Hamilton-Burlington Real Estate Continues to Soar - RE/MAX News | Canada News Media
Connect with us

Real eState

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

Published

 on


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!

—-

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

Let’s block ads! (Why?)



Source link

Continue Reading

Real eState

Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

Published

 on

 

TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Real eState

Homelessness: Tiny home village to open next week in Halifax suburb

Published

 on

 

HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Real eState

Here are some facts about British Columbia’s housing market

Published

 on

 

Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

This report by The Canadian Press was first published Oct. 17, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending

Exit mobile version