The real estate market in the Greater Hamilton, Burlington and outlying areas* continued to show increases in listings, sales and average sale price when compared to the same month last year, according to Multiple Listing Service® (MLS®) statistics released today by the REALTORS® Association of Hamilton-Burlington (RAHB).
The residential condominium market saw the largest gain with an 11.8 per cent increase in the number of sales when compared to October of last year. The same market also saw a 5.9 per cent increase in average sale price over the same month last year. The 199 condominium sales were better than the ten-year average of 194 sales for the month.
In the residential freehold market, sales were up less than one per cent over the same month last year and average sale price was up 5.1 per cent.
Listings were up over both last year and the 10-year average in all sectors.
“October was certainly a good month for condominium sales,” said RAHB President Ann Forbes Arndt. “It was the sector where we saw significantly higher sales over last year at the same time. Freehold sales were pretty much on par with sales last year at this time, but fell short of the average for this time of year.”
Year to date, listings of residential properties are down 3.4 per cent while sales are down 0.4 per cent for the same ten-month period last year. Average sale price, however, is four per cent higher year to date than last year at the same time. Total dollar volume of $3.195B in residential sales is 3.6 per cent higher than last year for the same period.
“Every community in our marketing area has their own localized residential market with larger swings than we see in the overall numbers,” said Arndt. Waterdown, Flamborough, Glanbook and Hamilton Mountain all saw significant increases in numbers of sales, while Caledonia and Hamilton West showed the largest drops in sales compared to October of last year.
Dundas and Caledonia saw the greatest decrease in average sale price compared to last year while Grimsby, Flamborough and Waterdown had the greatest increases in average sale price.
“These results should not be taken as trends; they are merely snapshots of the market at a particular time,” added Arndt.
Please refer to the accompanying chart for residential market activities in other parts of RAHB’s jurisdiction.
Figures quoted are for sales and average sale prices of units located in the jurisdiction* of the REALTORS® Association of Hamilton-Burlington and processed through RAHB’s Multiple Listing Service® (MLS®). Unit sales reflect “all property types” including residential, condominium, commercial property, farm, vacant land and business, unless otherwise specified.
Information provided by Realtors Association of Hamilton-Burlington
Friday, November 25, 2011
Tuesday, November 8, 2011
Continued Strength seen in Condominium Market
The October residential real estate market in Burlington saw overall increases in numbers of listings and sales and average sale price when compared to the same month last year, according to Multiple Listing Service® (MLS®) statistics released today by the REALTORS® Association of Hamilton-Burlington (RAHB).
For the residential market overall, numbers of listings were up 9.6 per cent over last year, but fell short of the 10-year average for the month. Sales were up 3.8 per cent but also fell short of the 10-year average. Average sale price continues to rise over the previous year. The condominium market showed continued strength, with sales up 32.5 per cent over October of last year. The average sale price of $307,385 was up 15.7 per cent over last year at this time.
Residential freehold sales were 10 per lower when compared to October of last year, but average sale price rose 6.7 per cent.
“The condominium market really shone in October,” said RAHB President Ann Forbes Arndt. “It contributed to the great performance seen in the condominium sector for RAHB’s entire trading area.”
Year to date, sales of freehold properties are up less than one per cent over the same ten-month period last year, with the average sale price 7.1 per cent higher for the period. Despite how well condominium units sold in the month of October, year to date sales are down 1.6 per cent to last year, though the average sale price for condo units is 4.9 per cent higher. Overall, residential sales are less than one percent down compared to the same ten-month period last year, listings are down about four per cent and average sale price has increased by almost seven percent for the period.
All information provided by Realtors Association of Hamilton-Burlington. http://www.rahb.ca/press/111104Burlingtononlyoctober.pdf
For the residential market overall, numbers of listings were up 9.6 per cent over last year, but fell short of the 10-year average for the month. Sales were up 3.8 per cent but also fell short of the 10-year average. Average sale price continues to rise over the previous year. The condominium market showed continued strength, with sales up 32.5 per cent over October of last year. The average sale price of $307,385 was up 15.7 per cent over last year at this time.
Residential freehold sales were 10 per lower when compared to October of last year, but average sale price rose 6.7 per cent.
“The condominium market really shone in October,” said RAHB President Ann Forbes Arndt. “It contributed to the great performance seen in the condominium sector for RAHB’s entire trading area.”
Year to date, sales of freehold properties are up less than one per cent over the same ten-month period last year, with the average sale price 7.1 per cent higher for the period. Despite how well condominium units sold in the month of October, year to date sales are down 1.6 per cent to last year, though the average sale price for condo units is 4.9 per cent higher. Overall, residential sales are less than one percent down compared to the same ten-month period last year, listings are down about four per cent and average sale price has increased by almost seven percent for the period.
All information provided by Realtors Association of Hamilton-Burlington. http://www.rahb.ca/press/111104Burlingtononlyoctober.pdf
Monday, November 7, 2011
Downsizing...Make the Move - By Randy Hart
If you are like many families across Canada, you are living in a larger home than you need. Probably a 3 or 4 bedroom family home, the kids have moved out, and it’s just the two of you now. You are used to this large house, the yard, and have amassed a huge amount of belongings along the way. The majority of the years spent raising your family have been in this very house!
Things change rather quickly when they do; and sometimes adapting to these new changes is a battle that is hard to comprehend. You now have 2 or 3 bedrooms that are used as guest rooms, two fridges, but only need one, and more yard work and house maintenance than you ever have time to do…or want to do. It’s time to think about retirement and downsizing to a smaller more manageable home.
The thought of changing this; leaving this house, moving on to something different can be a tough one. Many questions come to mind during the thought of a move. Where will we go? How much space do we need? What type of home can we afford? We have so much stuff, what will we do with it?
For those planning their retirement, other questions come to mind as they were not able to put away as much as they wanted to during their working years. Will our investments sustain us for the years to come? How do we best manage our retirement funds? Most of the money they will retire with is in the equity of their house. Getting the equity that has built up in your house out, finding somewhere to live, and still being able to put a significant chunk in the bank to last you for the next stage of your life is the major challenge. A tough one at that, as people are now retiring between age 50 and 65, and living in the retirement stage of their life for 25-30 years. It takes a lot of funds to be able to support you during those years. Plus you have all the time now since your retired, to do all the things you wanted to, so spending money seems to be an easy thing to do.
To make this process a successful one for you, the positives and benefits need to be your focus. You need to think about freeing yourself from clutter, freeing yourself from the burden of traditional home ownership and the chores and maintenance that come along with it. Giving you the opportunity, the time, and the money to do the things you have always wanted to do.
There are choices for you, and by setting goals, and getting on the path to achieving these goals is the first step. Some may think a nice little bungalow with minimal stairs is right for them. Others want maintenance free living in a condo or retirement community, and others are even choosing to pool their money with the children (now young adults) and building or buying a home that suits both families with a separate living area or nanny type suite. Whatever your retirement or downsizing goal is, take the first step. Write it down. Then work backwards step by step; forming your plan of action.
This plan of action may include a few loads to the dump, a garage sale, donating some items to the goodwill or other family members. Seeing your financial advisor and discussing your retirement plan and how you will access funds. Meet with a real estate agent to discuss the value of your home, and the best steps to take to prepare the home for sale. Another popular step is meeting with a Seniors Move Management Company to provide assistance in all these areas and even help pack, unpack, and setup in the new home.
While it does seem like a challenging path, it is one comes with many benefits if taken. Choose your final goal, make your plan, meet with your advisors, and take the necessary steps to help you reach that goal. In the words of Nelson Mandela, “It always seems impossible until it’s done.” Take the steps to achieving your goals.
Things change rather quickly when they do; and sometimes adapting to these new changes is a battle that is hard to comprehend. You now have 2 or 3 bedrooms that are used as guest rooms, two fridges, but only need one, and more yard work and house maintenance than you ever have time to do…or want to do. It’s time to think about retirement and downsizing to a smaller more manageable home.
The thought of changing this; leaving this house, moving on to something different can be a tough one. Many questions come to mind during the thought of a move. Where will we go? How much space do we need? What type of home can we afford? We have so much stuff, what will we do with it?
For those planning their retirement, other questions come to mind as they were not able to put away as much as they wanted to during their working years. Will our investments sustain us for the years to come? How do we best manage our retirement funds? Most of the money they will retire with is in the equity of their house. Getting the equity that has built up in your house out, finding somewhere to live, and still being able to put a significant chunk in the bank to last you for the next stage of your life is the major challenge. A tough one at that, as people are now retiring between age 50 and 65, and living in the retirement stage of their life for 25-30 years. It takes a lot of funds to be able to support you during those years. Plus you have all the time now since your retired, to do all the things you wanted to, so spending money seems to be an easy thing to do.
To make this process a successful one for you, the positives and benefits need to be your focus. You need to think about freeing yourself from clutter, freeing yourself from the burden of traditional home ownership and the chores and maintenance that come along with it. Giving you the opportunity, the time, and the money to do the things you have always wanted to do.
There are choices for you, and by setting goals, and getting on the path to achieving these goals is the first step. Some may think a nice little bungalow with minimal stairs is right for them. Others want maintenance free living in a condo or retirement community, and others are even choosing to pool their money with the children (now young adults) and building or buying a home that suits both families with a separate living area or nanny type suite. Whatever your retirement or downsizing goal is, take the first step. Write it down. Then work backwards step by step; forming your plan of action.
This plan of action may include a few loads to the dump, a garage sale, donating some items to the goodwill or other family members. Seeing your financial advisor and discussing your retirement plan and how you will access funds. Meet with a real estate agent to discuss the value of your home, and the best steps to take to prepare the home for sale. Another popular step is meeting with a Seniors Move Management Company to provide assistance in all these areas and even help pack, unpack, and setup in the new home.
While it does seem like a challenging path, it is one comes with many benefits if taken. Choose your final goal, make your plan, meet with your advisors, and take the necessary steps to help you reach that goal. In the words of Nelson Mandela, “It always seems impossible until it’s done.” Take the steps to achieving your goals.
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