Established in 1921, the REALTORS® Association of Hamilton‐Burlington (RAHB) represents more than 2,500 real estate brokers and sales representatives from Hamilton, Burlington, and outlying areas
Actual residential sales overall were down by 0.8% in October 2012 compared to last year but the average sale price saw an 8.3% increase and the average days on market was lower than last year.
“The steady increase in residential prices over last year continues,” said Nolan. “We are also seeing less of a difference between numbers of new listings this year compared to last. Those listings are still being sold faster than last year, with the average number of days on market at 45 days.”
All property types overall saw an increase in sales (by 0.4%) and average price (by 12.7%) compared to last years period, indicating that October residential market still favours sellers.
“The October market has confirmed that we are in a seller’s market, as we have been most of the year.” said RAHB President Cameron Nolan. The REALTORS® Association of Hamilton-Burlington (RAHB) reported the residential market saw an 11.9 per cent increase in average sale price in October compared to the same month last year.
For the complete report visit: http://www.rahb.ca/press/2012/121105pressreleaseOct.pdf
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The average sale price for residential properties in Ontario has risen by 17 per cent between January 1, 2008 and January 1, 2012, while home prices in Hamilton have risen 10 per cent over the last four years according to the first report on residential sale price trends published by the Municipal Property Assessment Corporation (MPAC) on July 24, 2012.
MPAC analyzes actual sales prices of similar properties to help establish the assessed value of more than four million residential properties across the province. MPAC also assesses more than 800,000 farm, commercial, industrial and other property types across Ontario.
Larry Hummel, MPAC’s Chief Assessor, comments, “The report is good news for most Ontario homeowners. It shows the average sale price of residential properties in most communities has increased since 2008 and that the real estate market continues to be strong”.
“Hamilton has experienced steady measured growth in residential real estate prices as its economy continues to diversify and employment increases”, comments Cameron Nolan President of the REALTORS Association of Hamilton-Burlington.
- Burlington offers a low tax rate, waterfront parks and other amenities including proximity to both Toronto and Hamilton that make it a desirable place to live.
- Oakville remains one of the most desirable communities reviewed. Entry level homes are being sold for between $500,000 to $600,000 compared to $350,000 to $400,000 in 2007.
- Home sale prices in Toronto increased 23 percent over the four year period.
- The report identified some of the most significant growth in Ottawa and in cities in northern Ontario. Home prices in Ottawa rose 24 per cent, according to the report as a result of a stable and fairly diverse economy.
For the complete report visit: http://www.mpac.ca/sites/default/files/imce/pdf/MPAC_MarketSnapshot_July_2012.pdf
If you’re thinking of buying real estate property in Burlington and surrounding areas, don’t hesitate to get in touch with me: Lori VanDinther – Burlington Real Estate Agent. I will help you find your dream home!