Trends in Canadian real estate market

2019 NEW YEAR, NEW PLANS

 Tuesday, January 15, 2019     Judy Marsales      General Real Estate Advice Real Estate Trends

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The New Year is a great time to reflect on the previous year. Refresh our thoughts and look to the exciting opportunities going forward. Real estate is often one area of our consideration when we’re making plans. Are you thinking about downsizing, upsizing, or buying your first home? All these are important life decisions and have different considerations. Every option requires careful analysis with appropriate information on which to make a well-informed decision.

I often talk about separating facts from fiction when we analyze economic considerations. In the last few months we have seen some dramatic changes in various economic situations, in Canada, Ontario, and our own GTHA. How will these changes impact your decision making? We are starting to see the demographic shift occur. According to Canada Mortgage and Housing statistical data, we’re seeing more Millennials in the Hamilton area then baby boomers for the very first time. What impact will this change have on our housing sector? While some areas witnessed marginal price declines in 2018, most of Hamilton saw a consistent growth pattern. However, housing demand has the potential for easing somewhat this year which is a great opportunity for first time buyers.

We may also see interest rates increase slightly, it’s now even more important to do a financial analysis of your potential affordability range with a professional. A quote from Albert Einstein for the New Year, “Learn from yesterday, live for today, hope for tomorrow. The important thing is not to stop questioning.”

Please ask us as many questions as necessary to make the best real estate decision. Call us, email us, text us, whatever form of communication works best for you to build your plans for the future. Happy New Year from all of us at Judy Marsales Real Estate Ltd., Brokerage.


UNDERSTANDING REAL ESTATE MARKET CHANGES

 Friday, September 28, 2018     Judy Marsales, Broker of Record     Real Estate Trends

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As we enter the Fall Season, the weather starts to change, we notice cooler days, shorter days, beautiful colourful leaves and we have learned to expect some weather pattern changes as we move through this season. However, when real estate markets change we have less understanding of the patterns. Sometimes a real estate market change may be as a result of an economic change due to interest rates, global economic discussions, or shifting demographics, for example, baby boomers to millennials. Whether buying or selling real estate, the key to success is managing your expectations. For example, recently the days on market for home sales has increased. This change does not mean the “sky is falling”. 

It's simply an indicator of a changing market dynamic where more properties are being offered for sale and therefore buyers have more options to consider. This additional exposure time on the market may also be an indicator that some sellers are projecting values based on a previous market condition, which may or may not be achievable in this current market time. These sellers often have to adjust their value to attract potential buyers and achieve a successful sale. Previous seller experiences such as multiple offers and bidding wars may not be achievable in a more balanced market. The key to a successful outcome for a buyer or a seller is in understanding the dynamics of each situation. 

If you are selling your home, know what the parameters of value judgement for your home, what is the reasonable selling time on market – can the market live up to your expectation? Is this the best time for you to sell? Remember that no one has a crystal ball and market analysis can only be done with the facts. Whether buying or selling, always get the most up to date information on which to make a good decision. With the speed of sharing information these days, everyone has an opinion. however, work with the facts. Do not gamble with one of your most expensive decisions. Call us or email us for the latest statistical information to enable you to make the best decision. 


Hamilton Real Estate Market Statistics for August 2018

 Tuesday, September 25, 2018     Kirsten McNamee     Local Hamilton Market Statistics Real Estate Trends

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The Residential Real Estate Market Activity Chart shows Hamilton continues to be hot, driven by Hamilton Centre. With charts and graphs provided by The REALTORS® Association of Hamilton-Burlington (RAHB) we can see there is a 2.1% difference from August of 2017. Residential homes are still up from last year with an average sale price of $501,073.  

RAHB Marketing Activity Chart Aug 2018

The hot areas remain Hamilton Centre and Hamilton Mountain. The chart above illustrates how much the average price of a home has changed. And the Marketing Activity Chart shows us how much the entire The Greater Hamilton Area is doing.

STATS Map Aug 2018 

Take a look at the STATS Map and you'll see the areas bounded by Hamilton Bay on the North, the escarpment to the south and James and Kenilworth are doing. This image also shows each area in Hamilton and what the average cost of a home that was on the market in August 2018.  (sub areas 13, 14, 21 & 22). 

STATS Chart 

Finally the STATS Chart show that 68% of homes are in the range of $200,000 and $600,000 and 29% are about $600,000+ 

If you're thinking of selling your home and want to get a better idea of what it will cost, you can use our "What's My Home Worth" calculator. Then you'll want to get in contact with one of our agents. They will be happy to go over the market stats with you and discuss possible next steps. 


Hamilton Real Estate Market Statistics for July 2018

 Tuesday, August 14, 2018     Kirsten McNamee     Local Hamilton Market Statistics Real Estate Trends

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Hamilton Centre continues to be a hot area, it's especially evident when we look at the charts and graphs provided by The REALTORS® Association of Hamilton-Burlington (RAHB). Overall we can see how much has changed since 2017 and that the average price of homes in Hamilton have gone up by $35,955, that's 7.6%. 

STATS MAP

You can see in the STATS Map shows us where Hamilton centre is. The area is defined by James St all the way to Kenilworth Ave. This image also shows each area in Hamilton and what the average cost of a home that was on the market in July 2018. 

STATS CHART

The STATS Chart again is making it clear that Hamilton's market is a hot one. We can see here that the highest percentage of homes sold were $600,000 or more. 

Marketing Activity Chart

By taking a look at the Marketing Activity Chart, you can see the difference between 2017 and 2018. We can again see how much the average price of a home in Hamilton has changed. This is a very important graphic, since it shows us how much the entire The Greater Hamilton Area is doing.

If you're thinking of selling your home and want to get a better idea of what it will cost, you can use our "What's My Home Worth" calculator. Then get in contact with one of our agents and they will be happy to go over what the results with you and what the next steps are. 


Understanding Current Real Estate Market Trends

 Friday, July 6, 2018     Judy Marsales, Broker of Record     General Real Estate Advice Real Estate Trends

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There was an interesting article written recently that suggested despite one of the strongest economic business climates, people are uneasy. Our real estate market is reflecting some of this nervous energy.

We have more available properties on the market then we have seen for a while and the demand has also tapered off slightly. These two indicators generally confirm that the market has moved from one of the strongest “Sellers Markets” to a renewed “Buyers Market.” If you are contemplating a move soon, how do these changes impact your decision and your strategies going forward. Let’s break this down in two segments:

  1. Selling your home – make sure you have a well documented evaluation of your home including up to date information. Is your range of value competitive in the current market place and not relying on prices attained last year? Can you identify unique features of your home and property which would attract today’s buyers? Is your home clean and decluttered? Discuss a sound marketing plan, forget all the hype and concentrate on the practical. Understand the various conditions which may be in an offer. Are you purchasing another property? What are the financial considerations in a more volatile market? You want to adjust your timelines in a Buyers market. Homes will be on the market for a longer time period and there are rarely competitive offers or bidding wars. 
  2. Buying a home – decide on an area of the city which you would enjoy living in and is practical for your needs. Do you have children who will be going to school, parks and recreation activities? Do you commute? Where is the GO station or highway access? If you cycle, where are the safe bicycle opportunities? Have you spoken to a variety of financial institutions to have an up to date budget parameter? Have you spoken to a lawyer to establish a readily accessible support system? Have you reviewed all the statistical data to establish your evaluation of a home before you make an offer? Are you knowledgeable about negotiating in this changed market? Understand important clauses and time lines for safe financial decisions.
  3. Commercial Real Estate – Hamilton has attracted a lot of attention and there are numerous opportunities for investment. However, one should approach each segment of commercial real estate with the relevant analysis

Clearly, with all the changes and challenges of the current market, a consumer would be well advised to work with a professional real estate sales representative who has all the data and supporting information to enable the best possible decision. Markets are always changing but recently, changes have been more sudden and require more knowledge and understanding. We are proud of our local knowledge and of all the parameters of good real estate decision making. We are fortunate to have three offices full of hard working knowledgeable people with a wide foundation of knowledge. Please call us, text us, or email us, whichever form of communication works best for you for the latest statistical data.