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Grimsby Mortgage Broker – Market Update

According to the most recent housing market statistics that were released by the Canadian Mortgage and Housing Corporation, the Hamilton market outshone the Grimsby market by a long shot.

 

There were only 73 new construction starts between January and November of 2017, which is up from the 30 that were recorded during the same period of 2016, and no completions during the month of November 2017.

 

In November 2017, there was only one sale reported by the CMHC in the Grimsby area. This sale brought the year to date total up to 15 sales, leaving the 2017 year to date sales volume trailing behind the 2016 year to date sales volume by more than 50%. Even though there was only a limited number of sales in the local area, the sales that were closed on during both years were fell primarily into the highest price range which kept the average sales price up for the local area.

 

The Hamilton market, however, shows a different story.

 

During the first eleven months of 2017, there was a total of 730 homes sold, just topping the 695 homes sold during the same period of 2016. The vast majority of homes purchased at this time were sold for prices that feel in the $500,000 + price range. There were a few sales that were spread out amongst the other price ranges, but again the large number of sales in the highest price range kept the median and average prices of Hamilton homes elevated.

 

The median sales price for the year, as of November 2017, was recorded at $450,000. That price had actually dropped by about $5,000 from the median sales price of $455,000 for the year in November 2016.

 

If you are interested in purchasing a home in Hamilton, Grimsby or St Catharines, we’ve got you covered. Just give us a call today to find out everything you need to know about getting your mortgage process started!

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