Trend). With more selection, buyers have the opportunity to shop around.  You can shop assured you will find the right property for the right price.

We encourage buyers to secure their mortgage pre-approval rate as soon as possible. All indications point to the Bank of Canada raising interest rates very soon. That way you can lock in today’s lower interest rate for the next 90-120 days!  If you’d like guidance on what to do to lock into these rates please call our office: 905-297-4885.

 


Your Referrals Help the Kids!

Over the years, we have some ask us why we support CityKidz. We have personally seen how this organization has changed the lives of children living in the inner city of Hamilton. We have personally participated in packaging gifts for Christmas, Coleen and our kids have assisted with their programs and home visitations. Children are our future and we are committed to make a difference in our community.

THANK YOU for your referrals! We are on our way to  raising $10,000 for CityKidz!

For anyone considering a move that we help, you can rest assured that not only will they get the award winning service we are known for, but that a solid portion of the income we receive from the transaction will go toward a very worthy cause.

We want to make it easy to refer your friends, neighbors, associates or family members considering making a move, so here are your options:

  1. You can go to www.HelpTheKidz.com and enter their contact info on line or forward the link to who you know considering a move.
  2. Of course you can always call us direct as well at 905-297-4885.

 

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Mixed Bag in Hamilton’s June Real Estate Market

The REALTORS® Association of Hamilton-Burlington (RAHBreported 2,756 new listings were processed through the RAHB Multiple Listing Service® (MLS®) System in June which is 23.8 per cent higher than the same month last year and 28 per cent higher than the 10-year average.

Sales were 21 per cent lower than the same month last year, and were 5.6 per cent lower than the 10-year average.

“After months of seeing well-above-average sales, we now had a month where sales were a bit lower than the 10-year average,” said RAHB CEO George O’Neill. “With higher-than-average new listings coming onto the market in June, we’ve seen a shift in the number of days on market as well as average sale price.”

Seasonally adjusted* sales of residential properties were 20.8 per cent lower than the same month last year, with the average sale price up 8.6 per cent for the month. Seasonally adjusted numbers of new listings were 23.2 per cent higher than June of 2016.

Seasonally adjusted data for residential properties for the month of June, 2017:

RAHB Seasonally Adjusted Stats June 2017

Overall residential sales of 1,421 units were 20 per cent lower than the same month last year. Residential freehold sales were 22.7 per cent lower than June of 2016 while sales in the condominium market were 6.9 per cent lower than the same month last year.

The median price of freehold properties increased by 11.5 per cent over the same month last year while the median price for condominium properties increased by 17 per cent compared to the same period.

The average price of freehold properties showed an increase of 9.1 per cent compared to June of last year; the average sale price in the condominium market increased by 18.9 per cent compared to the same period.

Average sale price is based on the total dollar volume of all properties sold through the RAHB MLS® System. Average sale price can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value. Contact a REALTOR® for information about your area or property.

“The average sale price has most certainly been affected by the higher number of listings on the market,” noted O’Neill. “With buyers having a bit more choice, there is more incentive for sellers to price their homes attractively. This shouldn’t, however, be taken to mean that prices are seeing a huge drop. Even though the average price is down from last month, it is still a little over nine per cent higher than last year at this time.”

The average number of days on market decreased from 22 to 18 days in the freehold market and from 27 to 17 days in the condominium market, compared to June of last year. Compared to last month, average days on market rose from 16 days for both freehold and condominium properties.

“The average days on market has risen from a low of 14 days in April and 16 days last month, but is still considerably lower than it was last year in one of the most active markets we’ve seen,” added O’Neill. “Properties are still moving, but buyers now have a bit more time to consider their options.”

Every community in RAHB’s market area has its own localized market. Please refer to the accompanying chart, and contact a REALTOR® for more information.

*Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data. 

 

RAHB June 2017 Comparison Chart

 

RAHB Market Activity for June 2017

Residential Market Hamilton

Residential Market Burlington

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