The Hamilton-area real estate market will be one of the strongest housing markets in Canada in 2015. Hamilton is the only city where home prices have grown over the past two years. It also hasn’t seen a better year-end in the past five years according to The Relators Association of Hamilton-Burlington. Over the last five years, Hamilton’s housing market has been hot; it has been ahead because of the increase in housing prices and the number of homes sold. This can be attributed to how much people enjoy living in Hamilton and the city’s vibrancy.
As of December 2014, there were 796 properties sold throughout city, which is an overall increase from 7.6% in December 2013. Prices in Hamilton rose 6% last year, which means that the city has been experiencing the kind of real estate sales and price activity that is more commonly seen in Vancouver, Calgary and Toronto. Seasonal residential sales increased 4.4% over the year and the average price rose 4.5%. Actual real estate sales were 8.2% higher. While the rest of Canada may wonder about the continued strength of the local housing markets, it appears that the Hamilton-area real estate market will remain strong in 2015.
At the end of December, residential sales were 16% lower than they were at this time last year. This makes it a tight sellers market for 2015. With the housing inventory being so low in the Hamilton-area, this indicates that Hamilton will remain as a seller’s market for a while. The factors that may be attributed to this are that real estate listings may be expiring or people aren’t in such a rush to sell their homes. The downside to Hamilton being a seller’s market is that home prices aren’t increasing which means seller’s won’t be pocketing as much money for their homes. The average number of days that a home is on the market is an important indicator. Currently it has dropped from 51 to 45 over the year but in some instances it has climbed from 47 to 53 especially for condos.
It has been predicted that the housing market for 2015 with remain strong, despite the fact that some real estate listings could limit the number of houses that people see on the market. The Hamilton-area real estate market will continue to be driven by affordability, this means that roughly half of local real estate sales will be between $200,000-$400,000 which is 80% under $500,000.
Source: The Hamilton Spectator
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