According to statistics released by Realtors Association of Hamilton-Burlington, due to the seasonally weakest time of the year and a moderating economy, housing sales were down 27% in the month of February. Accordingly, home prices (housing and condos) showed a decrease of 4.2% when compared to the February of last year.
This said, total unit sales were up 58% from the month before (January, 2009) and housing prices are up 1.5% as well from the previous month. This gives us a strong indication that as we emerge from the weakest time of the year for the housing market (the winter months), Hamilton is showing remarkable resilience to the economic downturn as housing prices are currently on the rise.
It is still a buyers market in Hamilton and Brantford, which means that buyers are at a slight advantage in the negotiating process (this said, there are many reports from Realtors that multiple offers on properties are still prevalent, which means continued strength in housing prices). The buyers market, when combined with the lowest mortgage rates ever (like 4.18% for a 5 year fixed mortgage), means it is an excellent time to purchase a home in Hamilton, Brantford or the surrounding area. As we emerge from the broader recession in one to two years, purchasers who lock in now should be well rewarded.
For any other questions or details on this article, contact me, Brent Richardson, and I'll be happy to answer your Hamilton mortgage and housing market questions. Feel free to leave a post as well!
Comments