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Hamilton's real estate market set 'to come out of the gates strong in January' – CBC.ca

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Hamilton home prices have been trending upward, registering a near 10 per cent increase in despite the COVID-19 pandemic, and a broker with Royal LePage says this is expected to continue in 2021.

According to a Royal LePage House Price Survey released in July, the aggregate price of a home in Hamilton increased 9.1 per cent to $592,059 in the second quarter of 2020.

Joe Ferrante says prices have continued to rise.

“I think the trend is still going to be positive. I think it’s still going to move upwards. I think values are going to increase, probably moderately. I’m kinda using the five per cent mark in terms of the average overall across the entire city of Hamilton, including the suburbs and everything else,” Ferrante told CBC Hamilton.

“I think things will continue to look up. I think the interest rates are a huge factor, and unfortunately, there’s just not enough product. There’s a shortage of product still and it’s tough for especially first-time home buyers to get into the market because stuff is selling well above asking, and we’re still seeing competition on listings. 

“I don’t think that’s going to end anytime soon. I don’t think that it’s going to end as we head into January or February,” Ferrante said.

Joe Ferrante is Royal LePage State Realty’s broker of record. (Submitted by Youjin Choi)

Seasonal slowdown

There was the usual “seasonal slowdown” as it got closer to the end of 2020, Ferrante said.

“You normally would [see a slow down] this time of the year as we head into Christmas, but I think we’re going to come out of the gates strong in January.”

While real estate in the city is usually covered by agents from the Realtors Association of Hamilton-Burlington, Ferrante said there are a lot of agents coming from other boards, such as Oakville and Toronto.

This trend, Ferrante said, began earlier in the COVID-19 pandemic. “They are listing properties here, they are selling properties here, so they are dealing with a great big amount of buyers and it seems that that trend is still continuing,” he said. 

“They’re just pushing this way. Once again, it boils down to affordability and availability, not just for Hamilton but pushing right into the Niagara region, into Cambridge and those areas as well.”

Vaccine is big news for consumer confidence

A number of pandemic-related factors have heated up demand for Hamilton homes. 

Offices banished employees to their kitchen tables in March, meaning more people from beyond city limits aren’t worried about lengthy commutes, at least for now. People who’d sacrificed square footage to live closer to their jobs suddenly craved more space for kids doing schoolwork and playing, and for parents working. Travel restrictions swapped daydreams of vacations for backyard pools.

On Dec. 9, Health Canada gave the green light to Pfizer’s COVID-19 vaccine, a key step toward launching the biggest inoculation program in the country’s history.

The department announced the approval after scientists finished a two-month review of the company’s clinical trial data.

Ferrante said this news will play a big role in continuing the positive trend in the real estate market. 

“The news of the vaccine is … big for consumer confidence,” he said. 

“The interest rates are low. Again, it’s all about consumer confidence, in my opinion. I think people can start to see light at the end of the tunnel.

“The real estate industry has been one of the economic drivers through this pandemic and I don’t see that slowing down or changing into the new year.”

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LACKIE: Toronto real estate defying all conceivable expectations amid pandemic – Toronto Sun

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Article content continued

It was a perfect storm.

By the end of 2020, rental transactions in Toronto were down 20% from the year before. Average rent, down 5% across the GTA, fell a full 15% in the downtown core alone.

Notwithstanding the broader social and economic concerns of this moment we’re in, it is finally a good time to be an apartment hunter.

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Now, prospective tenants considering a move have options — units without thoughtful floor plans, outdoor space, a great view and daytime sun will languish. So would-be landlords are doing all they can to sweeten the deal — everything from signing incentives to rent rebates, to free parking, cable and Wi-Fi — anything to be competitive.

The question is then, how low can it go and how much longer can we expect this to last?

Given that the current state of things is a direct result of the fallout of the pandemic economy, it’s a safe bet that recovery will depend on how long it takes for life to return to some semblance of normal.

Simply put: this is a COVID problem – not a standalone crisis of the rental market. Once vaccines are widely distributed, universities and workplaces reopen, and Toronto reclaims its position as a hub for business, culture, and nightlife, it is a certainty that things will stabilize. And when it does, we will be reminded of the looming crisis we were bracing for prior to the pandemic — a housing supply falling well behind keeping pace with population growth and new immigration.

@brynnlackie

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With the real estate market still growing, here's how to invest this year – Financial Post

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This article was created by StackCommerce. While Postmedia may collect a commission on sales through the links on this page, we are not being paid by the brands mentioned.

Investing in real estate has always been considered a smart move, and with so many Canadians in search of better housing thanks to the pandemic, the moment is right to strike. RBC estimates home resales in Canada increased by 13 per cent last year and predicts sales will hit an even higher level in 2021. Clearly, there is money to be made, but understanding the real estate market requires skill and know-how.

Every good investor takes time to study their intended market before making a move. Investing in a home for your entire family is considerably different from nailing down the perfect time for buying a building to flip when the demand is high. If you have ever considered purchasing an investment property, you’ve probably struggled with deciding which type of home is the right one to pour your money into. Not to mention all the other important questions you’ll need to answer for an endeavour as big as this one.

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'Enamoured with the Hammer': Toronto real estate agent rhymes about downtown Hamilton loft – TheSpec.com

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The career trajectory of Arty Basinski is a somewhat head-spinning affair. First he was a musician, writing his own songs and playing in bands. This didn’t pay the bills, though, so he went into real estate.

Early in his newfound profession, after struggling for a few months, he had a breakthrough — why not advertise the properties using the power of song?

The plan worked. Now, Basinski’s listings go viral online on a semi-regular basis, thanks to the music videos he makes for his clients.

First it was “Lil Yellow House,” a duet he performed with the owner of a semi-detached bungalow in Toronto’s east end. The video amassed over 66,000 views on YouTube and the house sold for just under asking price within a week.

His latest work is a promotional video for a mixed-use building in downtown Hamilton, which includes two apartments above a recently-abandoned vape store.

In “Loft Mi Casa,” which had just over 1,000 views on YouTube as of Jan. 22, Basinski makes the case for buying real estate in Hamilton.

www.LoftMiCasa.com for all the details on this Hamilton Storefront Property

It opens with a shot of Basinski standing before the Toronto skyline, CN Tower in the distance, evidently down on his luck. A man in a leopard-print onesie kicks him in the stomach for slapstick effect.

“Leaving T.O., I’ve got nothing left to give. The bills are piling up, I can’t afford to live,” he tells us.

So off he goes to Hamilton, westbound along the QEW, to the land of cheaper real estate.

“I’m enamoured with the Hammer,” the Torontonian rhymes. “Luxury condos are advertising; watch construction from your patio — quite mesmerizing.”

Basinski’s musical background has been a boon for his real estate career. “I’ve wanted to do this for a long time, being a musician myself,” he told The Spectator. “Oddly enough, I didn’t make it as a musician, but the real estate game turned me back into one, I guess.”

He composes most of the music himself with help from his clients, many of whom have musical hobbies. The chorus in “Loft Mi Casa” — seemingly salsa-inspired, impressively catchy — was recorded in his client’s home studio. The client sings the hook.

When he’s not selling property or rapping about it, Basinski is part of a roving circus act. He drums, he juggles, he spins sticks lit on fire and he walks around on stilts — sometimes all at once.

His novel approach to advertising lends itself to commercial property especially, which can take between six months and a year to sell, he said. “It takes so long to sell commercial storefronts, so you have to keep the property at the forefront of people’s minds. You have to come up with new ways to get people to remember these properties.”

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In addition to two apartments and storefront, the Loft Mi Casa building, at 17 John St. N., includes a storage room and an outdoor patio. Its namesake loft boasts a 25-foot-high ceiling and mezzanine bedroom with a walk-in closet.

A “ROI guarantee,” said Basinski. That’s return on investment.

The COVID-19 pandemic has made properties harder to sell, so Basinski has also offered a few incentives. If you find the hidden cat in the 3D walk-through posted to his website, he’ll shave off $5,000.

Jacob Lorinc

Jacob Lorinc is a Hamilton-based reporter covering business for The Spectator. The funding allows him to report on stories about education.

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