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Grimsby Mortgage | Market Update – February 2017

The new year is often a time to start working towards new goals. Is one of your goals for this year to purchase your own home? If so, now is the time to start you research and narrow down what you are looking for in a property and in a Grimsby mortgage.

As a Grimsby mortgage professional, Mark Buller understands how intimidating the mortgage process can seem, especially to first-time home buyers. Mark also knows the importance of staying up to date on local market news and trends to better assist his clients with their home financing needs.

The Canadian Mortgage and Housing Corporation has recently released their statistics for the end of the year on newly constructed homes, and while more homes were completed in 2016 than the year before, there were not as many homes sold, leaving more homes on the market as we head into the new year.

In Grimsby in November of 2016 there were 26 homes completed that were not closed on. This is 2 more than the 24 homes that were completed but not closed on in November of 2015. There were only 3 newly constructed homes sold in November of 2016, only one quarter of the 12 homes that were sold in the same month a year earlier.

This was the trend seen throughout last year with only 38 homes being sold in the first eleven months of 2016 and almost 100 in the same period of 2015. The average sale price of these homes was $588,099 in 2016 and $450,911 in 2015.

Although prices have appeared to increase year over year, the new home inventory has increased slightly year over year.

With limited growth in new inventory for single family detached homes, and being in close proximity to the GTA, demand continues to be high. Grimsby homes are still a strong value compared to markets such as Burlington, and still hold opportunity for appreciation this year and for years to come.

Whether you are interested in purchasing a home or refinancing your existing mortgage, relevant knowledge and the right Grimsby mortgage broker are the keys to getting the perfect financing. Call Mark Buller today for more information or to schedule your free mortgage consultation!

Source: https://www.cmhc-schl.gc.ca/odpub/esub/64227/64227_2016_M12.pdf?lang=en

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