The Linda Maguire Team earns the Royal LePage Chairman's Award for the top 1% of Realtors in Canada
Many thanks to our terrific clients and team members for propelling us to the top 1% of Royal LePage Realtors in Canada in 2017
National Chairman's Club is awarded to the top one percent of the Royal LePage residential sales force of a designated period based on gross closed and collected commissions GCI) and starting in 2017, including closed units sold.
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 from 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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