• Slow DownWell, 2017 has not been a quiet year in terms of Hamilton’s Real Estate Market. Quite frankly, it has been the wildest thing I have ever seen in my mortgage career. At Robert Floris’ Mortgage Architects office in Hamilton, Ontario, we have seen a lot. Consider this, the spring market has seen an increase in home prices of 20%. In other words, if your home was worth $500,000, it is now worth $600,000. Some bankers and realtors told me personally they thought this would continue. If projected for the whole year, it meant the home would be worth $800,000 by year end. I don’t think so.

    We had bidding wars where 10 to 20 offers were submitted. It was crazy. Today, we have a more normal market where some homes still have bidding wars but only if they are priced right. Fortunately buyers now have the ability to purchase a home but after viewing it several times, and having the ability to collect their thoughts. What has caused the cooling of the hot Hamilton Housing Market? I suspect the following:

    • New government intervention
    • Explosion of new listings
    • Time of the year (spring market) where more listings are normal
    • Toronto is slowing down
    • Higher prices

    In my professional opinion, the higher prices have been the most influential reason for the increase in listings in May and June. We all want to get top dollar for our homes. When Hamilton saw what their neighbours were selling their homes for, they naturally wanted to join the party, and thus, the homes for sale went up. This will have an adverse effect on price. But who cares? It is the consumer I worry about. This market today is a lot healthier for the buyer, the market, the realtor, and the mortgage broker.

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