RE/MAX Integra released it’s Spring Market Report for 2016 today, with a full overview of what is happening in the real estate market across Canada.  With information provided by our Broker of Record, Conrad Zurini, the report includes a detailed summary of what is happening in the real estate market right here in our Hamilton-Burlington region.

Hamilton-Burlington has continued to see record activity, as buyers from the Greater Toronto Area look farther out to find affordable single-family homes.

High demand has led to a year-round market in Hamilton; there were nine consecutive record-breaking sales months in 2015. Whereas typically inventory from December carries into January, high sales in December 2015 led to lower inventory in the new year. At the end of March, inventory was down approximately 15 per cent, while sales were up. There were 1,422 sales in the first three months of 2016, compared with 1,334 during the same period last year.

First -time buyers

The first-time buyer market in Hamilton is driven by buyers from the Greater Toronto Area purchasing single-family homes in the $250,000 to $450,000 range. These buyers typically bypass the entry-level condo or townhouse, either saving more and entering the market later or receiving help from their parents with the downpayment in order to purchase a detached home. Highest demand is for postwar bungalows on the West Mountain. First-time  buyers who are native to Hamilton are increasingly looking to Caledonia and the Niagara region for more affordability.

Condo Market

The condo market in Hamilton is small and primarily a resale market. Several developments began pre-sales at the same time, spreading out consumer demand and making it more difficult for any individual project from reaching the minimum sales to begin construction. In Burlington, the condo market appeals primarily to downsizers looking to remain in the area after selling larger homes.

LUXURY HOMES

Hamilton-Burlington experienced stronger demand for high-end properties in the first quarter of 2016. There were 56 sales of properties over $1 million, compared with 39 sales during the same period last year. The upper-end

market is driven primarily by local move-up buyers.

Future Trends

• A recently announced joint venture between IBM and Hamilton Health Sciences to establish a new centre focused on healthcare innovation is expected to bring highly-paid technical jobs to downtown Hamilton
• The low Canadian dollar is expected to continue to have a positive impact on Hamilton’s manufacturing sector
• A shortage of land for development has hindered growth in the past several years; a possible expansion of Hamilton’s boundaries is being considered to address this challenge

Click here to download the Hamilton-Burlington Report

Click here to download the FULL Report from across Canada