Hamilton housing market is on the rise and it shows no sign of slowing down anytime soon. According to data from May 2016 which was released by The Conference Board of Canada, it shows that the housing market of Hamilton is on the increase and more improvements are going to be made.
A Senior Economist Robin Wiebe explained that “it’s a hot market down there is no doubt about it.” The rate of listings have dropped over the years although it is not at its lowest. Furthermore, houses on the market for sale are quite impressive.
The records show that there are 17,700 houses on the market currently as opposed to 14,520 in January of 1999. This shows that the demand and supply of houses are in the right ratio and both buyers and sellers are gaining for this.
Although the sale of properties went on a steady pace last year, things are looking better this year as the sale of properties are high, apart from the urban areas were numbers remain low.
Wiebe went on to say “volumes on the sale side are impressive from records standards but the supply of houses by agents has not matched up to the demand for properties by buyers. This adds to the reason why the market is intense at the moment.”
At present, houses in Hamilton are being sold 10% higher as compared to the way they were sold last year. This means there is a 9% increase in the overall sales of houses and this is a very good sign for the market and likewise investors.
With the imbalance in the supply and demand, buyers get to have slim chances of negotiating prices when it comes to a property. This also gives sellers and agents the opportunity to choose the buyer of their choice. In addition, sellers do not have to worry about their properties being on the market for long periods as there are more willing buyers at the moment.
According to Wiebe, Toronto markets are going to face great challenges since the South Ontario market is tight at the moment and buyers are moving towards that end.
If the markets continue to grow at this rate which from looking at how things are going won’t cool down anytime soon, prices of properties are expected to be on the increase with slim chances of negotiation.
To Wiebe, ”there is no sign of the market cooling.”