Canadian real estate markets demonstrated remarkable resilience in 2012—with home sales up or on par in 65 per cent of major centres—despite considerable headwinds in terms of tighter financing and economic uncertainty abroad. The trend is expected to continue, with home-buying activity propped-up by low interest rates and an improved economic picture in 2013, according to a report released today by RE/MAX.
“Despite all the negativity surrounding residential real estate, the sky is not falling,” says Gurinder Sandhu, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. “Home sales have moderated, but remain within healthy levels. Greater optimism is expected to return next year, as the economy marks further improvement. Canadians appear to be reigning in their spending, heeding cautionary statements by the country’s financial leaders. We believe that will only serve to shore up the already healthy framework of the Canadian housing market in 2013.”
Summary of key points for Hamilton-Burlington real estate market:
- Significant GDP growth, expanding at an annual rate of approximately 2.5 per cent, has made Hamilton-Burlington one of the top performing markets in Ontario.
- Approximately 13,100 homes are expected to change hands by year-end, down six per cent from the city’s record level of 13,932 reported in 2011. Yet, average price is forecast to appreciate seven per cent to $358,000 in 2012, up from $333,498 one year earlier.
- Seller’s market conditions exist at the starter price points, while a more balanced picture emerges at the mid-level.
- Condominiums continue to have universal appeal—popular with both first-time buyers and an aging demographic. In Burlington, first-time buyers seeking close proximity to the GTA are gravitating toward entry-level apartments, between 500 sq. ft. and 700 sq. ft. in size. Starting from the low $200,000s, these units have experienced bidding wars throughout much of the year
- Numerous brownfield projects and developments that are underway are expected to have a positive impact on economic performance in coming years.
- Manufacturing is also forecast to climb in Hamilton-Burlington, rising by more than four per cent, building on a 3.7 per cent increase in 2011 and an 8.6 per cent increase in 2010. New housing starts are on the upswing, with 2012 levels hovering at more than 25 per cent ahead of last year’s levels.
- Immigration is also expected to continue to play a role in Hamilton-Burlington, with approximately 3,300 permanent and temporary residents welcomed in 2011.
For the complete report visit: http://www.bestagent.ca/uploadedFiles/BestAgent/Content/News/Press_Releases/2012/REMAX_2013Outlook_RPT.pdf
Interest in buying real estate property in Burlington and surrounding areas? Don’t hesitate to get in touch with me: Lori VanDinther – Burlington Real Estate Agent. I will put my knowledge and experience to use and help you find your dream home!