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Here we are at the beginning of December 2017, and time for another market update video 

 

 The market has been balanced but a bit unsettled.

  • We saw home prices peak in March/April, after a 35% year-over-year, growth which was then followed by a drop in prices over the early summer.  Things quickly switched from a Seller’s market to a Buyer’s market.
  • In July August, prices bottomed out at about 15% down from the peak and buyers started to purchase again in September October.
  • So while prices are still up roughly 20% from last December, the market is unsettled.
    • The biggest factor affecting the market is the new mortgage qualification rules. 
    • Roughly 10% of buyers will see a reduction in their buying power as of January 1.
    • Some buyers are getting in before the new mortgage rules apply, while others are waiting to see if the new rules cause a further drop in prices.
    • In the current market
      • Buyers have an opportunity to purchase a home without being in competition. 
      • Seller’s are typically now getting within 5% of their asking price, for properly priced homes
      • So its what we call a Balanced Market.
  • What will 2018 bring?
    • We expect Burlington Oakville and Hamilton to continue to be among the best cities for real estate investment in Canada.  Its unlikely that we’ll see 35% price growth again any time soon, but with the flow of people moving form the Toronto market, real estate here should continue to be a great investment in 2018 and beyond.
  • We’re happy to help with advice, ideas, or just a conversation about everyone’s favorite topic – real estate.  

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