Hamilton real estate boom expected to continue despite big listings spike

News Jun 07, 2017 by Mike Pearson Stoney Creek News

Hamilton’s booming real estate market is growing with the addition of a new brokerage firm in the Stoney Creek area.

StreetCity Realty Inc. Brokerage held a grand opening for its Centennial Parkway North office on June 7.

Ontario Real Estate Association (OREA) CEO Tim Hudak and president Ettore Cardarelli were also on hand.

Despite news of a record number of new listings in May, StreetCity’s Hamilton area manager doesn’t believe the local housing bubble will burst any time soon.

“In the spring market, everybody puts their home on the market, so essentially from a supply and demand point of view it will kind of level off a little bit,” Sean Morrison said. “I don’t see the Hamilton area slowing down any time soon.”

Numbers released June 5 by the Realtors Association of Hamilton-Burlington show a record 3,208 new listings processed last month, a whopping 41.1 per cent increase over the previous May.

Last month's sales were less than one per cent lower than the same month in 2016, but were still 15.3 per cent higher than the 10-year average.

The average sale price last month was $625,194, up 22.9 per cent from the May 2016 average of $508,908.

Morrison, an 11-year realtor who grew up in Burlington, said the Hamilton area is still viewed as an attractive place for people cashing out of the Toronto market.

“We’re positioned well in between Niagara and Toronto. There’s a big growth corridor happening in and around Hamilton,” he said.

Hudak, the former leader of the Ontario Progressive Conservatives, said in the Hamilton area more people are listing their homes for sale in response to rising prices. At the same time, buyers are becoming more cautious.

“Our goal is to make sure that home ownership stays within reach for average, hard-working families,” said Hudak. “The best way to do that is to increase the supply of housing.”

Hudak and his OREA colleagues recently met with Ontario Premier Kathleen Wynne and Minister of Housing Chris Ballard to examine the issue of housing affordability.

Following those meetings, the province introduced the Fair Housing Plan, which includes a 15-per-cent non-resident speculation tax, rent controls for tenants living in buildings constructed after November 1991, and other measures aimed at addressing skyrocketing housing costs.

With regards to resale housing, Hudak credits the government for making commitments to reduce regulatory burdens and delays when bringing new housing into the market. Secondly, Hudak applauds the government’s pledge to modernize the rules around realtors and real estate transactions.

“So they listened to our advice, but the sooner we get going on those things the better it’s going to be for average families in the province, and for jobs.”

Locally, in Hamilton and Niagara, there are also issues around the availability of land and overlapping regulations, said Hudak.

“It can take up to 10 years to get a new subdivision,” Hudak said.

By reducing the time and cost required to get housing into the marketplace, Hudak said the government can help create jobs and keep home ownership within reach for the average family.

Hamilton real estate boom expected to continue despite big listings spike

StreetCity Realty Inc. Brokerage opens Hamilton office in the Stoney Creek area

News Jun 07, 2017 by Mike Pearson Stoney Creek News

Hamilton’s booming real estate market is growing with the addition of a new brokerage firm in the Stoney Creek area.

StreetCity Realty Inc. Brokerage held a grand opening for its Centennial Parkway North office on June 7.

Ontario Real Estate Association (OREA) CEO Tim Hudak and president Ettore Cardarelli were also on hand.

Despite news of a record number of new listings in May, StreetCity’s Hamilton area manager doesn’t believe the local housing bubble will burst any time soon.

“In the spring market, everybody puts their home on the market, so essentially from a supply and demand point of view it will kind of level off a little bit,” Sean Morrison said. “I don’t see the Hamilton area slowing down any time soon.”

Numbers released June 5 by the Realtors Association of Hamilton-Burlington show a record 3,208 new listings processed last month, a whopping 41.1 per cent increase over the previous May.

Last month's sales were less than one per cent lower than the same month in 2016, but were still 15.3 per cent higher than the 10-year average.

The average sale price last month was $625,194, up 22.9 per cent from the May 2016 average of $508,908.

Morrison, an 11-year realtor who grew up in Burlington, said the Hamilton area is still viewed as an attractive place for people cashing out of the Toronto market.

“We’re positioned well in between Niagara and Toronto. There’s a big growth corridor happening in and around Hamilton,” he said.

Hudak, the former leader of the Ontario Progressive Conservatives, said in the Hamilton area more people are listing their homes for sale in response to rising prices. At the same time, buyers are becoming more cautious.

“Our goal is to make sure that home ownership stays within reach for average, hard-working families,” said Hudak. “The best way to do that is to increase the supply of housing.”

Hudak and his OREA colleagues recently met with Ontario Premier Kathleen Wynne and Minister of Housing Chris Ballard to examine the issue of housing affordability.

Following those meetings, the province introduced the Fair Housing Plan, which includes a 15-per-cent non-resident speculation tax, rent controls for tenants living in buildings constructed after November 1991, and other measures aimed at addressing skyrocketing housing costs.

With regards to resale housing, Hudak credits the government for making commitments to reduce regulatory burdens and delays when bringing new housing into the market. Secondly, Hudak applauds the government’s pledge to modernize the rules around realtors and real estate transactions.

“So they listened to our advice, but the sooner we get going on those things the better it’s going to be for average families in the province, and for jobs.”

Locally, in Hamilton and Niagara, there are also issues around the availability of land and overlapping regulations, said Hudak.

“It can take up to 10 years to get a new subdivision,” Hudak said.

By reducing the time and cost required to get housing into the marketplace, Hudak said the government can help create jobs and keep home ownership within reach for the average family.

Hamilton real estate boom expected to continue despite big listings spike

StreetCity Realty Inc. Brokerage opens Hamilton office in the Stoney Creek area

News Jun 07, 2017 by Mike Pearson Stoney Creek News

Hamilton’s booming real estate market is growing with the addition of a new brokerage firm in the Stoney Creek area.

StreetCity Realty Inc. Brokerage held a grand opening for its Centennial Parkway North office on June 7.

Ontario Real Estate Association (OREA) CEO Tim Hudak and president Ettore Cardarelli were also on hand.

Despite news of a record number of new listings in May, StreetCity’s Hamilton area manager doesn’t believe the local housing bubble will burst any time soon.

“In the spring market, everybody puts their home on the market, so essentially from a supply and demand point of view it will kind of level off a little bit,” Sean Morrison said. “I don’t see the Hamilton area slowing down any time soon.”

Numbers released June 5 by the Realtors Association of Hamilton-Burlington show a record 3,208 new listings processed last month, a whopping 41.1 per cent increase over the previous May.

Last month's sales were less than one per cent lower than the same month in 2016, but were still 15.3 per cent higher than the 10-year average.

The average sale price last month was $625,194, up 22.9 per cent from the May 2016 average of $508,908.

Morrison, an 11-year realtor who grew up in Burlington, said the Hamilton area is still viewed as an attractive place for people cashing out of the Toronto market.

“We’re positioned well in between Niagara and Toronto. There’s a big growth corridor happening in and around Hamilton,” he said.

Hudak, the former leader of the Ontario Progressive Conservatives, said in the Hamilton area more people are listing their homes for sale in response to rising prices. At the same time, buyers are becoming more cautious.

“Our goal is to make sure that home ownership stays within reach for average, hard-working families,” said Hudak. “The best way to do that is to increase the supply of housing.”

Hudak and his OREA colleagues recently met with Ontario Premier Kathleen Wynne and Minister of Housing Chris Ballard to examine the issue of housing affordability.

Following those meetings, the province introduced the Fair Housing Plan, which includes a 15-per-cent non-resident speculation tax, rent controls for tenants living in buildings constructed after November 1991, and other measures aimed at addressing skyrocketing housing costs.

With regards to resale housing, Hudak credits the government for making commitments to reduce regulatory burdens and delays when bringing new housing into the market. Secondly, Hudak applauds the government’s pledge to modernize the rules around realtors and real estate transactions.

“So they listened to our advice, but the sooner we get going on those things the better it’s going to be for average families in the province, and for jobs.”

Locally, in Hamilton and Niagara, there are also issues around the availability of land and overlapping regulations, said Hudak.

“It can take up to 10 years to get a new subdivision,” Hudak said.

By reducing the time and cost required to get housing into the marketplace, Hudak said the government can help create jobs and keep home ownership within reach for the average family.