Category Archives: Real Estate Market

Ontario Introduces Fair Housing Plan

A week ago the government of Ontario announced a new “comprehensive package of measures” to cool off the hot real estate market in the GTA, work on increasing housing supply and help protect renters against unfair rent increases.

Greater Golden Horseshoe

Greater Golden Horseshoe

Here is a brief summary of what the Ontario’s Fair Housing Plan includes:

  1. Introduce a 15% Non-Resident Speculation Tax (NRST) on the price of homes in the Greater Golden Horseshoe, if purchased by individuals who are not citizens or permanent residents of Canada or by foreign corporations.
  2. Expand rent control to all private rental unit, even if build after 1991. Meaning the annual rent increase is a caped at 2.5%.
  3. Establish timelines for elevator repair, as more and more residential high-rise buildings are being constructed, making elevators more reliable is a must.
  4. Crack down on unfair and unethical real estate practices like “paper flipping” or “double ending”, ensuring that Ontario is leader in real estate standards.
  5. Ensuring property tax for new multi-residential apartment buildings is charged at a similar rate as other residential properties.
  6. Allow municipalities to introduce a Vacant Homes Property Tax to encourage property owners to either sell or rent.

Looking to sell your home? Or buy a first time home, or move up, or downsize? Let Lori VanDinther, RE/MAX Sales Representative guide you through the process and help you make the right moves. With over 23+ years of successfully selling real estate in Burlington/Hamilton area, Lori has the experience and market knowledge. Contact Lori today.

Record March Sales; Low Inventory Continues in 2017

The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1803 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in March. The month’s all-property sales set a new high for the month of March, surpassing the record set just last year by 22.2 per cent.

“This is the sixth month in a row – beginning October of last year – that we’ve seen a new monthly record for sales,” said RAHB CEO George O’Neill. “While there was a good increase in new listings, it doesn’t quite balance the number of sales, so the end-of-month listing inventory is 35 per cent lower than last year at this time – that’s less than a month of inventory.”

“Year to date, residential sales are up by 18.4 per cent and the average sale price by 22.9 percent over the same period last year and listing inventory is 35 per cent less than a year ago,” noted O’Neill. “In this market, where homes are selling quickly and buyers are competing for so few listings, a buyer’s and seller’s best ally is a REALTOR® – a real estate professional who can offer the best advice for navigating the market.”

Seasonally adjusted data for residential properties for the month of March, 2017

Seasonally adjusted data for residential properties for the month of March, 2017

Source: http://www.rahb.ca/2017/04/record-march-sales-low-inventory-continues-2017/

Selling your house in Burlington is easy when you work with Lori VanDinther, one of Burlington’s top agents! Team VanDinther will take care of all the details and deliver you the results!

Burlington’s Housing Market Outlook for 2017

The average residential home sale price in Burlington/Hamilton area is estimated at $535,520 in 2016 – a 20% increase compared to 2015’s average of $446,961. The market has continued to see substantial growth!

REMAX Average Residential Sales Price Hamilton-Burlington

Low inventory in Burlington/Hamilton area has caused a slow-down in sales. However, Hamilton is expected to get an inventory boost from couple of downtown new development projects, which are due to be completed in a year and a half.

First Time Home Buyers

Most of the first-time home buyers, from all over the GTA are buying homes in Burlington/Hamilton area because of the affordability factor and still being relatively close to Toronto. These people are spending about $300K for older, detached homes in Hamilton and about $500K for townhouses in Burlington.

Condo Market

Burlington/Hamilton area has experienced a demand for condos, due to a large number of young professionals and retirees looking for new and older condos close to downtown. This has caused a 21% sales price increase. Burlington and Hamilton both have large number of condo projects underway and more planned.

Luxury Homes

Sales of homes over $1 million were up from 63 between January and October in 2015, to 146 in 2016 during the same period. Increased activity from first-time buyers moving into the region from the GTA at the lower end of the market has allowed move-up buyers in Hamilton to become more active in the upper-end segment. With price appreciation expected to continue across the GTA and new construction in the upper end of the market in Hamilton-Burlington, demand for luxury homes is expected to remain strong in the region in 2017.

Future Trends

  • The GO train and LTR projects in Burlington/Hamilton area will continue to boost the local economy and bring lots of activity in the housing market.
  • New mortgage rules that came in effect at the end of 2016, may slightly, decrease the housing market demand because of a larger down payment that’s now required for both first-time and move-up buyers.
  • RE/MAX average residential home sale price expectation for Burlington/Hamilton area is 11%.
REMAX 2017 Hamilton-Burlington

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Looking to sell your home? Or buy a first time home, or move up, or downsize? Let Lori VanDinther, RE/MAX Sales Representative guide you through the process and help you make the right moves. With over 23+ years of successfully selling real estate in Burlington/Hamilton area, Lori has the experience and market knowledge. Contact Lori today.