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The Hamilton Real Estate Market is as Alluring as Ever – Toronto Storeys

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Hamilton, Ontario is having a major moment – one that’s lasted for the better half of the past decade. And there’s currently no end in sight.


With Toronto’s sky-high real estate prices reaching record highs in recent years (and months), the Hamilton housing market has become a popular option for urbanites seeking both more space and the ability to stretch their precious dollars further.

Recent figures reveal that the once predominantly industrial city of Hamilton is indeed alluring as ever – especially for Toronto dwellers.

A new fall outlook from RE/MAX suggests that the Hamilton-Burlington housing market has made a strong comeback after an inevitable decline in activity at the onset of COVID-19 that characterized the Canadian real estate market from coast to coast.

Consistent with most of the Canadian housing market, the Hamilton-Burlington housing market resurged with a vengeance once the warmer weather rolled in this year. Both regions are experiencing a strong sellers’ market, with 80% of available inventory selling out each month.

For anyone who’s eyed Hamilton’s real estate market for some time, this comes as no surprise. Pre-COVID, the recently revamped city’s housing market was red-hot, after experiencing a 10.1% increase in sales, or 12,866 transactions in 2019. At the end of February 2020, the Realtors Association of Hamilton and Burlington (RAHB) reported a 25.5 % spike in the number of sales year-over-year, while the average house price reached $646,667 – an increase of 15.5 % compared to February 2019.

At the onset of the COVID-19 pandemic, RE/MAX reported that Hamilton’s real estate market was characterized by three dominant trends: high demand, moderating affordability, and shrinking supply. Despite the COVID-inspired drop, these are definitely no passing trends.

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“The prices in Hamilton have been increasing for years and continue to climb. For every property that’s for sale in Hamilton, there are more than a few interested parties,” says Chris Maynard, a RE/MAX agent who specializes in the region. “Almost all of the sales – both purchases and selling – I’ve done in Hamilton result in multiple offers. Almost every time we see a record for a street at the office, we’ve given up being surprised at the price.”

Many of Maynard’s first-time Hamilton homebuyers have roots in Toronto, he says, and are drawn to the rapidly growing urban core of the city. “I think downtown Hamilton is one of the most exciting places in the country,” says Maynard. From shiny new gallery spaces, to restaurants that rival those in Toronto, there’s a new appeal to downtown Hamilton amongst the urban set.

Image: @tourismhamilton

While most former Toronto residents arrive in Hamilton with big plans to maintain their Toronto lifestyles, this often changes, says Maynard. “When I place people here, they always tell me at the start that they want to maintain their Toronto careers and subsequent commute,” he says. “When I come back a couple of years later, if it’s a couple, usually one person now has a local job, and sometimes both of them do.”

With the dissolution of the office thanks to COVID-19 – for some companies, permanently – Hamilton is more appealing than ever for Toronto residents, especially with a tedious commute removed from the equation. Not only is it more affordable to score a single family home at a time when space has taken on new value, the region offers no shortage of opportunities to connect with nature thanks to the nearby Bruce Trail and over 100 waterfalls.

Indeed, the recent figures reveal that the luxury real estate markets in Hamilton and Burlington remain strong, with increasing interest coming from buyers in Peel Region and Toronto.

Image: @tourismhamilton

The move away from the office is reflected in new “must-haves” for prospective Hamilton homebuyers. “What I’m seeing now are people looking for properties with another room that can be used as an office,” says Maynard. “I’ve worked with a number of people in the past couple of months where – if there were two people purchasing together – both want to make sure that they have a real office space, not just a laptop stuck at the end of the kitchen table. There is also a brand-new discussion surrounding Zoom calls in terms of space-related considerations.”

According to Maynard, buyers from Toronto are both confident in the Hamilton housing market, and well organized in their ability to enter the market. “The people I’m meeting from Toronto don’t have any concern of a much-discussed ‘downturn,’” he says. “They aren’t worried they are going to sell for less.”

According to RE/MAX’s fall outlook, it is expected that the Hamilton-Burlington housing market will experience an average price increase of 3 to 4% for the remainder of the year.

So, there’s really no better time than the present to consider scoring a piece of what’s affectionately known as “The Hammer.”

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LACKIE: Real estate market going through 'recalibration' of supply, demand – Toronto Sun

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Buyer confidence is always the wild card. We have seen this time and time again, but most recently in the early days of the pandemic: the market ground to a halt and the buyers brave enough to venture out were looking for deals.

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That momentary seize up was a blip, it turned out. Once people realized that the pandemic discounts weren’t holding, the market fired back up again.

If you look at the actual TRREB data, as Ackerley did, you will see that in spite of new listings more than doubling since Sept. 1, the number of sales once averaged out to account for the wild summer has stayed relatively consistent.

So, the main thing to watch now is what happens with the inventory balance on the condo market. We need to see how long it takes for this surge of new listings to slow and eventually absorb.

“It’s true the landscape is different, but rest assured, this market is very strong for many reasons, increased population, diverse economy, stable political system, etc. The market is going to rebound. This sort of thing has happened so many times in the past where something causes the market to stall, the media scares everyone, then there’s a period of adjustment, and by the time the masses figure it out, prices are [on the rise] again.”

Only time will tell, clearly, but I think we’d all do well to take a beat before declaring impending calamity on the real estate front.

In the meantime, you may have questions and if our chat is any indication, Rob Ackerley surely has answers. Shoot him a note at rob@condos.ca – I know I will be.

Brynn Lackie is a sales representative at Chestnut Park Real Estate Ltd.

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Boeing Prepares Deeper Cuts From Executive Ranks to Real Estate – BNN

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(Bloomberg) — Boeing Co. is thinning its corps of vice presidents and winnowing real estate holdings, including a splashy outpost near the Massachusetts Institute of Technology, as the planemaker works furiously to counter plunging aircraft sales and mounting costs for the grounded 737 Max.

About 170 midlevel executives, 70 of them based at Boeing’s commercial airplane division, are taking a buyout offer that includes a year’s salary, according to people familiar with the matter. The first of the vice presidents and senior managers to accept the terms will leave the company Oct. 2, followed by a second wave later in the year.

The cuts go deeper and wider than the 19,000 jobs pared earlier this year when the coronavirus pandemic sent air travel into an unprecedented collapse. Stemming the cash outflow has become a paramount concern for Boeing, and the company is also wringing savings from investments in futuristic technology as well as its businesses and organizational structure.

Boeing is shedding assets “like King Midas in reverse,” said Richard Aboulafia, an aerospace analyst with Teal Group.

The biggest and most controversial of the cost-saving measures mulled by Boeing would be to build the 787 Dreamliner at a single site, most likely its South Carolina factory, and close a second final-assembly line in Everett, Washington.

The decision on production amid a steep plunge in wide-body jet deliveries is expected to be announced as soon next month, according to two of the people, who asked not to be named because they weren’t authorized to speak publicly.

Au Revoir Chateau

Boeing also is jettisoning holdovers from the days when it was flush with cash. One example: a lavish executive retreat, modeled after a French chateau, in the countryside near St. Louis. The Boeing Leadership Center is closing indefinitely, with 81 workers from chefs to waiters losing their jobs, according to a WARN report.

Chief Executive Officer Dave Calhoun and Chief Financial Officer Greg Smith warned in July that the company faced a shrinking market that’s likely to remain depressed for years. The Chicago-based company could see a staggering $23.3 billion cash outflow this year, according to an estimate by Melius Research analyst Carter Copeland, before the resumption of Max deliveries starts to fill the company’s coffers in 2021.

Smith, who’s orchestrating the shakeup, said in August that Boeing needs to be “clear-eyed about the market” and how to mitigate its risks.

Boeing signaled last month that a new voluntary exit offer would take workforce reductions well beyond the 10% it initially targeted. The package was aimed at the commercial aircraft and services businesses, the most damaged by the pandemic, as well as the corporate operation, which employed 37,862 people at the start of the year. Fewer employees in the company’s defense, space and government business were eligible for the buyouts.

NeXt Out

Boeing is trimming research and development spending in part by phasing out Boeing NeXt, a two-year-old unit focused on futuristic concepts from flying cars to a supersonic business jet.

Aurora Flight Sciences, among the highest profile of the ventures, remains a wholly-owned subsidiary with work proceeding “full steam ahead,” a Boeing representative said.

But the company has tapped the brakes on the Autonomous Flight Research Center it had planned to open this year in MIT’s Kendall Square Initiative in Cambridge, Massachusetts, near the university’s campus.

Boeing is trying to sublease about half of the 100,000 square-feet space it had secured, said Peter Conway, director of research for Boston-based Lincoln Property Co., which doesn’t represent Boeing or the landlord. Aurora no longer plans to move its Cambridge-based team to the building, Boeing said.

The company plans to decide by year-end whether to maintain or monetize its stakes in three ventures:

  • Aerion, which is developing a supersonic business jet
  • SkyGrid, which is making an air-traffic management system for drones
  • Wisk, a joint venture with Kitty Hawk Corp., an autonomous flight venture backed by Google founder Larry Page.

“It’s a different world now,” said Stephen Perry, an investment banker who specializes in aerospace and defense deals at Janes Capital Partners. “They’re all cash-draining businesses in the short run, with an uncertain future.”

Boeing, Perry said, needs to focus on its core businesses because it’s “in a fight for survival.”

©2020 Bloomberg L.P.

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Montreal startup uses AI to set real-estate prices – Montreal Gazette

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The pandemic has been devastating for so many businesses, but it has also provided opportunities for other entrepreneurs. Take the case of Montreal brothers Mark and Jordan Owen. Both saw their lives significantly altered by the COVID-19 crisis.

Mark, 28, was working for a local real-estate development firm and business had ground to a halt in the spring. Jordan, 26, was in a master’s program in real-estate development and city planning at the Massachusetts Institute of Technology (MIT) and had come back to Montreal in March because all in-person classes had been cancelled.

That’s when they had the idea of starting up a company to produce reusable masks. They founded Bien Aller, named in honour of the Quebec COVID catchphrase “Ça va bien aller.” They created the firm with a friend, Sean Tassé, who had been laid off from his job at a construction-management firm because of the pandemic.

Six months later, they’ve sold about 300,000 masks and they’re still producing them at facilities in Montreal and South Korea. Then the Owen brothers, Tassé and another friend, Benoit Thibeault, had a notion for a more unusual startup. The Owens’ background in Montreal real estate had them thinking that what developers and brokers could really use is a more reliable way to set prices for houses and condos that are going on the sales or rental markets.

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