Dog Days of Real Estate in Hamilton

It is the long weekend in August and thankfully I am thinking about our local Hamilton real estate situation in air-conditioning. I have recently returned from Europe with my family and have been getting back to my regular craft.

The Realtors Association of Hamilton Burlington reported 4.7% fewer sales than last year. It should be no surprise as government stress tests have greatly affected the market nationwide. If you recall many potential purchasers were taking advantage of the upcoming mortgage rules and decided to buy earlier. Thus, this should be no surprise. The positive for current homeowners is that the prices are up by 1.3%.

If you have been a realtor or in the mortgage industry (like myself), the summer is normally a slower time. Here is a list of reasons why:

• Most families buy before June to have their kids settled
• Due to Canadian weather, most Canadians enjoy the summer and go on vacation
• It is generally understood that the business community goes back to work in September when conditions go back to normal.

Who would like to buy a home in these hot muggy conditions. Not many.

At Robert Floris’ Mortgage Architects office in Hamilton, we have been affected as well. New mortgage loans in Hamilton are down 7.7% from last year. Banks are treating clients like they are under investigation. Bankers and mortgage underwriters are stressed like crazy because the new restrictions are very prohibitive. I’m sure realtors feel the same way. I strongly believe September will bring much needed relief in temperatures and the Hamilton local real estate market.

Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215. Alternatively, you can contact Robert here.

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Thanks for reading!