Another year has come and gone and after the uncertainty of how Hamilton’s real estate market would be affected by the mortgage stress test, we’ve found ourselves in a balanced real estate market for the start of 2019.
The mortgage stress test affected the number of sales in 2018 but experts believe that the Canadian real estate market will remain steady or even see a slight growth in 2019.
Hamilton experienced a decrease of 7.3 per cent in listings last year and a decrease in sales of 15.4 per cent. Houses around the Gage Park and St. Clair neighbourhoods outperformed both on price and number of sales compared to the rest of Hamilton in 2018. Gibson/Stipley, Crown Point and the North Sherman neighbourhoods are outperforming the rest of the city in price.
Mountview, Westcliffe and Buchanan neighbourhoods saw a decrease in sales, while the nearby Centremount, Inch Park and Eastmount neighbourhoods underperformed on price.
The CMHC is predicting sales to jump between 11 per cent and 18 per cent next year, and for average prices to grow between four per cent and ten per cent.
Condos are booming, the five-year average for condo starts in the region is 737 but last year there was a massive increase of 1,803 condo starts. However, vacancy rates for rentals are currently taking a hit and are below the 10-year average, showing a need for more units.
Contact me for any questions about Hamilton’s real estate market or buying or selling a Hamilton area property in 2019.