Trends in Canadian real estate market
Tuesday, August 14, 2018
Local Hamilton Market Conditions Real Estate Trends
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%.
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.
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.
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.
Friday, July 6, 2018
Judy Marsales, Broker of Record
General Real Estate Advice Real Estate Trends
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:
- 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.
- 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.
- 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.
Tuesday, June 14, 2016
Real Estate Trends
The number of seniors (aged 65 and over) is growing much faster than the number of non-seniors, and the population is expected to more than double by 2036i.
This aging population has created new challenges for housing and related services. For-profit and non-profit housing sectors are responding to these changing needs with innovative solutions. Policy makers at all levels of government are paying more attention to seniors and to the need for age-friendly housing policies and community planning. These responses are resulting in increasing seniors' quality-of-life and helping them maintain their independence and social participation.
Aging in Place
A large majority of seniors are choosing to 'age in place'; that is, to continue to live in their current home and familiar community for as long as possible even if their health changes.
A number of approaches could further enable seniors to remain in their homes without needed services or sacrificing safety:
- Home modifications
Accommodating disabilities making modifications in the home will allow them to live in their homes longer.
Using technology to improve the quality of life of the aging population.
- Alternative housing approaches
Options include house sharing, cohousing and the coordination of housing and support services.
- Coordination of housing and support services
Support services that many seniors require are: meal preparation, transportation, laundry, housekeeping, medication assistance, personal grooming and organization of social and recreational activities.
- Age-friendly planning and development
A community that is physically supportive and responsive to seniors’ needs.
- Neighbourhood walkability
- The availability of transportation options that meet the needs of residents who do not drive
- Access to services that seniors need
- The availability of different housing options
- Safety, and
- Opportunities to engage in social and civic activities.
Read the full chapter in the 2011 Canadian Housing Observer (PDF)
i Chapter 8: Seniors' Housing, 2011 Canadian Housing Observer
CMHC Article – written by Housing Observer Online.