Part of my duty as a Hamilton mortgage broker is staying up to date on the most recent real estate market trends and statistics. I work hard to constantly update my knowledge on the market so that I am better prepared to help my clients find the best possible financing options for the purchase of their new home.
According to the most recent reports released by the Canadian Real Estate Association, the number of homes sold in the Hamilton area has dropped roughly 6.5 per cent from the number of homes that were reported sold during the same time last year. This, however, has not stopped sellers from listing their homes on the market.
The number of listings for all property types rose 12.2 per cent this year, meaning there are now 14.3 per cent more homes listed on the market than there have been on average for the last 10 years.
This continued increase in the number of new listings in the Hamilton area is believed to be a result of the significant shortage that was experienced earlier in the year. Buyers were desperate for more properties, leading more sellers to enter the market. Sales have begun to die down as we approach the end of the year, but it is clear that this has yet to slow sellers down.
When the sales statistics are adjusted for the time of year, residential property sales come in 18.7 per cent lower than they were during the same time last year.
Average sales prices, however, have continued their slow but steady climb with the average sales price of freehold properties up 11.4 per cent and the average sales price of condominium properties up 3.9 per cent.
As an authority on mortgages in Hamilton, Grimsby, St Catharines, and throughout Ontario, I am dedicated to bringing my clients the most up to date and relevant information I can. While this information on the local real estate market can be useful to my clients who have yet to find the perfect home, it is also important to consider a number of additional factors when you are looking to buy a new property.
Whether you are looking to purchase a new home, or want to know how the local market could affect your refinance, give me a call today!