January 24, 2012 Mortgage rates are at a record low putting tremendous pressure on pricing .(2.99%) New First Time Buyers are stretching to get preapproved. There was a time a small condo was $ 150 M now first time buyers are looking more often than not in the low 200's. ( Hamilton Burlington Market) As in the past I stress people to look at their whole mortgage and not get tricked on these rates where many rates that are low have HIGH PENALTY FEES. Realtors are embracing the internet to extremes. Many including myself are relying on syndication to distribute listings to maximize exposure. Staging has become the required method to get top dollar. Our inventorys are at a all time low. ( in my 11 years I have never seen them this low) People are asking when is the bubble popping ? Its like everyone knows it will come one day but when. ???? Interest rates do have to go up and they would not have to go up much to slow things down quickly. One or two Percent would have a significant impact.The government is predicting they will be staying low for quite some time. There has been hardly any snow so far and we have had a easy January. Media reports consumers have been restraining excessive spending and many are starting to pay down debt. Which is a good thing. The market is still very active and yes bidding wars are still happening out there. Any inquiry on mortgage specials, preapprovals or general real estate questions you can email anytime carl@carlstars.com. Carl

The Canadian Real Estate Association has made a small revision to its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations for 2011 and 2012.
The Canadian Real Estate Association (CREA) has made a small revision to its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations for 2011 and 2012.

Activity came in broadly in line with expectations across much of the country in the third quarter of 2011 with the exception of Ontario. Sales there came in stronger than anticipated in a number of regions over the summer, but were held aloft mostly by Toronto activity as the third quarter ended. (more…)

Recent Sales Statistics  Provided by Hamilton -Burlington Real Estate Board: Media Release

Recent stats that have recently come in indicate an 8% increase in house prices since last year in Burlington. For surrounding areas such as Hamilton we are enjoying a 3.7% increase.

I still have too many clients that are coming back to me and clearly they have used their homes as a line of credit. Consolidate "run" the  credit cards up again consolidate and the road to no where continues ! !  

As of this morning there are 561 Active Listing in Burlington which includes Condominiums. Inventorys are low and interest rates are  low. Give credit to the government right now who are consistently warning Canadian's  to pay down their personal debt.

Consumers most realize a $ 200,000 mortgage at 3% is approximately $ 948.42 amrt 25 years and should rates go up to 7% the payment jumps to $ 1413.55.

A home is a great investment but it is only one component of wealth building.

The Bank of Canada raised their rate by 1/4% this morning. Bank prime is now at 2.75%.

The Government has commented that inflation is at a predictable rate. The Banking sector remains strong. I took an average of the lender rates emailed to me on a daily/weekly basis and the best five year rate I could find was 4.19 and the best 10 year rate was 5.20 . Fixed rates on five and ten year terms remain very competitive.

As of this morning there is a total of 767 active listings in Burlington. Its good to note a few short months ago we were around 400 if I recall. However staged homes and if  priced correctly still result in bidding wars or at least quick sales usually around 98% of asking price.

I have noticed Buyers are more cautious and the inventory is a sign of a more balanced market . Already some areas are starting to reflect a buyers market. The fall market will tell the story.  Some buyers and Sellers have some HST Jitters but the costs are minimal when you look at the size and scope of the transacation. ( But yes the HST is just another tax grab ).  

Carl

Market Starting to Settle

(June 4, 2010 – Hamilton, Ontario) The Greater Hamilton-Burlington area resale market reported a total of 1451 units sold in May, an increase of 8.8 per cent over May of last year, according to the Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).

When compared to April of this year, May’s total unit sales were down 5.5 per cent.

“The market is beginning to settle a bit,” said RAHB President Joe Ferrante. "We saw big highs in both the numbers of listings and sales in March and April, and now we are seeing how things will probably be continuing for the next few months.”

Residential properties sold during May totalled 1406, which included 1114 freehold properties and 292 condominiums.  Commercial sales for May, including industrial, farm, vacant land and business, totalled 45 units.

The average price of freehold residential properties sold in the month of May was $339,484, an increase of 8.5 per cent over the same month last year and an increase of just under one per cent over last month. 

In the condominium market, the average price of condominiums in May was $224,707, a decrease of three per cent compared to May, 2009 and a decrease of slightly more than two per cent from last month.  The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.

May’s total average residential sale price increased six per cent over the same month in 2009.

The total number of units listed for sale during May was 2370, which is almost 33 per cent higher than were listed in the same month in 2009. 

“This is still a strong market by any measure,” added Ferrante, “and is performing pretty much as we expected.”

Unit sales reflect “all property types” including residential, condominiums, commercial property, farmland and sales of businesses.

Established in 1921, the REALTORS® Association of Hamilton-Burlington (RAHB) represents more than 2,400 real estate brokers and sales representatives from Hamilton, Burlington, and outlying areas. Members of the association may use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict code of ethics. The association operates the local Multiple Listing Service® (MLS®) and provides ongoing professional education courses for its members. In addition, RAHB is an active participant in the Home Ownership Affordability Partnership (HOAP) and holds an annual auction in support of local charities. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.REALTOR.ca. More information about RAHB is available at www.rahb.ca.                                         

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The Greater Hamilton-Burlington area resale market reported a
total of 750 units sold in January in the Hamilton-Burlington Real Estate market.

The January Sales were more normal results. December was booming and a slight dip was inevitable. Residential properties totalled 714  sales in total.

The average price of freehold residential properties sold in the month of January was $302,474, an increase of 10 per cent over the same month last year.Inventorys are very low especially in Oakville, Milton and Burlington.

 In the condominium market the average price of condominiums in January was $230,583, an increase of 10 per cent from January 2009.Some information for this article provided by the Hamilton,Burlington Real Estate Board.

The market is red hot , with low inventorys. Some remaining inventory is simply overpriced.

Here is a brief summary from the Hamilton-Burlington real estate Board.

The average price of freehold residential properties sold in the month of September was $324,868, an increase of six per cent over September last year.  The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.

In the condominium market the average price of condominiums in September was $229,462, an increase of 7.8 per cent over September 2008. 
 WIll keep you posted !!  

Carl