Market Update on the Hamilton, ON Area
Part of my job as a Hamilton mortgage broker is to keep up to date with what is happening in the current housing market. Following trends can help plan ahead when it comes to finding my clients a good mortgage package or giving them advice on buying.
Overall, we have seen cooling down in the real estate area of this sector. However, Hamilton’s eastern and central neighbourhoods are still benefiting from a housing market that has remained hot. According to the latest quarterly report from the Canada Mortgage and Housing Corp., Hamilton East and centre have been listed as favouring sellers. This is down to those areas having home prices that are much more affordable.
With the on-going issues of affordability, buyers are gravitating towards homes that are lower in price, which keeps areas such as these a seller’s market. This is a trend that seems to have been developing over the past few years, with buyers in Hamilton becoming wary of the higher prices in the mountain and west end areas. Adding to this were the new changes in the mortgage rules, along with interest rates that have been rising, all of which have worked in east and central Hamilton’s favour.
Where Hamilton Stands in the Market
The latest assessment from CMHC does have Hamilton listed as a highly vulnerable market, along with other cities, such as Vancouver, Toronto, and Victoria. Two of the main reasons that the country’s housing market has continued to be highly vulnerable for the past 8 quarters is down to price acceleration and overvaluation. However, there are signs that things are cooling down in this areas market. A balance between being a buyers and seller’s market is becoming more stable now too.
Figures for May 2019 show an increase in sales of 10.9% for Hamilton, in comparison to May of last year, a 9.6% increase since April of 2019, and a 30.2% increase from March 2019. Median prices of two-storey houses have shown a rise of 6.5% to $592.832, and bungalow homes are up 6.1% to $511,049. For the same quarter, condo median prices rose 1.2% to $331,723.
Depending on where in the city you are looking will also determine how much of a bargain you can get. In east Hamilton, the average house price is about $385,000, whereas, in the central area of Hamilton, house prices are closer to $372,000.
Future Outlook for Hamilton Real Estate
The market has a bit more inventory, which is allowing buyers more time for now. The outlook for Hamilton is cautiously optimistic with Hamilton seeing a slight rise in the average sales price of homes, or remaining unchanged until the end of this year. This means Hamilton will continue to see a higher activity of sales than other cities.
With Hamilton being a hot-spot for sales, now seems like a good time to visit your Hamilton mortgage broker to get pre-qualified for a mortgage and get some further insight into what deals you can find in the different Hamilton neighbourhoods. If you’re looking for the best priced mortgage and best priced home in the Hamilton area, give our Hamilton mortgage brokers a call today!