As related by most recent publications, investors and current owners look like they will be abandoning this hot market.
According to the Realtors Association of Hamilton-Burlington last month, most recent listings in Hamilton spiked as current home proprietors took great advantage of the hot market.
George O’Neill, RAHB CEO said “the story continues to be Listings as two months ago, we made comments on the unrelenting low listing inventories. Although this month, we will be talking about a record for new listing. The increase in listings show house proprietors have had their eyes on the market and seen the value of homes upsurge considerably for the two previous years. Therefore, chose to grab the advantage of the upswings.”
It was correspondingly stated by the association that a statistic of 3,208 new listings were processed in May via the MLS system. This was close to 34.8% on the 10 years average. In the month of April, the median price of a home was $604.848 up 4% month after month and 24.8% year after year.
“Sales did not change all through the month of May,” O’Neill stated. “With the rise in listings and stable sales, it is like we are heading towards a more equilibrium, which happens to be a healthier market in general.”
Although sales deteriorated significantly from April to May, it was argued by the association that the April housing plan is not the cause.
“The most recurrent question I’m asked is if this change in the market relates to newly mentioned Fair Housing Plan by the government of Ontario,” O’Neil stated.
Our members said they had been projecting a shift in the market even before they made mentioned of it. It could be possible that sellers must have heard or read about the changes coming and chose to act faster rather than waiting to act later.
Sales stayed constant, showing the Non-Resident Speculation Tax that was talked about in the month of April does not seem to have had any influence in the region.
J C Loum