We have all heard many varying reports about the real estate market, here are my observations.
First I think it very wise for Hamilton, Burlington and Oakville residents to not base their decisions regarding real estate market conditions solely on what they are hearing on the news for Toronto real estate. Our markets though similar are very different. Pricing is the first obvious difference. Another significant difference is the process. It is not uncommon for some areas of Toronto to see competing offers for properties. For the greater Toronto area bidding wars where buyers are paying large sums of money over the asking price happen quite frequently. Although this does happen here at times, it is not as common place as in the Toronto area. Their inventory of available properties is also vastly different.
The biggest impact on our real estate market this year has been “weather“. It has been my experience that when there is a cold winter and delayed spring our real estate market is slow. I recall one particularly mild winter when spring seemed to appear in February. For that particular year our spring market pace started in February and had pretty well run its busiest course by the beginning of May. This year is very different, I don`t believe we have yet to see the full surge of spring market conditions. Supply and demand does drive our market but for some areas such as Burlington, the supply of new listings is further depleted by the lack of further development space. There are hints of spring being close I can see buds on the trees. I believe our spring market is about to really gain momentum. So if a first home or a change of home are in your plans this year, get ready the time to make your move is just around the corner. Contact me