There is always a lot of speculation from all the different media outlets but for myself and my partners Rob Simek and Nate Ferro we can say first hand that so far the 2021 real estate market has started just as hot as it was towards the end of last year.
I would strongly urge anyone who is considering selling but wanting to wait for the spring market to get your house on the market now. The Spring market has already begun and with very low inventory currently available you will be in a position to really capitalize on the sale of your home.- Matthew Randazzo
The Hamilton Burlington housing market is expected to continue as a strong seller’s market throughout the New Year, which is being attributed in part to a spike in demand from move-over buyers from the Greater Toronto Area. In response to rising demand, prices have continued on an upward trajectory throughout 2020 and will continue into 2021. The Hamilton Burlington housing market saw average residential price rise to $651,418 in 2020 (Jan. 1-Oct. 31) compared to $569,919 in 2019 (Jan. 1-Dec. 31). Looking ahead, continued demand is expected to put upward pressure on prices, with an expected increase of 7% on average price to $697,017 across all property types.
Demand for Hamilton Burlington real estate is being driven largely by migration from larger cities within the Greater Toronto Area, with buyers seeking homes with large lots, swimming pools, and neighbourhoods that have both suburban and urban aspects to them.
This has been a common trend across many Canadian housing markets as well as regions abroad, where homebuyers are opting for more square footage and green space outside of urban areas in the wake of COVID-19. Factors impacting this broader trend include the rise in remote work, the desire for more space and less density, as well as lower housing prices.
First-time homebuyers in Hamilton Burlington are typically young couples who are paying between $450,000 and $550,000, and most commonly purchasing townhomes.
The move-up market, those looking to move up from their first home, has recently also seen a large increase in activity and demand and is being propelled predominantly by families. More traditional home layouts, proximity to good schools, and nearby walkable open space are some of the main criteria for the move-up buyer since the start of COVID-19.
Hamilton Burlington’s luxury market has seen rising prices and low supply, and demand only expected to increase throughout this year.
The most in-demand neighbourhoods projected for 2021 are Community Beach/Fifty Point, Meadowlands, and Waterdown West.
Quick hits:
● 35% of Real Estate Brokers indicate that “move-over” buyers from other cities and provinces will continue to spark market activity in 2021
● 45% Real Estate brokers indicate that move-up buyers will likely be a primary driver of the housing market demand in 2021
● Half of Canadians (53%) are confident that Canada’s housing markets will remain steady in 2021
● 52% of Canadians believe real estate will remain one of the best investment options in 2021
Source: https://blog.remax.ca/hamilton-burlington-housing-market-outlook/