Hamilton house prices rise more than twice the na­tional rate

The Hamilton Spectator - - LOCAL - STEVE BUIST

So, about that whole cool­ing mar­ket for house prices thing … yeah, not so much, ac­cord­ing to the lat­est num­bers re­leased from Royal Lepage’s third-quar­ter sur­vey.

The ag­gre­gate price of houses in Hamilton in­creased by nearly 28 per cent when the third quar­ter of 2017 is com­pared to last year’s third quar­ter.

That’s vir­tu­ally tied with the Kitch­ener-Water­loo-Cam­bridge re­gion for the high­est in­crease of the 53 mar­kets across Canada sur­veyed by Royal Lepage, and it’s more than twice as high as the 13.3 per cent in­crease seen na­tion­ally.

The ag­gre­gate price is the weighted av­er­age of the me­dian val­ues of all hous­ing types.

The me­dian price of a two-storey house in­creased by 30 per cent to just over $582,000, com­pared to the third quar­ter of last year. Bun­ga­low prices in­creased by 24 per cent to about $487,000.

“The frenzy has stopped but we’re still see­ing mul­ti­ple of­fers on houses when they’re priced prop­erly,” said Joe Fer­rante, bro­ker of record for Hamilton’s Royal Lepage State Realty.

“I think there’s still a lot of value in the city, es­pe­cially Hamilton proper,” he added.

Fer­rante said there has been a bit of a slow­down in ac­tiv­ity in the past cou­ple of months and an in­crease in list­ings.

“It’s giv­ing buy­ers a bit more breath­ing room,” said Fer­rante. “They can at least put con­di­tions on an of­fer.”

The one sec­tor show­ing signs of stag­na­tion was the me­dian price of con­do­mini­ums in Hamilton, which rose by just 4 per cent to $318,000. Fer­rante at­tributes the weak growth to an ex­cess of condo units on the mar­ket.

Else­where, ag­gre­gate prices were up about 22 per cent in Toronto and the GTA, and just over 20 per cent in Ni­a­gara com­pared to a year ago.

Regina, Saska­toon, Trois-Rivières, Fred­er­ic­ton, Monc­ton and St. John’s, N.L., were among the hand­ful of mar­kets that saw de­clines in house prices com­pared with the third quar­ter of last year.

The high­est ag­gre­gate price for a house was $1.44 mil­lion in Van­cou­ver. At the other end of the scale, the ag­gre­gate house price in Monc­ton was $177,000.

Na­tion­ally, two-storey houses rose by 13.9 per cent to $748,000 com­pared to the third quar­ter of 2016, bun­ga­lows in­creased by nearly 10 per cent to al­most $526,000 and condo units jumped more than 15 per cent to al­most $414,000.

HAMILTON SPEC­TA­TOR FILE PHOTO

The me­dian price of a two-storey house in­creased by 30 per cent to just over $582,000 com­pared to the third quar­ter of last year.

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.