As stated by recent publications, investors and current owners look like they will be quitting this hot market.
According to the Realtors Association of Hamilton-Burlington last month, latest listings in Hamilton spiked as current home proprietors grabbed advantage of the hot market.
George O’Neill, RAHB CEO said “the story continue to be Listings; two months ago, we made comments on the sustained low listing inventories and this month, we are talking about a record for new listing.” “The rise in listings show house proprietors have had their eyes on the market, seen the value of home rise significantly for the two previous years and chose to grab the advantage of the rises.”
It was equally stated by the association, a statistic of 3,208 new listings processed in May via the MLS system. That was close to 34.8% on the 10 years average.
In the month of April, the average price of a home was $604.848 up 4 percent month after month and 24.8 percent year after year.
“Sales didn’t change throughout the month of May,” O’Neill stated. “With the rise in listings and steady sales, it is like we are heading towards a more balanced, which happens to be a healthier market in general.”
Although sales declined significantly from April to May, it was argued by the association that the April housing plan is not the cause.
“The most frequent 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 are forecasting a shift in the market even before they made mentioned of it. It could be possible sellers must have heard or read about the changes coming and chose to act faster rather than waiting to act later. Sales remained 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.