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Market Updates

Burlington April Housing Stats Are In!

Mon, 6th May, 2013 - Posted by Sean Kavanagh - (0) Comment

Burlington housing stats are in for April and it seems that the activity is similar to last year, but the housing prices have risen.

Freehold Units in Burlington

2012
New Listings 313
Sales 240
Average Price $514,481
Days on Market 27

2013
New Listings 310
Sales 236
Average Price $558,310
Days on Market 30

All Properties Sold In Burlington in April

2012
New Listings 447
Sales 352
Average Price $449,986
Days on Market 29

2013
New Listings 444
Sales 337
Average Price $482,301
Days on Market 31

It is clear to see that we still have a healthy market in Burlington and housing prices continue to rise. Freehold units have increased in value 8.5% from April 2012 to 2013 while the number of new listings and sales have stayed about the same.

If you would like to learn more about what is happening in the real estate market, please feel free to call or send me an email and I would be happy to discuss the market activity in your neighbourhood.

I found this great little video on YouTube that showcases the beauty of our Burlington waterfront. Enjoy!

Category : Burlington / Burlington Real Estate / Home for Sale Burlington / Market Updates / Real Estate

Spring Market Holds the Real Estate Crystal Ball

Thu, 17th January, 2013 - Posted by Sean Kavanagh - (0) Comment

Jim Flaherty may have just got what he wanted….to cool off the housing market. Most economists and real estate professionals believe the landing will be soft, but stats show that all of the moves made by the federal government have been successful in slowing the white hot housing market. Despite the fact home sales were down 17.4 per cent in December over the same month last year, the average sale price rose 1.6 per cent across Canada.

This creates a very interesting dynamic in the Canadian housing market. Sales in the market place are down, but prices continue to rise. It defies the logic of most economic thinking. The reason for this is two-fold: The market is sustaining itself due to the motivated buyers that continue to purchase and take advantage of the low interest rate options available to home buyers today.

Also, sellers don’t seem desperate enough to dramatically reduce their prices. Sellers are telling the market that they know what their house is worth and will gladly hold out until they get it….and if they don’t get it, they won’t sell it!

I have titled this article ‘Spring Market Holds the Real Estate Crystal Ball’ because the hottest market of the year will determine which way things will swing. Will a flood of buyers jump into the market and continue to pay what sellers are asking OR will buyers hold off and wait for prices to fall?

Buyers are also faced with the dilemma of purchasing now with interest rates being low versus waiting for the potential drop in market value when the rates begin to rise. Some first time buyers and buyers looking to move up the property ladder have been pushed out of the market due to the mortgage changes. Moving mortgage amortization from 30 years to 25 years has made monthly payments unaffordable for some causing buyers to hold off.

It should be noted and understood that the reported statistics showing significant drops in sales are coming from the country’s two hottest markets (Toronto and Vancouver). These markets needed to cool as the drastic price escalation was unsustainable. Toronto at 7 times the national average and Vancouver at 10 times the national average could not continue the way it was heading and the correction we are experiencing is mostly felt in those two markets. Regina, for example, actually posted an increase in sales of 15.9% from December 2011. For this reason, I recommend that you look locally for market information and not to be swayed by national averages.

There are a lot of questions and the spring market will help provide us with some of the answers.

MY THOUGHTS

• The market will continue to be healthy and you will see a rise in home sales in the spring.
• A correction or ‘Softening’ of the market should not be viewed as a negative. A stable market is a sustainable and predictable market. People should want this when it comes to the largest financial investment in their portfolio.
• Buyers will continue to purchase homes and take advantage of the record low interest rates.
• The drop in reported sales is due to buyers unwilling to make the move upward on the property ladder and assume more debt that they were willing to assume before the mortgage rule changes and threat of interest rate increases.
• The drop in sales is also a result of first time buyers not being able to afford houses RIGHT NOW due to the mortgage changes, but they will be buying once they are able to qualify.
• Toronto and Vancouver will be OK…..just ask them!
• We have the strongest banking system in the world and a government that is looking out for the people.
• The Canadian real estate market will continue to be a good investment, don’t be scared off by inflammatory articles aimed more at selling newspapers and magazines than providing sound advice to their readers, and if you have questions, seek out professional advice so you are able to make the most informed decision possible.

Category : Burlington Real Estate / Buyers / Home for Sale Burlington / Home for Sale Hamilton / Home for Sale Oakville / Home for Sale Toronto / Market Updates / Real Estate / Sellers

Hamilton / Burlington October Real Estate Update – By Sean Kavanagh

Mon, 5th November, 2012 - Posted by Sean Kavanagh - (0) Comment

Comparing sales in the Hamilton/Burlington region from October 2011, we are once again seeing an increase in the average sale price of 11.9% compared to the same month last year. Actual residential sales were only 0.8% lower than this time last year. Condo sales were up but there was a slight decline in freehold residential sales. The average prices, however, for freehold residential sales increased by 14.8% over last year while the condo average sale price dipped 2.5%.

Hamilton/Burlington region experienced 1527 new listings in the month of October with an average sale price of $372,290. The average number of days on the market for listings was 45 days.

“The steady increase in residential prices over last year continues,” said RAHB President Cameron Nolan. “We are also seeing less of a difference between numbers of new listings this year compared to last. Those listings are still being sold faster than last year, with the average number of days on market at 45 days.”

It should be noted that these statistics are based on all sales of residential properties in the Hamilton/Burlington area. These statistics should not be taken as an indicator of anyone’s individual property appreciation as different areas and neighbourhoods are reacting differently to market conditions.

If you would be interested in receiving a FREE no obligation market evaluation, I would be happy to set you up with my FREE Market Update Watch. This is a service I provide allowing you to keep up to date on what is happening in the real estate market in your area!

I’m just a call or email away!

Category : Market Updates

New Numbers Indicate a More Balanced Market in Burlington/Hamilton

Thu, 4th October, 2012 - Posted by Sean Kavanagh - (0) Comment


Comparing sales from September 2011, we are seeing a drop in the number of sales (-10.9%) but similar to last month, we are also seeing a 13.7% increase in the average sale prices. The number of new listings has remained the same compared to this month last year. The low housing inventory has created competition among buyers for properties causing higher sale prices. The low inventory has also caused the average Days on Market to drop from an average of 54 days to 45 days.

We are seeing a record low in number of new listings and we are finding that buyers a more willing to wait for the perfect property. Properties that are updated and renovated tend to sell quickly, and in certain areas, we are witnessing offer hold backs and multiple offer situations. Properties that require significant upgrading and modernization, especially in kitchens and bathrooms, tend to spend more time on the market well beyond the area averages.

It should be noted that these statistics are based on all sales of residential properties in the Hamilton/Burlington area. These statistics should not be taken as an indicator of anyone’s individual property appreciation as different areas and neighbourhoods are reacting differently to market conditions.

If you would be interested in receiving a FREE no obligation market evaluation, I would be happy to set you up with my FREE Market Update Watch. This is a service I provide allowing you to keep up to date on what is happening in the real estate market in your area!

I’m just a call or email away!

Category : Market Updates

Burlington/Hamilton August Real Estate Update – Average prices up, number of sales down.

Mon, 17th September, 2012 - Posted by Sean Kavanagh - (0) Comment

Comparing sales from August 2011, we are seeing a drop in the number of sales (-13%) and number of new listings(-8.4%) , but we are also seeing a 13.3% increase in the average sale prices. The low housing inventory has created competition among buyers for properties causing higher sale prices. The low inventory has also caused the average Days on Market to drop from an average of 55 days to 44 days.

CREA chief economist Gregory Klump has said that we are now seeing the first clear indications of the effect the recent changes to mortgage regulations are having. The new regulations were aimed at cooling the hot market and it seems to have worked. By shortening the amortization from 30 years to 25 years, it has made homeownership inaffordable for some, especially the first time buyers.

The condo market is also indicating a strong Seller’s market as we are seeing more sales than new listings.

We are seeing a record low in number of new listings and we are finding that buyers a more willing to wait for the perfect property. Properties that are updated and renovated tend to sell quickly, and in certain areas, we are witnessing offer hold backs and multiple offer situations. Properties that require significant upgrading and modernization, especially in kitchens and bathrooms, tend to spend more time on the market well beyond the area averages.

It should be noted that these statistics are based on all sales of residential properties in the Hamilton/Burlington area. These statistics should not be taken as an indicator of anyone’s individual property appreciation as different areas and neighbourhoods are reacting differently to market conditions.

If you would be interested in receiving a FREE no obligation market evaluation, I would be happy to set you up with my FREE Market Update Watch. This is a service I provide allowing you to keep up to date on what is happening in the real estate market in your area!

I’m just a call or email away!

Category : Market Updates

No more 30-year amortizations! – Ottawa tightening mortgage rules again!

Thu, 21st June, 2012 - Posted by Sean Kavanagh - (0) Comment

The federal government is moving again to tighten the rules on mortgage lending in Canada amid growing concerns that the housing market is overheated and household debt levels are climbing to perilous levels, according to the Globe and Mail.

As debt levels continue to reach record levels and the housing market has showed no signs of slowing down, the government is looking to tightening lending practices. With interest rates at record lows, they can only go up from here. This is the issue that scares the government. If home owners are at their debt limit now, what will happen to them once the interest rates rise?

Due to what is happening in the world economy, the Bank of Canada is expected to keep the interest rates low for some time. Tightening up the lending policy is the government’s measure to curb the increased household debt load while we are still enjoying these historic low interest rates.

The finance minister confirmed that the amortization will be reduced once again from 30 years to 25 years and the limit on borrowing equity will be reduced from 85% to 80%. Changing the amortization to 25 years will result in homeowners paying more in monthly payments but paying off their mortgage quicker.
This will mark the 4 tightening measure in the last 4 years. Recent figures from Statistics Canada show the average ratio of debt-to-disposable income climbed to 152 per cent, up from 150.6 per cent at the end of 2011.

Considering Buying or Selling a Home?

Phone – 905-220-9198
Email – sean.kavanagh@century21.ca
Facebook – seankavanaghc21

For more information on buying or selling real estate in Burlington, Hamilton, Oakville, or Toronto, or if you have questions about current market trends, staging properties or interest rate information, I’d be happy to answer all of your questions to accommodate all of your real estate needs.

Building Lasting Relationships and Exceeding Expectations

Oakville Real Estate – CENTURY 21 Miller –TOP TEN Office*
______________________________________________________________________________
Office: 905.845.9180 | Fax: 905.845.7674 | millerrealestate@century21.ca
Oakville Real Estate, Burlington Real Estate, Milton Real Estate, Mississauga
*For CENTURY 21 Canada in 2010 and 2011, Based on Gross Closed Commission

Category : Market Updates / Mortgage

To Buy or Not To Buy…..There is NO Question!

Mon, 23rd April, 2012 - Posted by Sean Kavanagh - (0) Comment

Buying a home today…at today’s prices, would have a home owner paying less per month than if that home owner bought a home 25 years ago…at 1987 prices!

I was recently at a real estate symposium and we were discussing the affordability of homeownership in today’s market. We were talking about current purchase prices vs. historic low interest rates and it took us back to a time when interest rates were not so favourable for the average home owner.

I told a client the other day that if he bought a home today at today’s housing prices, he would still be paying a lower monthly amount than if he bought a home 25 years ago at 1987 prices. Reluctant to trust my math skills, I had to prove it to him on a scrap piece of paper.

Bought a home in 1987
$250,000 – Purchase price
20% down payment ($50,000)
$200,000 – Mortgage amount
10% – 1987 interest rate
25 year amortization

Monthly payments = $1788.98

Bought a home in 2012
$500,000 – Purchase price
20% down payment ($100,000)
$400,000 – Mortgage amount
3% – 2012 interest rate
30 year amortization

Monthly payments = $1682.42

As I finished writing $1682.42 on the paper and he glanced back at the 1987 figure, he asked me to check my math.

If you are contemplating whether to stay in your rental or jumping on the housing ladder, you should look at these numbers again. We have never seen interest rates like this in history and may never see them again. Your opportunity is now!

If you live in the Burlington, Oakville, Hamilton or Toronto areas and would like to talk about housing affordability, I would be happy to meet with you to discuss your options. We can see how affordable homeownership can be. Be sure to ask about my First Time Home Buyer AIR MILE Promotion.

Category : Buyers / Market Updates / Real Estate

Prices High & Inventory Low: Get the most $$$ for your home right now!

Tue, 7th February, 2012 - Posted by Sean Kavanagh - (0) Comment


The Hamilton‐Burlington real estate board has just reported 819 property sales through the MLS for the month of January. This represents almost an 11 per cent increase in sales over the same month last year. They have also reported that 7.7 per cent fewer listings were taken in January 2012 compared to January of last year. The average sale price of a property has also risen 4.2% over last year’s average, yet the inventory of available properties has dropped by almost 12%

“The story for the month of January,” said RAHB President Cameron Nolan, “is that while sales have edged up compared to last year, we are seeing significantly fewer listings than normal. Our listing inventory is the lowest it has been in some time.”

What does this mean for you?

I hate to sound cliché, but now is a great time to sell. We are seeing a flood of buyers hitting the market right now. The most obvious reason would be the record low mortgage rates lenders are able to offer, but I think the weather also has something to do with it. Historically, people didn’t buy in January/February because who wants to go running from home to home in 3 feet of snow with temps in the minuses. The grass is green and the temps are up causing an early start to the spring market.

Buyers are out and ready to purchase, but there isn’t anything to buy right now. Everything that is in relatively good condition and priced well is selling after only a few days on the market. This has resulted in an upward pressure on prices. If you are considering selling your home this year, you may want to do it sooner than later. Once the spring hits and everybody starts putting their homes up for sale, the market will become more balanced causing a downward pressure on pricing.

Get into the market while inventory is low and you will get more money for your home.

Considering Buying or Selling Your Home?
For more information on buying or selling real estate in Burlington, Hamilton, Oakville, or Toronto, or if you have questions about current market trends, staging properties or mortgage interest rate information, I’d be happy to answer all of your questions to accommodate all of your real estate needs.

Sean Kavanagh
Sales Representative

For more information on my Home Buying or Home Selling System, contact me at
Email: sean.kavanagh@century21.ca
Web: www.seansells.ca
Facebook page: SeanKavanaghC21

Building Lasting Relationships and Exceeding Expectations
Masters Diamond Award Winner – 2010 & 2011, Masters Ruby Award Winner – 2009

Oakville Real Estate – CENTURY 21 Miller –TOP TEN Office*
______________________________________________________________________________
Office: 905.845.9180 | Fax: 905.845.7674 | millerrealestate@century21.ca
Oakville Real Estate, Burlington Real Estate, Milton Real Estate, Mississauga
*For CENTURY 21 Canada in 2010 and 2011, Based on Gross Closed Commission

Category : Market Updates / Real Estate / Sellers

Housing Prices To Remain Stable Into 2012

Fri, 9th September, 2011 - Posted by Sean Kavanagh - (0) Comment

The Canadian housing market will grow at a much slower pace compared to the surge seen in the past decade. Home resales are expected to grow by 0.9 per cent this year and remain unchanged in 2012, while home prices will increase by 4.4 per cent this year and 0.4 per cent in 2012.

Garth Turner will have you believe that the federal government’s policy to allow 40 year amortized mortgages with no money down was the root cause in the recent market instability and skyrocketing pricing, but other economists look at a few more contributing factors to paint a broader picture. These factors include a global recession and domestic policy changes — such as a sharp drop in interest rates, three rounds of mortgage rule changes and the introduction of the HST in Ontario and British Columbia. The view by many is that less turbulent economic and policy environments will support a smoother process going forward.

Interest rates will remain low well into next year but the growth rate will continue to slow. We will see a steady increase in prices, just not escalating at the pace we have seen in the past few years.

For more information on market activity, please do not hesitate to write or call. I am also offering FREE home evaluations for anyone interested in know what properties are selling for in their neighbourhood.

Category : Market Updates / Mortgage / Real Estate

Global Market Mayhem May Keep Interest Rates Low.

Tue, 16th August, 2011 - Posted by Sean Kavanagh - (0) Comment

Bank of Canada Governor Mark Carney’s plans to raise interest rates this fall have been put on hold as a result of the continued financial struggles in both the U.S. and Europe. It was originally believed that the bank would be raising rates this September, but recent indications suggest that we could be looking at rates dropping again before we begin to see increases. Home owners concerned about mortgage rate increases will be happy as it now looks like we can expect to see low rates possibly into 2012.

“I think it’s clear that there are a lot of serious problems still in the world and it’s more likely that we’re setting the stage for a sustainably low level of interest rates for a very long time. In fact, the possibility of rates being lowered is now more realistic than before.”

What does this mean for you?

If you have a variable mortgage on your existing property, you can expect to see the rates remain low for at least the rest of this year and probably into next year. If you have a mortgage that will need to be renewed soon, discuss your options with your lender. It may be in your best interests to look at variable interest rate mortgages. If you are looking for a new home or plan on upgrading in the near future, this might be the time to look a little more closely at your options.

For any questions you may have about mortgage rates, current market trends or neighbourhood property values, please don’t hesitate to give me a call.

Category : Burlington / Market Updates / Real Estate
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