Hamilton/Burlington Real Estate News - MAY 2025
Hamilton Real Estate Update
The Hamilton real estate market is constantly changing, so please reach out for detailed stats that are specific to your neighbourhood – or even if you’re just curious about what the house down the street sold for. It’d be great to hear from you!
RAHB Stats for May 2025
Bank of Canada Rate Update
The Bank of Canada continues to hold rates steady amid global uncertainty.
The Bank of Canada announced that it’s holding its key interest rate at 2.75%, with the Bank Rate at 3% and the deposit rate at 2.70%.
For buyers, sellers and homeowners alike, this decision helps maintain a sense of stability, at least for now, in an otherwise uncertain economic climate.
Why It Matters for the Housing Market
When interest rates move, so do mortgage rates, and that can have a big impact on what buyers can afford and how sellers price their homes.
With the Bank choosing not to raise or lower rates this time, borrowing costs are likely to stay close to current levels in the short term. That could encourage some buyers to move forward with plans that were on hold during recent economic uncertainty.
Looking Ahead: More Questions Than Answers
The Bank is keeping a close eye on global trade tensions, especially unpredictable tariff changes out of the U.S., as well as inflation trends here at home.
While inflation has dipped to 1.7% (helped by the elimination of the federal carbon tax), core inflation is still slightly higher than expected, which could influence future rate decisions.
For now, the Bank is taking a “wait and see” approach. It’s watching how trade uncertainty, consumer spending, employment and inflation unfold before making its next move.
What Should You Do?
If you’re considering a home purchase, thinking about selling or wondering if it’s time to refinance, this rate hold presents an opportunity to act before things potentially change down the road.
The Hamilton real estate market continues to shift along with the economy, so having the right guidance can make all the difference.
If you ever have any questions about real estate, please don’t hesitate to reach out so that we can discuss your next move!
A Friend In Deed
Buying a home with a friend could be your key to homeownership!
Tired of renting but struggling to afford a home on your own? Co-ownership with a friend or relative could be the creative solution you’ve been looking for.
Sharing the down payment and monthly costs can make homeownership far more accessible, but it’s a partnership you don’t want to enter lightly. Here’s what you need to know before signing on the dotted line:
The Pros
Co-ownership lets you combine financial forces so that you can buy sooner, build equity and escape the rental cycle.
By splitting costs like utilities, maintenance and mortgage payments, the monthly payments associated with homeownership become much more affordable.
The Cons
Of course, sharing a home comes with trade-offs. You’ll give up some privacy, and your friendship may face unexpected challenges.
Living with someone is different from vacationing with them. You’ll need to be honest about habits, boundaries and expectations.
Be Realistic About Compatibility
Before you venture out and start looking at properties, ask yourself:
- Are your lifestyles compatible? (clean vs. messy, introvert vs. party-animal)
- Can you communicate openly and honestly about uncomfortable topics?
- How will you divide up responsibilities and shared spaces?
Get Pre-Approved
Once you’re confident you’re a good match, book a meeting with a mortgage broker. Getting pre-approved will clarify your budget and protect you against interest rate hikes while you’re out house hunting.
Write Out a Plan
As much as you’d like to keep things friendly and casual, you should never rely on verbal agreements. Put everything in writing, including:
- What are the ownership percentages?
- Is subletting allowed if one of you moves out?
- What happens if one person wants to sell?
- Clear expectations now can help prevent conflict later. Think of it as a business arrangement that’s designed to protect both your investment and your friendship.
A Strong Plan = A Strong Partnership
With open communication, clear boundaries and a solid agreement, co-owning a home can be a smart path to financial security, and it may even strengthen your relationship.
Just be sure to plan ahead, stay honest and treat the process with the same seriousness as you would any other major investment.
Thinking About Buying With a Friend?
It’s important to have a professional on your side to help you navigate the real estate maze and avoid common pitfalls.
If you're exploring the idea of co-ownership, just reach out so that we can discuss your next move!
DON'T LOSE YOUR COOL
Beat the heat this summer without burning through your budget.
Air conditioning can be a lifesaver when temperatures climb, but running it nonstop can drain your wallet. Here are a few smart ways to beat the heat without overworking your AC:
Shady Business
Plant deciduous trees on the east and west sides of your home. They’ll block direct sunlight in the summer and let it in during the winter when the leaves fall.
Sunny Side Down
Close blinds or curtains on windows that get direct sun, especially during the hottest parts of the day.
Your Biggest Fan
Create a cooling cross breeze by placing fans in windows, and set ceiling fans to spin counterclockwise to push air downward so you’ll feel cooler throughout the day.
Smart Move
Install a smart thermostat to automatically adjust your home’s temperature so that you can save energy when you’re not around.
Appliance Defiance
Ovens, dryers and dishwashers all add heat. Fire up the BBQ or use a slow cooker instead of the oven, and wait until the evening to run heat-producing appliances.
No one wants to sweat it during the dog days of summer. With a few small changes, you’ll stay cool, save on energy bills and reduce your environmental impact – all while chilling out and keeping your cool.
