Hamilton housing market remains hot in July
City still 'experiencing a sellers' market:' realtors association CEO
The housing market in Hamilton stayed hot in July, according to new numbers from the Realtors Association of Hamilton-Burlington (RAHB).
The average sale price for residential properties in the city came in at $383,240, up 10.7 per cent over July 2012. Houses that sold were on the market for an average of 43 days, down from 45 from a year before.
"We are still experiencing a sellers' market in our market area," said RAHB CEO Ross Godsoe. "We thought earlier in the year we might see a more balanced market by this point, but that hasn't been the case."
Interest from buyers in the GTA continues to drive demand for housing in Hamilton, according to RAHB president Bruce Moran.
"We're still feeling the influence of the people coming from the east," he told CBC Hamilton on Wednesday. "I think people have finally discovered that Hamilton is better than they thought it was."
Moran said he doesn't expect the city's housing market to sag in the coming months.
"Right now, we're not seeing any change that would bring any kind of a slowdown."
While housing sales in Hamilton remained relatively strong over the past year, the country, generally, experienced a softening. However, the national market is set to rev up again, according to the operator of real estate giant Royal LePage.
The chief executive of Brookfield Real Estate Services says the national market is in the late stages of a downward trend that resulted in fewer houses trading hands.
Sales volumes for houses will begin to trend upward in late 2013 and house prices will strengthen, with increases returning to long-term averages but the condominium sector may continue to see "softness" in the short term, Brookfield's Phil Soper said in an earnings announcement Wednesday.
"While we have seen modest price appreciation recently, homebuyers have been taking a slightly cautious stance as evidenced by lower sales volumes in many regions across the country for the quarter," Soper said as Brookfield Real Estate Services announced a lower second-quarter profit.
The low interest rates that Canada has been experiencing are appealing for would-be buyers but consumer confidence hasn't completely rebounded, Soper said.
"Nevertheless, indicators point to a steadily improving economy that will help the market return to historical sales volume and house price appreciation averages."