SkyscraperPage Forum

SkyscraperPage Forum (https://skyscraperpage.com/forum/index.php)
-   Business, Politics & the Economy (https://skyscraperpage.com/forum/forumdisplay.php?f=287)
-   -   Housing market (https://skyscraperpage.com/forum/showthread.php?t=144093)

Millstone Nov 13, 2008 2:14 AM

Property Virgins is on HGTV right now, they're looking at houses in the lower city, one was in Bartonville, another in Stipley.

They're making their offer at a cafe off James North.

Some really nice shots of the Wellington & King gates and the mountain accesses, who knew they could be so photogenic.

adam Nov 13, 2008 3:05 AM

Its sad when you have to watch a TV show to realize the beauty in something you could just go explore yourself.

highwater Nov 13, 2008 3:07 AM

Sometimes it takes a bit of distance to see something new in things you take for granted. Take flar's photos for instance.

MsMe Nov 13, 2008 6:17 AM

Quote:

Originally Posted by Millstone (Post 3908433)
Property Virgins is on HGTV right now, they're looking at houses in the lower city, one was in Bartonville, another in Stipley.

They're making their offer at a cafe off James North.

Some really nice shots of the Wellington & King gates and the mountain accesses, who knew they could be so photogenic.

The house they put the offer on but backed away from looked like it was located on Bell Ave. or possibly Berry in Bartonville. I grew up in that area so I know the houses fairly well. I wished the show mentioned what street it was on.

BrianE Nov 13, 2008 2:15 PM

Quote:

Originally Posted by Millstone (Post 3908433)
Property Virgins is on HGTV right now, they're looking at houses in the lower city, one was in Bartonville, another in Stipley.

They're making their offer at a cafe off James North.

Some really nice shots of the Wellington & King gates and the mountain accesses, who knew they could be so photogenic.

This episode was on TV again? I saw it back in the Summer, I didn't know that they made a trip out to Hamilton until I saw that episode.

I was even more surprised when the first house they featured was literaly right around the corner from my house on Afton Ave. I could almost see the back of my house when they toured the backyard, they didn't pan far enough to the right.

I was doubly surprised when they were doing a segwey between the first and second house and Sandra was discussing the pros and cons of the first house she was actualy standing on my street, you could see my frontyard in the background.

Imagine, someone famous on my street. I'm feeling faint just thinking about it.;) :cool:

MsMe Nov 13, 2008 3:29 PM

It must have taken a few months to do the filming of the show. If you noticed at the begining it showed them in winter clothes then when they were on the patio at the cafe it showed them in lighter weight clothing.

SteelTown Nov 14, 2008 12:22 PM

Expect housing market to cool in '09

November 14, 2008
Lisa Grace Marr
The Hamilton Spectator

The boom the housing industry has enjoyed for the past two years is about to moderate, slipping below 200,000 housing starts in 2009, for the first time in years.

Still, high employment, rising incomes and low mortgage rates have provided a steady foundation for the industry nationally, said Bob Dugan, chief economist for Canada Mortgage and Housing Corporation (CMHC).

CMHC staff provided an industry outlook at the Hamilton Convention Centre yesterday.

Sarah Fong, CMHC analyst for the Hamilton region, said this market is more resilient than some because of its ability to evolve from a goods-based economy to a service-based one, maintaining jobs.

Fong said Hamilton and Burlington still benefit from being near Toronto and other hubs in southwestern Ontario for those wanting to "get jobs where the money is .... and live where it's cheap."

Fong analyzed the impact of higher gas prices on commuting and said gas would need to reach about $2 a litre before cost savings would not be realized by living in Hamilton.

However, she said Hamilton and the rest of the province will experience slowing job growth, which will affect first-time home buyers' confidence.

That plus only a slight increase in housing prices paints a picture of an industry in slow mode.

Ashot Karapetyan, market analyst for CMHC, offered a glimpse of the market beyond 2009 and said retiring baby boomers who are downsizing will boost the demand for apartment-style housing.

Migrants will also play a major role as they are expected to provide three-quarters of projected population growth.

MsMe Nov 27, 2008 5:58 PM

Big Canadian banks cut mortgage rates

November 27, 2008
The Canadian Press
TORONTO (Nov 27, 2008)
Canada's big banks are cutting mortgage rates on a variety of terms, reflecting a drop in borrowing costs in the bond market, where banks finance their mortgage lending.

The Royal Bank of Canada said yesterday it is cutting rates effective immediately and introducing some new mortgage products. A three-year closed mortgage at Canada's biggest bank falls to 6.45 per cent, down a quarter point. A five-year term falls by the same amount to 6.95 per cent.

Meanwhile, the Bank of Montreal is cutting its mortgage rates by various amounts, effective today. A three-year loan falls six tenths of a point to 6.45 per cent, while a five-year mortgage drops a quarter point to 6.95 per cent.

Scotiabank, TD Bank Canada Trust and Montreal-based Laurentian Bank also cut their mortgage rates, effective today.

Interest rates in the bond market have been falling as the North American economy slows and the Wall Street credit crunch eases.


http://www.thespec.com/News/Business/article/473198

SteelTown Dec 4, 2008 12:17 PM

House sales down; prices holding
Local real estate market looked good in 2008, but has slowed

December 04, 2008
Meredith Macleod
The Hamilton Spectator
http://www.thespec.com/News/Business/article/476674

Sure, real estate sales are down, house prices are expected to dip and properties are taking longer to sell.

Local realtors acknowledge all that. But they are also quick to point out that 2007 was a record year.

They say 2008 was shaping up to be pretty good too, until an overheated housing market boiled over in the U.S., sending stock markets tumbling and slamming credit markets shut.

Local sales fell in October by more than 27 per cent over the same month in 2007.

Prices, so far, appear to be holding steady. Average home prices in Hamilton-Burlington are expected to climb by 4 per cent this year and then fall by the same amount next year, according to a national report released by ReMax yesterday.

The Realtors Association of Hamilton-Burlington will release numbers today that show local home prices are up 5 per cent, and November prices rose 6 per cent, over last year.

"We've had a great year in 2008, but it's definitely slowed down. People are nervous now," said Judi Caplan, realtor with Coldwell Banker Pinnacle Real Estate.

But people are still buying. The difference this year is that buyers are taking their time. In many cases last year, there wasn't that luxury. Homes were snapped up quickly and bidding wars became relatively common.

"A balanced market is better," said Caplan. "There isn't the pressure to jump on things and pay higher prices."

Caplan says banks are also taking their time. Mortgage approval used to come in a day; now it takes a week or more.

According to ReMax, national home sales are projected to be about 15 per cent lower in 2008 than they were last year.

In Hamilton-Burlington, sales will fall 12 per cent, says the national realtor. Next year, sales could fall by another 6 per cent, but ReMax says if consumer confidence bounces back, a recovery could come as early as spring.

Hamilton is especially hurt by blows to the manufacturing sector, says Ralph Schmidt, CEO and co-owner of ReMax Escarpment.

But he says this current market is nothing compared to 1981 when unemployment was high and interest rates were 21 per cent for first-time mortgages. "History shows this stuff all works out. No one likes the cuts and bruises but we're in a much better position today."

There is still strong demand for homes under $250,000 but those $500,000 and up aren't moving, says Schmidt.

Realtor Zena Dalton is happy to see the real estate market swing back in favour of buyers and isn't worried about falling sales.

"It can't always be high. Last year, you could put a sign on the lawn, get three offers and sell in a few days. This (market) will separate the agents who really know how to work a listing. There's been a lot of gravy years; it's time to work a little harder."

That hard work includes convincing sellers they can't expect to get the high price their neighbour sold for last year.

"Sellers haven't really caught up to the new reality," said Dalton, a realtor with Judy Marsales Real Estate who has been selling in Westdale and Hamilton's southwest for about 20 years.

"It's like pulling teeth getting some of them to drop (their price.)"

But she says properly priced homes are selling well. She recently sold a property for $490,000, just $4,000 under asking price, after only four days on the market.

John Sebastiano of ReMax Escarpment Realty says 2008 numbers are similar to those of 2003, before the housing boom began.

"That was a really good market and it is now, too."

He says listings might get half the showings they did last year and take twice as long to sell. If homeowners do drop their price, it's by $10,000 rather than $5,000.

"The slowdown is there but you can't set a record every year."

Sebastiano recently sold a four-bedroom house on the west Mountain for just over $299,000.

The sellers dropped their price three times by a total of $30,000. Similar houses sold last year for $320,000, says Sebastiano.




A tale of two years

Ancaster

2008

WHAT: 4-bedroom, 2 1/2- bath,

two-storey detached

HOW LONG: Has been listed on mls.ca for 104 days.

HOW MUCH: $418,900

2007

WHAT: 4-bedroom, 2 1/2-bath, two-storey detached

HOW LONG: Sold in 50 days.

HOW MUCH: $430,000

Hamilton Centre

2008

WHAT: 3-bedroom, 1 1/2-bath, two-storey detached

HOW LONG: Has been listed on mls.ca for 98 days.

HOW MUCH: $156,900

2007

WHAT: 3-bedroom, 1 1/2-bath,

two-storey detached

HOW LONG: Sold in 10 days.

HOW MUCH: $157,000

Stoney Creek

2008

WHAT: 3-bedroom, 2 1/2-bath,

2 storey detached

HOW LONG: Has been listed on mls.ca for 34 days.

HOW MUCH: $399,900

2007

WHAT: 3-bedroom, 2 1/2-bath,

2 storey detached

HOW LONG: Sold in 31 days.

HOW MUCH: $369,000

Source: Realtors Association of Hamilton-Burlington

FairHamilton Dec 4, 2008 12:28 PM

I saw on the 11pm CTV News last night they predict a 4% decline in Hamilton home prices in 2009.

I get the automated New Listing emails from the Real Estate agent we used to buy this house, and I mentioned to my wife last night the number I've been receiving lately has declined.

To me that decline is good news because it means less are going on the market, which should help keep supply and demand close together. I'm still comfortable the drop in pricing in the lower city will be minimal compared to newer suburbs.

I'm now waiting for my variable rate mortgage to drop again with a Prime cut in January. Since March 2008 our weekly mortgage payment has dropped by about 10%.

MsMe Dec 12, 2008 6:29 AM

Homes at risk: Bank of Canada
Worsening economy would exact heavy price

December 11, 2008



The Canadian Press
OTTAWA — The Bank of Canada is warning of severe economic turmoil, including the risk of many Canadians losing their homes, if the financial-market crisis worsens.

The central bank’s December financial systems review says the “most likely outcome” is for markets and credit conditions in Canada to gradually improve as extraordinary measures by central banks and governments take hold.

But that outcome is by no means certain, it warns, saying uncertainties remain about how long it will take for credit markets to return to normal.

And if global financial conditions deteriorate, the bank warns the repercussions for Canada could be serious, including a deep and prolonged recession, slow income growth and severe trouble for Canadians already carrying heavy debt loads.

“With household balance sheets under pressure from weak equity markets, softening house prices, slowing income growth, and record-high debt-to-income ratios, a severe economic downturn could result in a substantial increase in default rates on household debt,” the review states.

Canadian banks are among the best-capitalized in the world but would not emerge unscathed, the central bank’s analysis concludes.

Much as has happened in the United States, the document says household debt woes could be a channel of contagion spreading through the banking system and cause even greater tightening in the availability of credit.

Banks are somewhat insulated by mortgage insurance, but the Bank of Canada says a severe economic downturn would nonetheless put pressure on their capital ratios.

http://www.thespec.com/News/BreakingNews/article/480489

BrianE Dec 12, 2008 2:12 PM

So far this fall and winter all I've seen from economist predictions is:

"We believe that X will happen and there's a slight possibility that Y will happen. Don't worry [Insert generic financial and economic platitudes here] indicate tough times blah blah blah we still have [Insert complex fiscal policy and giant financial corporation A] to fall back on."

Two months later Y happens, times are tougher than expected and giant financial corporation A has failed or requires a bailout.

I expect no different from this article.

FairHamilton Dec 12, 2008 3:15 PM

I'm not worried.

The government said during the election things weren't bad, and to prove their point they've taken 2 months off. Things must be great.......

adam Dec 12, 2008 4:33 PM

Remember when we all got our new property assessments and they were significantly higher a short while back? Little known piece of info: we have until April 30th 2009 (tax time) to dispute the new value.

FairHamilton Dec 12, 2008 5:02 PM

Quote:

Originally Posted by adam (Post 3969857)
Remember when we all got our new property assessments and they were significantly higher a short while back? Little known piece of info: we have until April 30th 2009 (tax time) to dispute the new value.

Already submitted mine for reconsideration and I'm waiting a response. My wife joked the below must be a typical day in an MPAC office these days.

Declined, Declined, Declined, Good Point but Declined, Declined, Declined, Interesting argument but declined......., Declined, Declined, That will cause us more work so declined........

MsMe Dec 12, 2008 5:14 PM

With people sitting on mortgages 300,000 and up it will probably effect more. Especially if they had just lost their jobs and having that amount owing on the mortgages.

FairHamilton Dec 12, 2008 6:01 PM

Quote:

Originally Posted by MsMe (Post 3969950)
With people sitting on mortgages 300,000 and up it will probably effect more. Especially if they had just lost their jobs and having that amount owing on the mortgages.

Not too many (none) in my neighbourhood with $300K+ mortgages. I'm guessing not too many in all the lower city with those types of mortgages.

adam Dec 12, 2008 6:12 PM

Quote:

Originally Posted by FairHamilton (Post 3969917)
Already submitted mine for reconsideration and I'm waiting a response. My wife joked the below must be a typical day in an MPAC office these days.

Declined, Declined, Declined, Good Point but Declined, Declined, Declined, Interesting argument but declined......., Declined, Declined, That will cause us more work so declined........

Keep us posted as to what happens.. good luck!

MsMe Dec 12, 2008 6:33 PM

Quote:

Originally Posted by FairHamilton (Post 3970057)
Not too many (none) in my neighbourhood with $300K+ mortgages. I'm guessing not too many in all the lower city with those types of mortgages.

In the Wentworth county, I would imagine, Ancaster/Dundas, Glanbrook areas would be in that catagory of the higher mortgates.

Is Waterdown part of Hamilton now? If so could probably include that area as well.

FairHamilton Dec 12, 2008 7:08 PM

Quote:

Originally Posted by MsMe (Post 3970124)
In the Wentworth county, I would imagine, Ancaster/Dundas, Glanbrook areas would be in that catagory of the higher mortgates.

Is Waterdown part of Hamilton now? If so could probably include that area as well.

Yup, Waterdown is part of Hamilton now.


All times are GMT. The time now is 8:48 PM.

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2021, vBulletin Solutions, Inc.