Including Houses Values, Current MLS Listings & Average Selling Home Prices
For West, Central, East Hamilton, Mountain, Dundas, Ancaster, Glanbrook & Stoney Creek
2017 Year In Review
Analysis & Property Values Report!
The Canadian Real Estate Association says that there was a 4.5% increase in nationwide home sales in December compared with November, marking their fifth consecutive monthly rise. Activity increased in almost 60% of local markets with the GTA, Edmonton, Calgary, the Fraser Valley, Vancouver Island, Hamilton-Burlington and Winnipeg leading the gains.
"Rollercoaster" is the word most used in describing the Real Estate Market in and around Hamilton Ontario in 2017. The Spring Market set record highs for prices, multiple offers, and sales. The low inventory was a major factor. High Demand + Low Supply/Inventory = HIGH $ resulting in record high selling prices. As more people saw the prices that homes on their street were selling for, there was an influx of inventory in the late spring and summer.
Contrary to popular belief, the shift in the market in 2017 stemmed primarily from the shift in available properties for sale (and not the Provincial Government's introduction of the Housing Measures which included the 15% tax on foreign homebuyers). Low Inventory was the constant factor that kept prices increasing. As Supply increased, prices started coming down, and quite quickly.
By summer, many buyers had already bought or had been discouraged by their experience in the spring. Low Demand + High Supply/Inventory = Lower $ resulting in a decrease in average selling prices. Things started to level off in the fall, and there were many signs of a Balanced Market. Late fall the Government introduced yet another blow called a Stress Test, which went into effect January 1, 2018. Now, all mortgages, not just high ratio mortgages will be affected and it will have a net effect of reducing the buying power of many homebuyers by up to 20%.
For example: If you qualified for a $400,000 Mortgage in December 2017, you may now only qualify for $320,000. So yes, 2017 was full of ups and downs in the Real Estate Market.
Below this paragraph, there are two maps showing the Hamilton Districts as well as the surrounding areas, Hamilton's suburbs. Included in each map is the Average Overall Selling Price for each area so you can compare the prices from 2016 to 2017.
2018 Hamilton Real Estate
One of the most significant numbers for the month of December 2017, is the End Of Month Listing Inventory. At the end of 2016, there were only 958 Residential Freehold Properties left on the market for sale. At the end of 2017, there were 1,514, an increase of 58%! Between this heavy increase in Supply and the new Mortgage Rules, there will undoubtedly be further adjustments in the Average Selling Prices in the early part of 2018. Once the impact of the changes can be seen, there will probably be a return of Demand.
The beginning of 2018 will be a good opportunity for Buyers to have more time to consider their choices, and get back to putting conditions in their Offers To Purchase, and in most cases, not be in a competition like the majority of Buyers were in early 2017. One thing for sure...now more than ever, Home Buyers and House Sellers need the advice of a Local Real Estate Agent to help them navigate these changing patterns.
Average Selling Prices
5 and 10 Years Agovs 2017
Here is an overview of the average selling prices for some of the Hamilton Districts and Suburbs of Hamilton Ontario Canada compared to 5 years ago (2012) and 10 Years ago (2007).
West Hamilton Districts 10, 11, 12
Highlights - Home to McMaster University, Westdale Village, Locke Street Shops, Hess Street, West Harbour Go Station, Bayfront Park, Jackson Square, very attractive Walk Scores, Chedoke Golf Course, quick access from Highway 403 West. Average Selling Price for West Hamilton - $466,679 with 656 Total Sales, 24 Average Days on the market, selling for 101.72% of the listing price... was $415,313 in 2016, 5 years ago $293,526 in 2012 and10 years ago $231,804 in 2007.
Highlights - Home to Downtown Hamilton, Tim Hortons Football Field for Hamilton Ticats, Hamilton Farmers Market, Hamilton Public Library, GO Bus Station, Gage Park, Centre Mall, Ottawa Street Shops, Gore Park. Average Selling Price for Central Hamilton - $349,423 with 1457 Total Sales, 23 Average Days on the market, selling for 102.58% of the listing price...was $285,268 in 2016, 5 years ago $161,567in 2012 and 10 years ago $132,556 in 2007.
Highlights - Confederation Park, Wild Waterworks, the famous Hutches and Barangas on the Beach, Waterfront Trail (all the way to Burlington), Eastgate Mall, Brock University Hamilton Campus, Kings Forest Golf Course, easy access to QEW Highway, Red Hill Valley Parkway, Skyway Bridge.
Average Selling Price for East Hamilton - $355,437 with 1078 Total Sales, 14 Average Days on the market, selling for 102.67% of the listing price... was $307,249 in 2016, 5 years ago $198,269 in 2012 and10 years ago $165,996 in 2007.
Highlights - Limeridge Mall, Escarpment Rail Trail, Chedoke Radial Trail, Mohawk College, Hillfield Strathallan College, Huntington Park Rec Centre, Westmount Rec Centre, Bernie Arbour Mohawk Sports Park, Chedoke Twin Pad Arena, numerous parks, LINC (Lincoln Alexander Expressway). Average Selling Price for Hamilton Mountain- $463,448 with 2119 Total Sales, 21 Average Days on the market, selling for 1.03% of listing price... was $400,379 in 2016, 5 years ago $261,358 in 2012 and10 years ago $218,159 in 2007.
Highlights - Eramosa Karst Conservation Area, Battlefield Park, Devils Punchbowl Conservation Area and Waterfalls, Felker's Falls Conservation Area and Waterfalls, Valley Park Community Centre, Highway 20, Winona. Average Selling Price for Stoney Creek -$551,238 with 1164 Total Sales, 25 Average Days on the market, selling for 109.36% of the listing price...was $464,762 in 2016, 5 years ago $312,250 in 2012 and10 years ago $253,480 in 2007.
Highlights: Home of Buskerfest and Cactus Festival, Dundas Driving Park, Dundas Valley Golf and Curling Club, Dundas Valley Conservation Area, Downtown Dundas Shops and Restaurants.
Average Selling Price for Dundas - $600,513 with 362 Total Sales, 24 Average Days on the market, selling for 100.87% of the listing price was $541,988 in 2016, 5 years ago $356,927 in 2012 and10 years ago $295,895 in 2007.
Highlights: Tiffany and Sherman Waterfalls, Ancaster Old Mill Restaurant, Hamilton Golf and Country Club, Oak Gables Golf Club, Meadowlands Power Centre with Costco, Redeemer University College, Ancaster Fairgrounds, Spring Valley Arena.
Average Selling Price for Ancaster - $764,749 with 642 Total Sales, 28 Average Days on the market, selling for 99.65% of the listing price...was $662,799 in 2016, 5 years ago $458,459 in 2012 and 10 years ago $387,525 in 2007.
Highlights - John C Munro International Airport,Canadian WarplaneHeritage Museum, Garth Trails, Twenty Place, Southern Pines Golf and Country Club, Glanbrook Sports Complex, Binbrook Fairground Community Park. Average Selling Price for Glanbrook - $541,245 with 503 Total Sales, 25 Average Days on the market, selling for 100.48% of the listing price...was $472,220 in 2016, 5 years ago $332,506 in 2012 and 10 years ago $282,911 in 2007.
Highlights - Average Selling Price for Grimsby - $591,753 with 453 Total Sales, 28 Average Days on the market, selling for 99.93% of listing price...was $471,991 in 2016, 5 years ago $352,312 in 2012 and 10 years ago $311,020 in 2007.
Highlights - Average Selling Price for Waterdown - $687,159 with 430 Total Sales, 20 Average Days on the market, selling for 99.18% of the listing price...was $559,726 in 2016, 5 years ago $407,261 in 2012 and 10 years ago $321,227 in 2007.
Highlights - Average Selling Price for Burlington - $760,059 with 3494 Total Sales, 22 Average Days on the market, selling for 100.95% of listing price...was $657,897 in 2016, 5 years ago $464,294 in 2012 and 10 years ago $338,508 in 2007.
Are You Thinking Of Selling Your House, Or Condo SOON?
If you are thinking of selling your house anytime in the next year, it would be wise tomeet up soonso we can discuss a Selling Strategy for YOUR home that would get you the most money possible. You can also order this Free Book to help you figure out what you can do right now to help you sell your home Fast!...www.FreeHowToSellYourHouseFastBook.com. It is also a good idea to start getting educated about what homes are selling for in your particular neighbourhood.
If you are thinking about buying a home or condo let me get you set up on aPersonalized Search. You would get all the homes that match your exact criteria, the MINUTE they hit the Real Estate Market. These days Freehold homes are on the market for only 18 days (which includes any conditional times for financing and home inspections), so it is extremely important that you know about the Mls Listings As Soon As They Are Listed For Sale!
MLS PropertiesSOLDDecember 2017
The graph below shows the Overall December 2017 numbers for the Hamilton-Burlington Real Estate Board (RAHB). Please Note: These numbers are for the month of December only.
Note: Numbers of sales represents sales reported on properties listed on the Multiple Listing Service (MLS) of the REALTORS Association of Hamilton-Burlington. Average sale price is calculated by dividing the total dollar volume of sales (not shown) by the number of sales in that month.
Laura Doucette, at Sutton Group Innovative Realty Inc., Brokerage (in Real Estate since 1990) can give you the LOCAL market knowledge and experience needed to help you buy your first home, next home, retirement home, or investment property. Laura is also ASA Certified (Accredited Senior Agent) if you are helping an elderly parent with the sale of their home.