Hamilton/Burlington Real Estate News - NOV 2021
HAMILTON-BURLINGTON REAL ESTATE UPDATE
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,329 sales of residential properties located within the RAHB market area through the Multiple Listing Service® (MLS®) System in October 2021.
Sales increased eight per cent since last month, and they were down nearly 18 per cent since October 2020. New listings decreased by nine per cent since last month and they were down 23 per cent since last October.
The average price for residential properties was $922,297 which was an increase of nearly five per cent from last month compared to an increase of 27 per cent from October 2020. The inventory available dropped even further to 0.6 months of inventory.
“Following September’s momentum, October posted a new average sale price record for residential properties,” says RAHB President Donna Bacher.
“The number of sales are down significantly from last October’s highs and up slightly from the typical activity we usually experience in October."
"The level of active listings and months of inventory available remains concerning as demand continues to drive the market. We do not anticipate this to change as 2021 comes to a close.”
The number of sales of detached properties in the RAHB market area increased by nearly 13 per cent in October 2021 compared to last month.
The number of new listings decreased by eight per cent, and the average sale price increased by five per cent over last month to $1,033,169. The number of active listings for detached homes has decreased by 18 per cent compared to September 2021.
“Single-family detached properties continue to be the most competitive property type as the number of listings and inventory both experienced a drop after increases in September,” says Bacher.
"The real story is that the average sale price reached a new record, coming in at over $1,000,000 for the first time across the RAHB market area."
The number of sales of townhomes in the RAHB market area increased by nearly eight per cent in October 2021 compared to September 2021, while the number of new listings of townhomes decreased by seven per cent.
The average sale price remained relatively unchanged in October 2021 at $756,684, whereas the number of active listings for townhomes has decreased by nearly 19 per cent compared to last month.
“The demand for townhomes continues to outweigh supply with the number of sales increasing over last month while the active listing count dropped sharply. The inventory available at the end of the month is at critically low levels in this property category,” said Bacher.
The number of sales of apartment-style properties in the RAHB market area decreased by one per cent and the number of new listings also decreased by 11 per cent compared to last month. The average sale price decreased by four per cent over last month to $600,912.
“Apartment-style properties are attractive to a variety of buyers due to the price point coming in well below detached homes and townhouses,” says Bacher. “With new listings and active listings decreasing month over month, we expect the competition in this market to remain tight.”
INVESTOR SPOTLIGHT
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Averaging a total of only about 12 Days On The Market amongst these select few locations, our clients were also able to secure excellent tenants to get to know and occupy their property!
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THE HAMILTON SHOEBOX PROJECT
This amazing grassroots organization was founded 10 years ago in Toronto and now reaches out to women all across Canada and the U.S. including right here in Hamilton!
Special occasions such as Christmas can be particularly challenging for women who’ve been displaced from their homes and estranged from their families.
It’s a small gesture but a Shoebox filled with gifts is a powerful reminder for women living in shelters that they haven’t been forgotten about and that they are still valued and respected members of our community.
This year, you can fill a virtual shoebox by selecting from a variety of online items that range from deodorant and lip balm to socks and winter hats. You can even add a personalized note for that extra special touch.
Some of the agencies in Hamilton supported by this charity include Interval House Hamilton, Native Women's Centre, YWCA Hamilton and Good Shepherd Centre.
The purchase of your custom-designed shoebox is completely tax-deductible and 100% of the funds will be used by volunteers to help get gift cards and essentials into the hands of some of the most vulnerable women in Hamilton.
This small gesture of kindness will make an immediate positive impact! The Hamilton Shoebox Project is a unique opportunity to give back as it’s a powerful reminder for women who are struggling in the Hamilton area that they haven’t been forgotten about.
GIVE YOURSELF SOME CREDIT
The home of your dreams has finally hit the market! You anticipate it’ll be easy to get a mortgage but if your credit's not in great shape, your dream home may remain just a dream.
It's important to have a clear understanding of your credit score long before you get pre-approved for a mortgage and start shopping for homes.
A solid credit score makes you more attractive to financial institutions which means you'll enjoy better rates and terms that can save you thousands of dollars in interest! Here are a few steps you can take to improve your credit score:
Order It Up
Order a fresh copy of your current credit report from Equifax so that you can review it.
Clean It Up
If there's a blemish on your report, reach out to the creditor so that you can try and clear it up.
Consistency is Key
Lenders look for a long track record of consistent payments so if you’re trying to establish a solid credit score, it’s best to start early.
Know Your Limit
It’s important to show that you’re responsible with your credit so don’t continuously max out your cards.
Payment History
It’s extremely important to pay your bills on time. If you’re consistently late, it’ll raise red flags and dramatically affect your credit score.
Number of Applications
The number of times you’ve applied for credit can affect your score so don't apply for credit unless you plan on using it.
How Much You Owe
Lenders don’t want to lend to someone with a whack of financial obligations so pay off smaller debts and avoid any big credit charges such as a car purchase before buying a home.
Knowledge is power when it comes to your credit score so find out where you stand ahead of time, even if you don’t think there are any issues.
If you know your credit’s in need of repair, start fixing it right away as a good credit rating will entitle you to preferred rates which can amount to thousands of dollars in interest savings.
Finally, it’s never too early to start thinking about your mortgage options as there may be certain plans you could qualify for if you apply for them in advance so please reach out so that we can discuss your options.
SURVIVING THE STRESS OF THE SEASON
It’s easy to get stressed out during the holiday season but a little advance planning will make it easier for you to relax and enjoy yourself! Here are a few ideas that'll help relieve the seasonal stress:
Shop Early
Shopping ahead of time (with a list!) means less stress later on. You’re also more likely to stay on budget rather than panicking at the last minute and overspending.
Shop Local
Our local businesses have been through a lot but you can help reduce their stress this holiday season by hitting the local shops instead of buying from the big box stores.
Keep it Together
Keep wrapping paper, tags, tape, scissors, cards and stamps in one central spot. If you wrap as you go instead of doing it all at once, it’ll help get you into the Christmas spirit!
Expect the Unexpected
Make sure to have a few pre-wrapped "stand-by gifts" on hand for those unexpected occasions when a gift is needed immediately.
Although the holiday season is full of joy and laughter, it also comes with increased demands that can weigh heavily upon us. If you manage the pressure by planning ahead, you'll be able to relax and enjoy the season instead of just surviving it.
