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Hamilton – Burlington Housing Market Update

September 2008:  Sales Down but Prices Up in the HamiltonBurlington area, Ontario.

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Looking at figures for eight months in 2008 sales are down 8.7% for the same period last year but we should also take into account there is 5.3% more inventory.  And prices are up, check out our chart.

Let’s look at our neighbours:  While most markets in the GTA have felt a slow down in sales, the City of Toronto reported sales slipping 23% in the first half of September and the Peel 905 region was down about 11%.

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House Prices in Hamilton - Burlington:

Overall price average are up.   While lower Hamilton saw price increases of approximately 9%, the average price on the Mountain was down 2% year over year.    Ancaster, Waterdown and Grimsby also saw a decline in average prices.   Every other district enjoyed increases, especially Flamborough were prices saw an incredible 40% increase in prices. 

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Check out the Average House Price Chart – when considering the average price in the 416 area at $386,796 and Peel 905 House Prices being $354,395, the Hamilton-Burlington areas still offer consumer more affordable options.

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Area

Average Price

Change in Average Price

Between Aug 07 – Aug 08

Hamilton West

$240,377

9.6%

Hamilton Centre

$136,552

4.1%

Hamilton East

$186,606

4.2%

Hamilton Mountain

$216,345

-2.3%

Burlington

$367,259

4.7%

Ancaster

$404,166

-4.6%

Dundas

$276,175

5.6%

Flamborough

$490,137

40.6%

Waterdown

$302,104

-10.8%

Stoney Creek

$270,184

3.5%

Grimsby

$263,474

-4.9%

Glanbrook

$318,748

7.3%

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You can see for yourself with the figures provided by the Hamilton-Burlington Real Estate Association, the majority of districts in the Hamilton-Burlington area saw price increases in 2008.   With Torontonian’s having to deal with the second land transfer tax, prices are still up on average in their area as well.   

So with the increased inventory, that simply means better quality and quantity of homes for Buyers to choose from.    Interest rates remain low so the sky is not falling.   Our market is not a mirror of the American housing market.   Long term real estate has proven to be a real winner.   

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Now is a great time to buy, but buying within our means.  Create a budget, analyze your mortgage options and find the perfect mortgage product.  If you are renting, I am sure the Landlord appreciates your business.   I believe building wealth and security in the long term means paying yourself first.   Mortgage first, rent never.

For a free consultation on buying real estate or picking a mortgage product, or if you are looking for a second opinion visit us at www.SuttonRealty.com or call 1-800-265-1361.

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Hamilton homes for sale www.SuttonRealty.com

 

Lowest 5 year mortgage rate

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Posted: Thursday, September 25, 2008 12:41 AM by Sutton Realty

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