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Average Hamilton home price will hit $358,000 this year: Report

Posted: November 23, 2012

 

Housing prices and sales in Hamilton and Burlington are stronger than most other Canadian markets this year and will likely continue that pattern in 2013.

That’s according to a new 2013 outlook report from ReMax.

The real estate company examined data from 26 major Canadian markets and found that housing sales will meet or exceed 2011 figures in the majority of cities. Regina is the frontrunner with expected average price increases of 8 per cent and Hamilton-Burlington, Toronto and Fredricton are expected to see price increases of about 7 per cent.

Canadian home sales in 2013 are expected to nearly mirror the 2012 figures. That’s better than forecasted by some economists, given the global economy.

But ReMax says Canadians have been showing more restraint around consumer purchases in general and the economy is showing improvement. That, coupled with low interest rates, has provided a solid environment for the industry.

Conrad Zurini, a ReMax broker of record in the Hamilton CMA and a co-author of the report, said Hamilton is enjoying increased attention from GTA buyers.

The average price of homes in Hamilton and Burlington is forecast to appreciate 7 per cent to $358,000 in 2012, up from $333,498 last year.

“We had really robust market at the beginning of the year through the summer. We saw housing inventory drop by 15 per cent (in October) so that has put upward pressure on the price of homes,” he said.

But Zurini cautions homeowners to consider that, while the average price of homes in Hamilton is expected to increase next year by about 7 per cent, the price of each individual home is also based on location, age and a host of other factors.

lmarr@thespec.com

905-526-3992

 

Original Article Found Here  http://www.thespec.com/news/business/article/836460–average-hamilton-home-price-will-hit-358-000-this-year-report