REDISCOVER REAL ESTATE

MARKET UPDATE FOR THE WEEK ENDING JANUARY 23RD, 2015

Ah January, the month of new beginnings, salt stained trousers and increased listings. What we can tell you right now is that 2015 is starting off with a bang as listings continue to grow…and not a minute too soon.

One just has to look at the number of multiple offers to know that demand remains high. Our office coffee consumption is also ramping up, so we know we are in for another busy Spring Market. 

We can collectively hear home buyers breathe a sigh of relief as more listings come to market. Across the downtown core, freehold listings jumped by 67% since the early part of the month to 221 units. That exuberance is only tempered by sales which increased by a remarkable 95% over the same period. Of those sales, 53% sold at or above the asking price. There is no question in our minds that all these numbers will improve over the coming months. 

After a quick run up in the number of condominiums coming to the market at the beginning of the month, it`s comforting to know that the number of new listings has stabilized. Meanwhile sales have increased by 30% in the downtown core and units selling at or above the list price have moved from 9% at the beginning of the month to the current level of 17%. With a lot of media coverage over the record prices in both the low and high rise sectors of the new condominium market, we expect that Toronto`s existing inventory will see healthy price increases this year.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto and Niagara-on-the-Lake since 1928. We have three centrally located offices and over 230 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately report on the true temperature of the real estate market.

Looking to buy, sell or refinance? Know your options. I can help! Direct line: 416-219-6662

 

Is it too late to get into Hamilton’s hot housing market?

Hamilton is poised to be one of the strongest housing markets in the country in 2015 -- but is it too late for investors to catch the train? Far from it, said Cam McCarroll, an investor and sales person at Harbour Properties.

“The hot market in Hamilton means that increased demand makes finding discounts on price more challenging, that paying close to full price is the norm, and often multiple offers are creating sales over asking price,” he added. “But this is just the cost of admission for accessing a hot appreciating market like Hamilton.”

Analysis published this week by TD Economics showed that, across Canada’s largest 14 cities, Hamilton is the only one expected to see house prices grow over the next two years.

Diana Petramala, TD’s real estate economist, said: “Unlike other markets, where we see prices decline, we do see prices growing by about two or three per cent per year in Hamilton. The sharp gains we’ve seen are probably behind us, but it’s still going to be one of very few markets where home prices will continue to grow.”

Housing prices in Hamilton rose an average of six per cent in 2014, reminiscent of the kinds of sales and price activity more typical of Toronto, Vancouver and Calgary.

The Canadian Real Estate Association’s figures for November 2014 showed a year-over-year percentage change of eight per cent, from an average price of $368,947 in November 2013 to an average price of $398,590 one year later.

Only two or three years ago, McCarroll said, investors were wondering whether Hamilton was the best choice for investment. Much has changed in the ensuing years.

Hamilton has a wide spread of housing stock from $140,000 to $400,000,” he added. “Identifying transition areas is the key to long-term success when investing in hot markets like Hamilton. These key transition areas are where new and experienced investors can take advantage of greater appreciation and good rents.

“A report like TD's deals with averages across the city, but a smart investor would be buying in areas that are in a specific neighbourhood that will transition upwards in value and is going to perform better than the average.”

by Jennifer Paterson - Canadian Real Estate Wealth

 

Looking to buy, or invest in Hamilton? Know your options. I can help! Direct line: 416-219-6662