I was showing a home the other day where my clients 2 young children instantly gravitated to the backyard pool and walking around the edges… it reminded me that june, july and august are the worst months by far for drowning incidents and a reminder is always a good idea. Lakes actually have a slightly higher incidence in ontario due to the large number of lakes. Red cross has some extensive reports for more in-depth reading.
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“June sales volume dropped off 15% compared to june of last year but june of last year was really a record breaking month due to some pent up demand from very weak sales volume starting out 2009. In general the market has slowed slightly but seems to be following a fairly typical summer trend and seems to be a healthy balanced market.” Note the news release from the local board below:
The Hamilton-Burlington area resale market reported a total of 1359 units sold in June, indicating a decrease of 15 per cent from the same month last year, and a decrease of 6 per cent from May of this year. The total unit sales for the first six months of 2010 are being reported at 18.7 per cent higher than the same period last year, while new units listed are 20.7 per cent higher than last year at this time, according to Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).
“June’s sales are down from last year’s record-breaking month,” said Joe Ferrante, RAHB President, “but the strong numbers in the early months of the year still brings our year-to-date sales ahead of last year at this time.”
Residential properties sold during June totalled 1,305 which included 1,036 freehold properties and 269 condominiums. Commercial sales for June, including industrial, farm, vacant land and business, totalled 54 units.
The average price of freehold residential properties sold in the month of June was $331,056, an increase of 5 per cent over June last year. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.
In the condominium market the average price of condominiums in June was $249,227, an increase of 13.5 per cent over June 2009.
The total number of units listed for sale during June was 2072, which is 22 per cent more than were listed in the same period in 2009.
“With a good inventory of properties available,” added Ferrante. “Hamilton, Burlington and our outlying areas remain a great place to buy real estate.”
Unit sales reflect “all property types” including residential, condominiums, commercial property, farmland and sale of businesses.
I was sent this offer recently that I thought was worth passing on to other people…It is A $35 kit that could save you upto $100 a year in water and energy (hot water) and FREE to Union Gas customers with a natural gas water heater in their home. Just go to their website and order yours http://www.uniongas.com/esk/ or you can go to one of their pickup sites but you may need their offer voucher. Good till Dec 31/2010.
The following article is released by Hamilton-Burlington Real Estate board below….To sum up, sales have dropped off 5.5% from April indicating things are cooling slightly, average price is still quite healthy up 6% over last year; however the number of listings or available listings for Buyer’s to choose from has increased and we have a balanced healthy market again.
Market Starting to Settle
(June 4, 2010 – Hamilton, Ontario) The Greater Hamilton-Burlington area resale market reported a total of 1451 units sold in May, an increase of 8.8 per cent over May of last year, according to the Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB). When compared to April of this year, May’s total unit sales were down 5.5 per cent.
“The market is beginning to settle a bit,” said RAHB President Joe Ferrante. “We saw big highs in both the numbers of listings and sales in March and April, and now we are seeing how things will probably be continuing for the next few months.”Residential properties sold during May totalled 1406, which included 1114 freehold properties and 292 condominiums. Commercial sales for May, including industrial, farm, vacant land and business, totalled 45 units. The average price of freehold residential properties sold in the month of May was $339,484, an increase of 8.5 per cent over the same month last year and an increase of just under one per cent over last month.
In the condominium market, the average price of condominiums in May was $224,707, a decrease of three per cent compared to May, 2009 and a decrease of slightly more than two per cent from last month. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.May’s total average residential sale price increased six per cent over the same month in 2009.
The total number of units listed for sale during May was 2370, which is almost 33 per cent higher than were listed in the same month in 2009. “This is still a strong market by any measure,” added Ferrante, “and is performing pretty much as we expected.”
Unit sales reflect “all property types” including residential, condominiums, commercial property, farmland and sales of businesses
The following is a link to Ontario Ministry of Revenue website which gives you a breakdown on virtually all products, what we pay currently and how the change will affect us.
Read the published article by Hamilton-Burlington real estate board below….but in short, we had record sales and record average price again. We also had a record number of new listings that also came on in April and we have moved to a balanced market neither favoring the Buyer or Seller. As Joe Ferrante (the board president) mentions below, I also believe the low interest rates has likely pulled some Buyer’s ahead in the year and we will likely be a little slower in the 3rd and 4th quarters as a result.
(May 5, 2010 – Hamilton, Ontario) The Greater Hamilton-Burlington area resale market reported a total of 1537 units sold in April, an increase of 38.2 per cent over April of last year, according to the Multiple Listing Services® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB). When compared to March of this year, total unit sales were 7.3 per cent higher in April, 2010.
This spring market is one of the best we’ve had,” said RAHB President Joe Ferrante. “The number of residential sales is the highest in any April on record, and we broke last month’s new record for the number of listings taken in a month, ever.” Residential properties sold during April totalled 1490, which included 1228 freehold properties and 262 condominiums. Commercial sales for April, including industrial, farm, vacant land and business, totalled 47 units.
The average price of freehold residential properties sold in the month of April was $336,625, an increase of 11.35 per cent over the same month last year and an increase of under one per cent over last month. In the condominium market, the average price of condominiums in April was $230,186, an increase of over seven per cent over April, 2009 and an increase of four per cent from last month. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.
April’s total average residential sale price increased 11.1 per cent over the same month in 2009. The total number of units listed for sale during April was 2517, which is almost 35 per cent higher than were listed in the same month in 2009.
“This strong market is expected to last through the spring,” added Ferrante, “but it will probably be at the expense of the second half of the year, when the HST kicks in and mortgage rates go up again.”
Unit sales reflect “all property types” including residential, condominiums, commercial property, farmland and sales of businesses.
April 6, 2010
I don’t know if anyone has noticed, but there are a lot of “For Sale” and “Sold” signs out right now. We have a very active real estate market in the Greater Hamilton-Burlington area. Statistics from the REALTORS® Association of Hamilton-Burlington Multiple Listing Service® (MLS®) are showing that March was a record-breaking month for the number of new listings taken and we were close to a new record for the number of sales in the month of March.
Spring is typically a busy time for REALTORS®. It’s the time when a lot of corporate transfers come through and homeowners find themselves selling their homes and looking for new ones in new cities. It’s also the time when families wanting to up-size think about looking for new homes so their kids can settle into a new school before the end of the current school term, or at least make sure they are in their new home for the start of the next term. Before they buy a new house, they also want to make sure theirs is sold or at least on the market.
This year has been busier than most springs, and there are two additional factors at play – low interest rates and the coming Harmonized Sales Tax, or HST. Earlier this year, the Canadian Real Estate Association updated their forecast for 2010 and 2011 to indicate that the market in Ontario will be stronger than usual because of these two factors.
Low interest rates have been with us since last year, and it is generally accepted they can’t last. We’ve already seen, in the last week or two, increases in some mortgage rates from the big banks. While the new rates don’t look as attractive as what we’ve been seeing for the past few months, they are still very good rates, and they shouldn’t be deterring anyone from purchasing a home. The current wisdom is that rates will go up again in the fall, and advice from many quarters is that now is still the best time to be buying a home.
And then there’s the HST. The new Harmonized Sales Tax will apply to most services buyers and sellers use in their housing transactions. Right now sellers and buyers pay only 5% GST on their real estate commissions, legal fees, appraisal fees, home inspections and myriad other services connected to a real estate transaction. After July 1 they will pay 13%. It’s not a huge amount for any one transaction, but taken together could add around $1500 to the average real estate transaction. For those knowing they will be purchasing a home this year, it only makes sense – and saves dollars – to make the purchase before the new tax comes into effect.
It’s no wonder that this spring market is strong – there’s all the usual spring market activity, plus the added incentives of low interest rates and beating the start of the HST.
Joe Ferrante
President, RAHB
2010
February has proven that the brisk rate we have had for the past 9 months is still continuing, I see sales volume up more than 50% from same month in 2009 but I like to call early 2009 an anomaly at this point, if I compare to feb.2008 our sales volume is up about 18% which is still a brisk market. Our available inventory is still down approx. 22% over 2008 levels but seems to be slowly normalizing. Our average price seems to be following an average annual increase of about 5% which is a very moderate and healthy rate which also leads me to believe there is no bubble happening in our area. The market is still favouring the Seller but only slightly. This means Seller’s are doing well and with the sustained great interest rates we have had, Buyer’s are also doing well.
See the February news release from the Hamilton/Burlington real estate board below:
Sales, Price, Listings All Up from Last Year
(March 5, 2010 – Hamilton, Ontario) The Greater Hamilton-Burlington area resale market reported a total of 1114 units sold in February, an increase of 50 per cent over February of last year, according to the Multiple Listing Services® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).
The total unit sales, when compared to January of this year, were 50 per cent higher in February, 2010.
“It is no surprise that our numbers have all increased from last year at this time,” said Joe Ferrante, RAHB President, “given there was so much uncertainty in the market in early 2009. It’s obvious that both buyers and sellers are showing confidence that the economy is recovering.”
Residential properties sold during February totalled 1067 which included 866 freehold properties and 201 condominiums. Commercial sales for February, including industrial, farm, vacant land and business, totalled 47 units.
The average price of freehold residential properties sold in the month of February was $331,523, an increase of 18.6 per cent over the same month last year and an increase of 9.4 per cent over last month.
In the condominium market, the average price of condominiums in February was $241,987, an increase of 20.7 per cent over February, 2009 and an increase of five per cent over last month. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.
February’s total average residential sales price increased 18.2 per cent over the same month in 2009.
The total number of units listed for sale during February was 1751, which is 24 per cent higher than were listed in the same month in 2009.
“We anticipate that the spring market will be strong,” added Ferrante, “as buyers and sellers look to make their home purchases and sales before the HST kicks in and increases the taxes they will pay on the services attached to the home buying process.”
Unit sales reflect “all property types” including residential, condominiums, commercial property, farmland and sales of businesses.
Established in 1921, the REALTORS® Association of Hamilton-Burlington (RAHB) represents more than 2,400 real estate brokers and sales representatives from Hamilton, Burlington, and surrounding areas. Members of the association may use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict code of ethics. The association operates the local Multiple Listing Service® (MLS®) and provides ongoing professional education courses for its members. In addition, RAHB is an active participant in the Home Ownership Affordability Partnership (HOAP) and holds an annual auction in support of local charities. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.REALTOR.ca. More information about RAHB is available at www.rahb.ca.
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For further information, contact:
Joe Ferrante Valerie Webster
President, RAHB Communications/Events Planner
Ph: 905-662-6661 Ph: 905-529-8101 Ext. 294
E: president@rahb.ca E: valeriew@rahb.ca
I have had quite a few people ask me in the last little while, because it has been a strong Seller`s market, whether we are experiencing a housing bubble and my reponse has been based on the affordability index in the Burlington/Hamilton area that I dont think so but most of what we are seeing is a shortage of inventory because new home starts were way down in 2009 and interest rates were and are at very low levels. The following is a well written article released by the Canadian Press on that topic.
January 14, 2010
Bank of Canada dismisses talk of housing bubble
Fundamentals, not speculation driving market, experts say
OTTAWA
A hot housing market is part of the natural flow of economic recovery, according to the Bank of Canada and economists working to deflate theories about a new housing bubble that could drive the economy back into recession.
The Bank of Canada indicated it was premature to be talking about a housing bubble in Canada in a speech Monday by bank official David Wolf. His remarks came after months of highlighting the danger of Canadians getting in over their heads in purchasing homes.
“Recent house price increases do not appear to be out of line with the underlying supply/demand fundamentals,” Wolf said. “We see the housing market requiring vigilance, not alarm.”
Wolf said the bank considers the current market to be a phenomenon based on temporary factors, such as pent-up demand from the recession, and low mortgage rates.
Moreover, he noted that with starts below long-term demographic requirements, the number of houses on the market is still declining.
The Canadian Real Estate Association reports housing prices increased about 4.4 per cent over the first 11 months of 2009, and predicts a further increase of 4.7 per cent in 2010.
The association’s chief economist, Gregory Klump, said the year-over-year increase has been “turbocharged” by a combination of today’s strong market and the weak year-ago market, which skews average prices.
He added that the current increase is part of natural real estate cycle.
“One would expect that when the worst of a recession is behind us and we’ve got emergency low interest rates, that would draw buyers back to the market,” he said.
Recovery in Canada’s housing market, where average home prices were up 11 per cent from July to September over the year-ago same period, leads developed countries, according to Scotia Economics’ Global Real Estate Trends report.
Adrienne Warren, senior economist at Scotia Economics, said Canadian homes are about 10 to 15 per cent overvalued, meaning there are risks if the economic revival does not play out as expected.
But she added that a bubble is unlikely because activity is based on fundamentals, not speculation.
“Because the housing market is interest rate sensitive…(it is) really the first area of the economy to revive. Once interest rates begin to move higher…then you’ll start to see the housing market being one of the first areas to begin to cool off,” Warren said.
“(But) I don’t think the risk of a sudden, widespread shock and rising default rates is likely,” she said.
Bank of Canada governor Mark Carney has warned for months that Canadians are amassing too much consumer and mortgage debt and that could be a problem for the broader economic recovery if rates rise and debt payments begin to increase for millions of Canadian households. However, Monday’s comments suggest the central bank won’t push rates higher just to cool the housing market.
Finance Minister Jim Flaherty has also openly discussed policy measures to cool the housing market, including raising the minimum down payment requirement above five per cent, or reducing the maximum mortgage amortizations.
Monday’s speech came hours after Canada Mortgage and Housing Corp. released a report indicating the annual rate of housing starts reached 174,500 units in December, up nearly 10,000 from November.
The organization said the improvement in housing starts was broad-based, with solid increases in both single and multiple starts to end the year.
Klump said the rise in new supply in the market as well as the increase in the resale market will help the balance between supply and demand, adding that as 2010 progresses price increases will shrink to the rate of inflation.
Canadian Press
“January showed a shift back to a balanced market in Hamilton/Burlington for both Buyer’s and Seller’s from what was an unusually strong Seller’s market in the month of December.”
Published Feb.04 2010 by RAHB - (The Realtor’s Association of Hamilton/Burlington.)
The Greater Hamilton-Burlington area resale market reported a total of 750 units sold in January, indicating an increase of 58 per cent over the same month last year, but a 3 per cent decrease from December 2009.
“January sales certainly returned to more normal January levels,” said Joe Ferrante, RAHB President. “The unexpectedly strong market in December of 2009 was a hard act to follow, but the market held reasonably steady for the first month of the year.”
Residential properties sold during January totalled 714 which included 574 freehold properties and 140 condominiums. Commercial sales for December, including industrial, farm, vacant land and business, totalled 36 units.
The average price of freehold residential properties sold in the month of January was $302,474, an increase of 10 per cent over the same month last year, and 1.25 per cent over last month.
In the condominium market the average price of condominiums in January was $230,583, an increase of 10 per cent from January 2009, but a decrease of 4.5 per cent from last month. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.
January’s total residential average sales price of $288,397 showed an increase of almost 9 per cent over the same month in 2009, and an increase of almost 1 per cent over December, 2009.
“While the January market performed at levels that are more normal, we are looking forward with caution, as there is still a great deal of economic uncertainty surrounding us. ” added Ferrante.
Unit sales reflect “all property types” including residential, condominiums, commercial property, farmland and sale of businesses.
“The article below is the latest news release from the Hamilton-Burlington Real Estate Board. We had healthy single digit gains all over our area, keep in mind comparison’s made to last December can be a little surprising but we have to remember last December was a bad market due to the uncertainty out there but the people that did go into the market have been rewarded. Overall it was a very good year and yes real estate has proven to be a very good investment. December was a very strong Seller’s market with more homes selling in Burlington, Waterdown & Flamborough than were listed which has just brought our already low inventory of homes a little lower.”
MEDIA RELEASE
2009 proves real estate is a great investment
(January 6, 2010– Hamilton, Ontario) The Greater Hamilton-Burlington area resale market reported a total of 779 units sold in December, indicating an increase of 70 per cent over the same month last year, but only 18 per cent higher than December 2007.
The total unit sales for 2009 are being reported at 5.8 per cent higher than 2008, while new units listed are 6.8 per cent lower for the year-to-date, according to Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).
“December 2009 was the best December RAHB has seen, rounding out the best fourth quarter in area history.” said Joe Ferrante, RAHB President. “December is traditionally the slowest month of the year, but that was not the case in 2009.”
Residential properties sold during December totalled 733 which included 568 freehold properties and 165 condominiums. Commercial sales for December, including industrial, farm, vacant land and business, totalled 46 units.
The average price of freehold residential properties sold in the month of December was $298,641, an increase of 13 per cent over the same month last year, and a decrease of 10.2 per cent over last month. The average price for all freehold residential properties sold in 2009 was 2.2 per cent higher than 2008.
In the condominium market the average price of condominiums in December was $241,574, an increase of 26.3 per cent over December 2008, and an increase of 5.3 per cent over last month. The average price for all condominium properties sold in 2009 was 4 per cent higher than 2008. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.
December’s total residential average sales price increased 14.6 per cent over the same month in 2008, and the average price for the year to date increased 2.6 per cent over 2008.
The total number of units listed for sale during December was 826, which is 51 per cent more than were listed in the same period in 2008.
“The Greater Hamilton-Burlington and the surrounding housing market performed reasonably well in 2009, outperforming most other markets in Ontario,” added Ferrante. “
Unit sales reflect “all property types” including residential, condominiums, commercial property, farmland and sale of businesses.
Established in 1921, the REALTORS® Association of Hamilton-Burlington (RAHB) represents more than 2,400 real estate brokers and sales representatives from Hamilton, Burlington, and surrounding areas. Members of the association may use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict code of ethics. The association operates the local Multiple Listing Service® (MLS®) and provides ongoing professional education courses for its members. In addition, RAHB is an active participant in the Home Ownership Affordability Partnership (HOAP) and holds an annual auction in support of local charities. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.REALTOR.ca. More information about RAHB is available at www.rahb.ca.
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For further information, contact:
Joe Ferrante Megan Platts
President, RAHB Manager, Government Relations & Technology
Ph: 905-662-6661 Ph: 905-529-8101 Ext. 295
“I have cut and paste the Ontario portion of the RBC report below, click the link for the full report. I find that affordability is the truest indication of where things might be going as it takes into account average household earnings,current interest rates and the price of homes and tells you what people can afford, which in turn dictates where prices are going. Overall it seems affordability has turned slightly with a .5 to 1.2% change in the last quarter of this year with the rise of housing prices but considering we had seen an erosion of 4%-7% in the last year says we are still in very attractive territory historically and have ground to gain.”
Ontario — In full recovery mode
The substantial improvement in housing affordability since early last year appears
to have worked its magic in Ontario. The sudden downturn that hit the
province’s housing market late last year is now officially a thing of the past —
resale levels have generally recovered most of the ground lost and, more importantly,
prices have returned to, and in some cases surpassed, earlier peaks. While
this remarkable turnaround has brought back confidence in the market — even a
bit of frenzy in certain pockets around the province — the downside is that rising
property values have begun to undo some of the progress made on the affordability
front. In the third quarter, RBC’s affordability measures for Ontario rose for the
first time since early 2008, up between 0.5 and 1.0 percentage points. Nonetheless,
these increases represent only modest erosion of the four to seven percentage-
point declines achieved previously and affordability remains generally attractive
in the province from an historical point of view.
For the full report: http://www.rbc.com/economics/market/pdf/house.pdf
Robert Hogue
Senior Economist
(416) 974-6192
robert.hogue@rbc.com
I took the time to go to the CMHC conference outlook last week and have posted the Hamilton Spectator ad below for more detail but in summary the outlook is very positive and bright.
A few points I found interesting:
- Average price is expected to rise approximately 4% (we have been roughly 5% the past few years and that is expected to continue on the long term)
- Interest rates are not expected to go lower but slowly creep up probably more the end of next year
- There could be a bit of a push on Buyers to buy NEW homes before HST kicks in next year July 1(less so with resale homes)
- I have been saying that we have been in a strong Seller’s market since early spring because of interest rates and very little inventory for Buyer’s to choose from, however; I found it very interesting to see that we are still running affordability levels close to 2004 so Buyers are doing well also and I think most realize it and are still looking for homes.
- Babyboomer sales are picking up and will increase over the next few years.
(Article below)
Real estate boost expected in ‘10
Home building, sales and prices all set to rise next year: CMHC
Steve Arnold
The Hamilton Spectator
(Nov 18, 2009)
Hamilton’s housing market will heat up next year as the area’s economy shakes off the last effects of the recession.
That’s the verdict economists and analysts with the Canada Mortgage and Housing Corporation delivered to the agency’s annual Hamilton Housing Outlook conference yesterday.
Sarah Fong, senior CMHC analyst for the Hamilton market, said low interest rates and higher confidence about job security will bring people into the housing market next year, driving new home starts up 13 per cent, volumes of resale homes up 3 per cent and prices up about 4 per cent.
The average resale price of a Hamilton home next year will top $300,000.
Prices this year are expected to average almost $290,000.
The 2008 average was $281,000.
“Housing prices have been rising an average of about 5 per cent a year in Hamilton,” Fong told an audience of realtors, builders and others.
“That’s twice the rate of inflation, and we expect that rate to continue for the longer term.”
Hamilton’s improved housing outlook is expected to match performance in the rest of Ontario as consumers finally release their pent-up demand for homes.
“There are clear signs that the worst of the global economic downturn is behind us,” said CMHC Ontario economist Ted Tsiakopoulos.
“Consumers have started to spend again, but they are spending very cautiously.”
During the years of economic trouble, Tsiakopoulos said, housing starts have lagged behind the rate at which new households were formed. That kept prices for the existing stock up while creating a stockpile of demand that won’t be vented until the real recovery begins.
“The conditions for recovery are there, but we need a lot of things to fall into place first,” he said.
At the top of that list is a real increase in consumer spending in Ontario. With American consumers still whittling down their household debt and American businesses needing fewer products from Canada, “the heavy lifting of recovery is going to have to be done by our consumers,” Tsiakopoulos said.
Interest rates are also a critical factor and Tsiakopoulos predicted no serious increases until later next year.
“There’s no reason to believe interest rates are going to go lower,” he said.
“They’re more likely to start creeping up.”
Another factor that’s expected to have a major impact on the local market is the changing age profile of the population.
Baby boomers are reaching the age where they’re selling off the homes where they raised children and looking for adult lifestyle condos and townhouses.
That move is already being seen in housing starts numbers. Between 1977 and 2005, 58 per cent of houses started in this area were single detached homes and 24 per cent were townhouses.
Between 2006 and this year, the portion of single detached houses has fallen to 53 per cent and the townhouse piece of the pie has grown to 31 per cent.
905-526-3496
INCOME REQUIRED IN 2009 TO BE A FIRST-TIME HOMEBUYER IN:
Central Hamilton $30,000
Mountain $40,000
Dundas $58,000
Flamborough $80,000
Ancaster $70,000
Glanbrook $50,000
Stoney Creek $45,000
Burlington $60,000
HOUSING INDUSTRY STATISTICS FROM THE 2009 CMHC HAMILTON HOUSING OUTLOOK CONFERENCE
YEAR 2008 2009 forecast 2010 forecast
STARTS + 17 per cent - 50 per cent + 13 per cent
SALES - 13 per cent - 3 per cent + 3 per cent
PRICE + 4.4 per cent + 3.3 per cent + 4.1 per cent
JOBLESS RATE 6 per cent 8.4 per cent 7.9 per cent
http://www.thespec.com/article/674716
“There are plenty of people since this recession started who have had or are dealing with credit issues, I came across this article written by Collin Bruce who has specialized in the credit challenged for the past 3 years. Some good tips for all of us as how to maintain and rebuild credit scores.”
Philip
1) Pay down credit cards. The number one way to increase credit scores is to pay down your credit cards so you are only using 30 percent of your credit. Revolving credit like credit cards seems to have a more significant impact on your scores than car loans, lines of credit, and so on.
2) Limit the use of credit cards. Racking up a large amount and then paying it off in monthly instalments can hurt your credit scores. If there is a balance at the end of the month, this affects your scores- credit formulas don’t take into account the fact that you may have paid the balance off the next month.
3) Check credit limits. Some lenders are slower at reporting monthly transactions, this can have a significant impact on how other lenders may view your files. Ensure everything is up to date, as old bills that have been paid can come back to haunt you.
Some financial institutions don’t even report your maximum limits. As such, the credit bureau is left to only use the balance that’s on hand. The problem is, if you consistently charge the same amount each month – say $1000 to $1500 – it may appear to the credit-scoring agencies that you are regularly maxing out your cards.
The best bet is to pay down or off the statement before the statement period closes.
4) Keep old cards. Older credit is better credit. If you stop using older credit cards, the issuers may stop updating the accounts. As such, the cards can lose their weight in the credit formula and, therefore, may not be as valuable – even though you have had the card for a long time. You should use these cards periodically and then pay them off.
5) Don’t let mistakes build up. You should always dispute any mistakes or situations that may harm your score. If, for instance, a cell phone bill is incorrect and the company will not amend it, you can dispute this by making the credit bureau aware of the situation. If, however, you have missed payments on your credit cards, you may not be in a situation where refinancing or quickly boosting your credit scores will be possible. Depending on the severity of the situation - and the reasons behind the delinquencies, including job loss, divorce, illness, and so on – partnering with other professionals such as the ones mentioned above will help you address the concerns.
Written by Collin Bruce, Mortgage associate (expert in the credit challenged for the past 3 years)
www.collinbruce.ca
| (May 5, 2009 – Burlington/Hamilton, Ontario) The Hamilton-Burlington area resale market reported a total of 1,232 units sold in April, indicating a decrease of 12.6 per cent over the same month last year, but an increase of 18.9 per cent over March. The total unit sales for the first four months of 2009 are being reported at 19.8 per cent lower for the same period last year, while new units listed are 4.3 per cent lower for the year-to-date, according to Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).“The unusually warm weather in April reinvigorated the local real estate market, as the area witnessed increases in listings, sales and average prices when compared to the first three months of the year,” said Bruce King, RAHB President. “After the slight declines posted in the last two quarters, we are now seeing consumers warming up to real estate, with the average price in April back to where it was a year ago.”Residential properties sold during April totalled 1,188 which included 972 freehold properties and 216 condominiums. Commercial sales for April, including industrial, farm, vacant land and business, totalled 44 units.The average price of freehold residential properties sold in the month of April was $302,306, an increase of 0.3 per cent over last year. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.
In the condominium market the average price of condominiums in April was $213,673, a decrease of five per cent over the April 2008. April’s total residential average sales price realized no change compared to the same month in 2008. The total number of units listed for sale during April was 2,012, which is 4.5 per cent fewer than were listed in the same period in 2008. “We also saw another interest rate decrease in April, which will help make housing more affordable,” added King. “That, combined with some stability returning to the financial markets and banks and the levelling off of home prices will keep the local real estate market healthy.” Unit sales reflect “all property types” including residential, condominiums, commercial property, farmland and sale of businesses. |
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Presidents Message (oakville/Milton)
Hello Members,
Look for a slow but steady pick-up in sales through the spring and early summer months. Affordability is the highest in about four years, which should help fuel a rebound in sales once the job market stabilizes. Reductions in the average price of residential resales are working as intended. They are stabilizing the market and they are drawing buyers who are taking advantage of improved affordability. Those in the market to buy or sell should realize that although the residential market has decreased - prices have not plunged.
“One of the things that has been stalling the market, is that buyers are wanting tomorrow’s prices and sellers are wanting yesterday’s prices,” notes Dianna Morrison, President, The Oakville, Milton and District Real Estate Board. “The risk is that sellers who try to hold out for too a high price risk having their house develop a stigma if it sits on the market too long. For buyers who hesitate because they hope they will get a better deal should realize if they hold off too long, they could end up missing out on the perfect opportunity.”
The good news is - first-time buyers are really starting to take advantage and we are sure to see more houses come on the market as the weather improves. The April Market. The Milton residential resale market, for the second month in a row, surpassed 2008 home sales. April sales in Milton are up 14% from last year. The Oakville residential resale market also demonstrated healthy activity in April with a 38% increase in resales from March 2009, but still down 18% from April 2008. Regards, Dianna Morrison President, OMDREB (Oakville/Milton District Real Estate Board)
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“The market has rebounded nicely in April for the mostpart. Affordability is the biggest reason for the market bounceback. Affordability is affected by inflation/average household income/unemployment/pricing/and interest rates. The biggest reason for a bounceback in the affordability in this area is historically low interest rates and moderate price lowering. Inventory is at a very healthy level and being absorbed nicely by buyers in the marketplace.”
Philip
| The Hamilton-Burlington area real estate market showed a total of 750 unit sales in February, indicating a 27.6 per cent decrease over the same period last year, according to the Multiple Listing Services® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB). New units listed are less than one per cent lower when compared to February 2008.
The total unit sales, when compared to January, were 58 per cent higher in February. “When looking back for comparable real estate sales, December 94 and January 95 are the closest to the conditions experienced in December 08 and January 09,” said Bruce King, RAHB President. “However, in 1995 the market slowdown continued into February; last month’s numbers, I believe bode reasonably well for the market under the circumstances.” Residential properties sold during February totalled 717 which included 596 freehold properties and 121 condominiums. Commercial sales for February, including industrial, farm, vacant land and business, totalled 33 units. The average price of freehold residential properties sold in the month of February was $278,614, a decrease of 6 per cent over the same month last year, but an increase of 1.5 per cent over last month. In the condominium market the average price of condominiums in February was $200,618, a decrease of 4.2 per cent over February 2008, and a decrease of 7 per cent over last month. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold. February’s total average residential sales price decreased 4.2 per cent over the same month in 2008. The total number of units listed for sale during February was 1,548, which is 2.3 per cent more than were listed in the same period in 2008. “With the Bank of Canada dropping its prime lending rate this month those in the market for a home will see mortgage rates at near record lows,” added King. “This combined with the federal government’s decision to increase the withdrawal amount from the Home Buyers Plan from $20,000 to $25,000 will make buying a home a little easier.” Unit sales reflect “all property types” including residential, condominiums, commercial property, farmland and sale of businesses. |
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The above article was released by the Hamilton/Burlington board for the month of February, remember that the data is going to vary slightly by area even inside the local area.
| (January 7, 2008 – Hamilton, Ontario) The Hamilton-Burlington area resale market reported a total of 478 units sold in December, indicating a decrease of 27 per cent over the same month last year.The total unit sales for 2008 are being reported at 12.7 per cent lower than 2007, while new units listed are 4.3 per cent higher for the year-to-date, according to Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).
“December continued the slowing trend that defined 2008, with sales and prices down, and listings easing,” said Bruce King, RAHB President. “However, December is traditionally the slowest month of the year, due to the holiday season and onset of cold weather.” Residential properties sold during December totalled 454 which included 360 freehold properties and 94 condominiums. Commercial sales for December, including industrial, farm, vacant land and business, totalled 24 units. The average price of freehold residential properties sold in the month of December was $255,919, a decrease of 9.7 per cent over the same month last year, and a decrease of 15.6 per cent over last month. The average price for all freehold residential properties sold in 2008 was 5.1 per cent higher than 2007. In the condominium market the average price of condominiums in December was $179,383, a decrease of 7.4 per cent over December 2007, and a decrease of 13.5 over last month. The average price for all condominium properties sold in 2008 was 1.8 per cent higher than 2007. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold. December’s total residential average sales price decreased 12 per cent over the same month in 2007, and the average price for the year to date increased 4.5 per cent over 2007. The total number of units listed for sale during December was 635, which is less than one per cent more than were listed in the same period in 2007. “The current state of the economy has been reflected in the real estate market over the past few months,” added King. “However compared to markets in the US and larger markets in Canada, the Hamilton-Burlington housing market performed reasonably well in 2008, albeit below earlier expectations.” Unit sales reflect “all property types” including residential, condominiums, commercial property, farmland and sale of businesses. Article released January 07/2009 by the REALTORS association of Hamilton-Burlington (RAHB) |
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If you look at the data from the past 3 months and 3 posts from the Hamilton-Burlington Real Estate Board, it is safe to say that we have seen a downward trend, but it is important to look at numbers very close to the area/district in question, and a sampling large enough to give an accurate picture.
Philip Hollett
| (December 4, 2008 – Hamilton, Ontario) The Hamilton-Burlington area resale market reported a total of 698 units sold in November, indicating a decrease of 35.5 per cent over the same month last year.
The total unit sales for the first 11 months of 2008 are being reported at 12 per cent lower than the same period last year, while new units listed are 5.1 per cent higher for the year-to-date, according to Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB). “November continued the slowing trend that has defined 2008; our numbers show that we are clearly in a balanced market,” said Ann Cosens, RAHB President. “However, unlike October, the average price has increased year over year and month over month.” Residential properties sold during November totalled 658 which included 531 freehold properties and 127 condominiums. Commercial sales for November, including industrial, farm, vacant land and business, totalled 40 units. The average price of freehold residential properties sold in the month of November was $302,925, an increase of 7.8 per cent over the same month last year, and an increase of 12.7 per cent over last month. In the condominium market the average price of condominiums in November was $207,301, a decrease of 6.2 per cent over November 2007, and an increase of 5.3 over last month. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold. November’s total residential average sales price increased 12 per cent over the same month in 2007, and the average price for the year to date has increased five per cent over 2007. The total number of units listed for sale during November was 1,355, which is 9.4 per cent more than were listed in the same period in 2007. “2008 has been an interesting year for real estate,” added Cosens. “With dynamic market forces, cautious consumers, and regular seasonal trends, the last quarter of the year will likely perform below earlier expectations. In these unstable times it is important for those looking to sell to consult with a REALTOR® to ensure the best marketing of your property. Unit sales reflect “all property types” including residential, condominiums, commercial property, farmland and sale of businesses. Article published December 04/2008 and statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).
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(November 4, 2008 – Hamilton, Ontario) The Hamilton-Burlington area resale market reported a total of 926 units sold in October, indicating a decrease of 27.3 per cent over the same month last year.
The total unit sales for the first 10 months of 2008 are being reported at 9.8 per cent lower than the same period last year, while new units listed are 5.2 per cent higher for the year-to-date, according to Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).
“Although we saw a small reprieve in September, October continues the slowing trend that has defined 2008, and for the first time the average price has decreased,” said Ann Cosens, RAHB President. “A number of factors have lead to this down turn including: decreased consumer confidence; the global economy; and changes in Canada’s mortgage lending laws, which limit government-guaranteed mortgages to amortization periods of 35 years or less and with at least a five per cent down payment, as of October 1.”
Residential properties sold during October totalled 889 which included 706 freehold properties and 183 condominiums. Commercial sales for October, including industrial, farm, vacant land and business, totalled 37 units.
The average price of freehold residential properties sold in the month of October was $268,805, a decrease of 8.7 per cent over the same month last year. In the condominium market the average price of condominiums in October was $196,899, a decrease of 7.2 per cent over October 2007. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.
October’s total residential average sales price decreased 8.6 per cent over the same month in 2007, but is still up 4.9 per cent for the year to date.
The total number of units listed for sale during October was 1,849, which is 18.4 per cent more than were listed in the same period in 2007.
“With the market stabilizing, it’s a good time to be looking for a home,” added Cosens. “With 5,512 properties currently on the market, consumers have more properties to choose from and less pressure to make a quick decision. For those looking to sell, the value of using a licensed REALTOR® cannot be underestimated.”
Unit sales reflect “all property types” including residential, condominiums, commercial property, farmland and sale of businesses.
Article published 11/05/08 by the REALTORS® Association of Hamilton-Burlington (RAHB).