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Hamilton-Burlington Real Estate Continues to Soar – RE/MAX News

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The Hamilton-Burlington real estate market has been attracting buyers with more than just its homes. The region offers enviable attractions such as the Royal Botanical Gardens and the Art Gallery of Burlington, incredible restaurants, scenic views, beaches and sprawling conservation areas. History enthusiasts appreciate Burlington’s rich narrative, with sites such as the Ireland House at Oakridge Farm, Freeman Station and Spruce Lane Farm.

Then there’s the Hamilton-Burlington real estate market itself, which has become a focus for homebuyers seeking to escape the urban confines of downtown Toronto in search of bigger homes, yards with swimming pools, and room to breathe.

Comparing Sales in the Hamilton-Burlington Real Estate Market

Based on statistics from the REALTORS® Association of Hamilton-Burlington (RAHB) in the fourth quarter of 2020, residential sales in the Hamilton-Burlington area were almost 25% higher year-over-year. This number comes as no surprise to anyone who has followed the ascent of this sizzling-hot market over the past year. The average price for a residential property in the local Hamilton-Burlington real estate market currently sits at a jaw-dropping $787,840, up almost 8% from last month.

When 2020’s fourth quarter concluded, single-detached homes remained on the market for a median of 10 days, with 0.7 months of inventory, compared to the end of 2019 when average days on market were 22 days, and inventory levels sat at 2.4 months. Hopeful homebuyers are snatching up all inventory at an astounding pace, leading to tightening conditions in this seller’s market.

RABH President Donna Bacher commented on these low inventory levels in the latest Market Update: “This year’s decline in new listings builds off the back of the pre-pandemic drop in new listings and inventory levels we experienced in January 2020. In addition, now many homeowners may not be interested in or even able to move their households due to the pandemic, adding to our inventory woes… The decrease in single-family homes available for purchase, coupled with the logistical hurdles families face moving during a pandemic, may have greatly influenced many not to put their home on the market.”

Other segments of the Hamilton-Burlington real estate market continue to fare well, though less dramatic than the detached market. January’s average prices for a townhome and apartment-style condo increased by 28.8% and 64.7%, respectively, yet prices remain extremely attractive to homebuyers who are being priced out of the GTA.

Attractive Employment Opportunities Within the Hamilton-Burlington Market

For anyone concerned about the job market, it’s notable that unemployment rates are on the decline, particularly within this local market. RAHB reports that unemployment is currently 1.2% less than December 2020, and January 2021 alone has produced an additional 1,600 employment opportunities within the region, helping make the dream of homeownership in Hamilton-Burlington an attainable one.

Producing over 60% of Canada’s steel and employing an estimated 5,000 people, those who work for ArcelorMittal Dofasco are in search of residential properties for sale, and Hamilton-Burlington won’t disappoint.

Job opportunities, real estate for every budget, and top-notch schools only add to the appeal of Hamilton-Burlington. Further, the area strikes that critical balance that homeowners today are yearning for: the amenities of a city, with easy access to abundant green spaces and natural tranquility.

The Year Ahead

But what does this mean for prospective homebuyers hoping to plant roots in the Hamilton-Burlington real estate market? With interest rates at an all-time low and the Bank of Canada vowing to keep rates low through 2023, Hamilton-Burlington should continue to be a place of economic growth and real estate opportunities, albeit competitive ones.

If market trends continue, the projected analysis based on RE/MAX’s Hamilton Burlington Housing Market Outlook, is for a 7% increase in average price driven by move-up buyers from the Greater Toronto Area, as well as first-time buyers snatching up the relatively affordable townhome and condo properties within the region.

What Does This Mean for Hamilton-Burlington Homebuyers?

Employment opportunities, economic advancement, and affordable interest rates are going to be a driving factor for Hamilton-Burlington real estate. Buyers will find themselves competing for homes in this area. High demand and low inventory is expected to continue putting upward pressure on prices, with homes selling quickly. Prospective buyers will need to remain patient as multiple offers may come into play, but the end result for persistent home-hunters will be ownership in one of Ontario’s most sought-after destinations for residential real estate!

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SOURCES:

https://creastats.crea.ca/mls/hami-residential-activity
https://dofasco.arcelormittal.com/
https://blytheducation.com/blyth-academy/burlington/
https://www.crea.ca/housing-market-stats/quarterly-forecasts/
https://creastats.crea.ca/board/hami-employment-trends
https://creastats.crea.ca/mls/hami-market-conditions

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Canadian home sales, prices surge to new record in March

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OTTAWA (Reuters) – Canadian home sales rose 5.2% in March from February, setting a new all-time record amid strong demand in markets across the country, the Canadian Real Estate Association said on Thursday.

The industry group said actual sales, not seasonally adjusted, rose 76.2% from a year earlier, while the group’s Home Price Index was up 20.1% from last March and up 3.1% from February.

The actual national average selling price hit a new record at C$716,828 ($572,821) in March, up 31.6% from a year earlier and rising 5.7% from February.

($1 = 1.2514 Canadian dollars)

 

(Reporting by Julie Gordon in Ottawa)

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Hot real estate market sparks warnings to potential buyers as complaints to regulator double

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As home sales in the province continue on a dizzying trajectory, the province’s real estate watchdog and regulator are warning buyers to be wary of what they may be getting into.

The Real Estate Council of B.C. (RECBC) and the Office of the Superintendent of Real Estate said that in the first three months of 2021, they have seen an increase in inquiries and complaints.

Calls to the regulator were up 42 per cent over the previous year, while complaints, such as how offers were made and accepted, were double the number received in the same period in 2020.

“Buying a home is one of life’s biggest financial decisions. There are potential risks at the best of times, but with the added pressure and stress of the current market conditions, those risks are amplified,” Micheal Noseworthy, superintendent of real estate, said in a statement.

 

 

The Real Estate Board of Greater Vancouver says sales in the region have continued at a record-setting pace.

Residential home sales covered by the board totalled 5,708 in March 2021, up 126.1 per cent from March 2020, when the COVID-19 pandemic hit, and up 53.2 per cent from February of this year.

Rural and suburban areas have experienced the biggest spikes.

For the past two weeks, Jay Park has been in the middle of the buying frenzy.

He and his partner are trying to upgrade from their one-bedroom apartment to a two-bedroom condo or townhouse in Vancouver.

“I wish we had done this a month or two ago,” he said.

 

A condo tower under construction is pictured in downtown Vancouver in February 2020. (THE CANADIAN PRESS/Darryl Dyck)

 

Park put an offer on a $1-million condo, $4,000 above asking price.

“To entice the [seller], we put in a subject-free offer, but it wasn’t successful,” he said. “They accepted $110,000 over asking price that was also subject-free.”

The hot market has led to bidding wars. Some would-be buyers have even lined up outside for days to try to get a jump on a property.

Erin Seeley, the CEO of the council, is warning buyers to do their research and be aware of risks before making an offer.

“It’s really important that buyers have engaged with their lender before they’re making offers so they know how to stay within a reasonable budget,” she said.

Seeley said some of the complaints the council has heard from buyers is that they weren’t aware the seller has a right to take an early offer.

“And the seller was really in the driver’s seat about setting the pricing,” she said.

 

Demand continues to outstrip supply for housing in cities like Vancouver. (Rafferty Baker/CBC)

 

Aaron Jasper, a Vancouver realtor, advises clients to avoid cash offers and to include finance clauses even if it may mean they lose a deal.

“There’s a lot of frustration among buyers, feeling pressure to take some risk,” he said.

“You’re better to be delayed perhaps a year getting into the market as opposed to being completely financially ruined.”

Jasper also says realtors are limited in the advice they can give to clients on legal matters, home inspections, potential deficiencies with homes, and financing.

‘Caught up in the craziness’

Other tips from the council include seeking professional advice before making a subject-free offer or proceeding without a home inspection, and speaking to a professional to determine how market conditions may be affecting prices.

Meantime, people like Jay Park say they are still keen to buy. Park has more viewings scheduled and is optimistic.

“It’s a very exciting time for us, but I also don’t want to get caught up in the craziness and make a purchase that’s above our means.”

Source: – CBC.ca

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Black Press Media introduces one of Western Canada’s best real estate platforms helping home buyers Find. Love. Live. that new home

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Need an agent who knows the community?

Or, is it time to look for a new place to live, but you don’t know what’s on the market?

Whatever the real estate need is for residents in the communities of British Columbia, Yukon & Alberta, there’s a new way to do that one-stop shopping – by visiting Today’s Home.

The slogan for the site is “Find. Love. Live.”

“We want people to find their dream home, love it, and live in it,” said group publisher Lisa Farquharson.

Building on the success of Black Press Media’s niche digital platforms – Today’s Home brings the same wealth of knowledge and local expertise to the search for a home, be it buying, selling, or even just daydreaming about what changes you can make in the future.

Search hundreds of listings that local real estate agents have available.

The listings cover properties around the region, from a one-bedroom, one-bath condo for $339,900 to million-dollar acreages throughout the province of BC, Yukon, Central Alberta and beyond.

Click on a listing, and see not only the realtor handling the property sale, but links to his or her other listings and social media feeds. With the click of a mouse, take a virtual tour of the property, find the property’s walking score, and learn about nearby amenities.

There are links available to schedule a showing, or send the agent a comment or question.

Want to share a listing? When you click on the share button, you’ll actually send an attractive digital flyer of the prospective property, not just a link.

There’s even a button to help determine how much you have to spend, courtesy of the convenient mortgage calculator.

Plus, scroll down the page on Today’s Home and find a list of expert local real estate professionals who can answer questions or help with that home sale, Farquharson explained.

Today’s Home offers the advantage of the massive reach that Black Press Media has built throughout Western Canada with its network of community newspapers and online products. That allows the public to tailor real estate searches based on location, price, and other key factors while allowing real estate professionals to gain unprecedented audience reach with their listings.

Today’s Home will dovetail into the media company’s existing print real estate publications.

“Black Press Media has real estate solutions in print and now we can add in the digital component,” Farquharson said.

Watch for expansion of the Today’s Home platform in the near future, she added. That will come as Black Press Media adds a new component – the development community. Developers will be able to reach a huge audience when their projects are ready for presentation.

For information on Today’s Home, contact group publisher Lisa Farquharson at 604-994-1020 or via email.

Happy house hunting!

Source: – Aldergrove Star

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