RE/MAX Canada's 2017 Housing Market Outlook
Tuesday Mar 07th, 2017Share
Re/Max recently released its annual Housing Outlook report that discusses predictions across Canada for the new year, based on the market activity for 2016. With high demand and low supply throughout many of Canada's competitive markets, buyers have been competing for limited inventory, a situation that has consistently pushed the price of single family homes higher through this past year.
The average residential sale price in Hamilton-Burlington increased by 20 per cent in 2016 to $535,520, up from $446,961 in 2015. Low inventory in both Hamilton and Burlington led to a slight softening in sales volume in 2016. There were 13,694 properties sold in the region between January and October this year, compared to 13,901 in 2015. At the end of October, listing inventory was down 36 per cent year-over-year in Burlington and 16 per cent in Hamilton, with two months of inventory available across the market. In Hamilton, inventory is expected to get a small boost from the construction of two new condo development projects in the downtown core that got underway towards the end of 2016. Both projects are expected to be completed in approximately 18 months.
Click here to view the full report.
Want to read specifically what's happening in the Hamilton-Burlington market? See below: