Housing market

[SteelTown]

It's at Rymal (sorry not Stone Church) and Garth across from St Elizabeth Village. Next road to the west would be Upper Paradise and than you hit Ancaster.

http://maps.google.ca/maps?hl=en&sou...10943&t=h&z=17

[bigguy1231]

Originally Posted by SteelTown

It's at Rymal (sorry not Stone Church) and Garth across from St Elizabeth Village. Next road to the west would be Upper Paradise and than you hit Ancaster.

http://maps.google.ca/maps?hl=en&sou...10943&t=h&z=17

I was just going by what I seen on the map provided on the website. It wasn't very clear as to the exact location and I didn't see an address.

edit: If you look at the site plan it is on the North side of Stonechurch. If it's the location I am thinking of, it's between the small office building by the meadowlands and the old Hamilton-Ancaster border.

[SteelTown]

I think it's Forest Hill, they must have changed the name to Bravo! Ancaster. What really messed me up is that they have a huge sign at Rymal and Garth for Bravo! and you can see a construction crew behind the sign. Apparently that land is being developed by Spallacci, suppose to have 500 homes.

[SteelTown]

Hamilton Housing Market Recovers Through 2010
http://www.newswire.ca/en/releases/a.../17/c9779.html

HAMILTON, ON, Nov. 17 /CNW/ - Hamilton's housing market is on the road to recovery. New home starts and MLS(R) sales are expected to rise 13 per cent and 2.5 per cent, respectively, according to Sarah Fong, Canada Mortgage and Housing Corporation's (CMHC) Senior Market Analyst for the Hamilton Census Metropolitan Area (CMA). CMHC released its latest forecast for the Hamilton CMA today at the annual CMHC Housing Outlook Conference.

"Low interest rates and improvement in the economy will fuel housing demand in Hamilton through next year," said Fong.


Other highlights of the conference include:

- Both volumes and prices of existing home sales will rise in 2010. CMHC's forecast calls for 12,100 homes to be sold next year at an average price of $302,000.

- New home starts will rise 13 per cent to 1975 starts, and most of these will be condo and freehold townhouses and high-rise condos.

- Sustained low mortgage interest rates and the relative affordability of homeownership will be key driving forces for the housing market through 2010.

"We anticipate the gradually improving provincial economy and improved credit and financial market conditions will help stabilize housing activity next year," said Ted Tsiakopoulos, CMHC's Ontario regional economist. "However, less pent-up demand and cautious consumer spending will temper Ontario's housing recovery in 2010."

[coalminecanary]

phew! glad that crisis is over!

[FairHamilton]

Originally Posted by coalminecanary

phew! glad that crisis is over!

Probably only because the City of Hamilton froze development fees; http://thespec.com/article/581393 and http://thespec.com/article/577959

And as we all know there is no need to upgrade our wastewater system, http://thespec.com/article/608585

[markbarbera]

I'm not quite sure this housing market has really turned the corner. The other shoe is yet to drop. I don't see Canada entering a recovery for another year yet, and when it does it will be a prolonged recovery.

Interesting to see the future new housing starts are predicted to be mainly multiple unit dwellings and high rise condos. Lets hope that's true.

[adam]

I agree Mark, the article seems to be just more propaganda for the real estate industry. Meanwhile the unemployment rate in Ontario is currently the highest it has been in 15 years... I wasn't aware that unemployed people bought houses! And if they do buy houses, the interest rate has nowhere to go but up, so the end result would be an increased average consumer debt load.

[SteelTown]

Six-fold spike in new home starts for city

February 10, 2010
Mark McNeil
The Hamilton Spectator
http://www.thespec.com/News/Business/article/719155

For the second month in a row, the Hamilton area has seen a major jump in new home construction.

Canada Mortgage and Housing Corp. says there were six times more housing starts in January of this year compared with the same month in 2009.

A total of 458 units were started in January in the Hamilton-Burlington-Grimsby area compared with only 75 a year ago.

Sarah Fong, a housing market analyst with CMHC, says most of the units are explained by a highrise condo project in Burlington and a new rental building on Hamilton Mountain.

But single-detached house construction was strong as well in Hamilton-Burlington-Grimsby, with 93 new houses started last month compared with 37 in January 2009.

Burlington was particularly strong, with a total of 229 units of all types last month compared with only one in January 2009.

Fong said favourable weather for construction and low interest rates helped propel the high numbers of housing starts.

Bernice Flegg, president of the Hamilton-Halton Home Builders' Association, said she also believes the Harmonized Sales Tax, set to go into effect July 1, is another factor.

She thinks it's causing homebuyers to jump into the market sooner, in a bid to avoid the tax.

However, the 8 per cent portion of the HST will only be applied to new houses costing $400,000 or more when it takes effect.

The tax applies to the amount over $400,000. For example, a buyer of a $500,000 house would only pay the tax on $100,000.

[highwater]

Yippee! Let's re-inflate the bubble! What could possibly go wrong?

[Berklon]

Originally Posted by highwater

Yippee! Let's re-inflate the bubble! What could possibly go wrong?

Exactly.

This country is in a housing bubble and Hamilton isn't excluded. Things are going to get ugly soon.

[realcity]

All Sprawl

[drpgq]

What's the rental building on Hamilton Mountain? Please tell me it isn't subsidized housing.

[SteelTown]

"the Realtors Association of Hamilton Burlington reported the real estate market is booming, with March sales up 38 per cent over the same month last year and the average price of $335,633 up almost 21 per cent in the same period."

http://www.thespec.com/News/BreakingNews/article/749426

[Berklon]

The bubble keeps inflating.

There's no doubt that housing is overpriced in Hamilton.

[SteelTown]

Housing start in Hamilton increased 153.8% compared to March 09.

Housing start in Burlington decreased 54.9% compared to March 09.

http://www.marketwire.com/press-rele...ch-1145827.htm

[SteelTown]

Hamilton Starts Up 22 Per Cent in March

TORONTO, ONTARIO
Marketwire - April 12, 2010)
http://www.marketwire.com/press-rele...ch-1145827.htm

New home starts in the Hamilton Census Metropolitan Area (CMA) rose last month by 22 per cent due in part to favourable weather conditions for the construction market, according to preliminary starts data released by Canada Mortgage and Housing Corporation (CMHC) today. Total starts in the CMA reached the highest level for starts for the month of March since 2004. A higher number of single-detached and townhouse starts in Hamilton contributed significantly to the boost in total starts.

Total starts were also up for the first quarter of the year, with considerable gains in all home types. Rental and condominium apartment construction in particular boosted total starts during the quarter. Furthermore, the increase in starts occurred in all three markets of the CMA.

"There were a number of high-rise buildings started in Hamilton and Burlington during the first quarter of this year," said Sarah Fong, CMHC's Senior Market Analyst for Hamilton. ''The increased apartment construction is in line with plans for higher-density development in the area.'' added Fong.

To view the graph associated with this release, please visit the following link: http://media3.marketwire.com/docs/cm...t_hamilton.pdf

[SteelTown]

Area luxury home sales soar
Up 169 per cent over last year

April 26, 2010
The Canadian Press
http://www.thespec.com/Business%20News/article/758601

Re/Max says Hamilton  luxury home sales soared in the first quarter of 2010 as affluent purchasers moved to take advantage of favourable market conditions.

Sales of luxury homes in the Hamilton-Burlington market jumped 169 per cent in Hamilton-Burlington this year over the same period in 2009.

The real estate firm says nine out of the 13 markets, including Hamilton-Burlington,  it examined shattered records and set new all-time highs for first quarter activity in the upper end.

Kelowna, B.C. led the way in terms of percentage increase at 700 per cent, followed by Montreal at 300 per cent and Victoria at 275 per cent.

The increase in the Toronto area was 263 per cent and it was 184 per cent in the Vancouver region, and 164 per cent in Edmonton.

Re/Max says an improved economy, increased personal wealth, immigration and foreign investment all contributed to the upswing in sales.

Greater Vancouver topped the entry-level price point for high-end homes at $2 million, followed by $1.5 million in Greater Toronto and Montreal.

Greater Vancouver also holds the title for the most expensive home sold through MLS in the first quarter — an 11,600 sq. ft. home changed hands for $10.06 million.

“With the return to economic growth, it’s expected that the number of high net worth individuals will begin to rebound, following two years of consecutive decline,” said Sylvain Dansereau, the executive vice-president of Re/Max Quebec.

“Recovery in the upper end has been nothing short of remarkable,” added Elton Ash, the regional vice-president for Re/Max in western Canada.

”There is no doubt that mindset has changed and confidence has returned. One only has to look at the percentage increases to see the current upward trajectory.”

[SteelTown]

Mountain real estate market continues strong recovery

News
Apr 29, 2010
http://www.hamiltonmountainnews.com/news/article/208806

March was a good month for Hamilton Mountain real estate, with sales for up 17 per cent from the same month last year.

There were minor declines in activity in the north-central and northeast areas of the Mountain, but the southwest has continued at a brisk pace with a 71 per cent increase in sales over last March and the southeast almost doubled last year’s numbers for that area, said Jeff Bonner, a sales representative with Jag Realty.

Property values have also continued to increase over most of the Mountain. Overall, there was a 15.4 per cent increase in average prices over the same month last year, said Bonner. The biggest gain was in the south-central area with a 23.9 per cent jump. The southwest was the next highest, at a 16 per cent rise over last March.

The only area to see a decrease in average prices for the month of March was the southeast district with a very minor dip of two per cent.

Looking at the first quarter as a whole, Mountain real estate is up 44 per cent in sales over the first quarter of 2009, and the average price of Mountain properties climbed 11 per cent, with all districts seeing increases ranging between 2.4 per cent and 13.8 per cent, said Bonner.

The average price for real estate on Hamilton Mountain at the end of March was $246,160.

While the numbers look quite good, these results do follow an exceptionally weak first quarter in 2009, when there was a decrease of 29 per cent in sales on the Mountain and a 2.7 per cent drop in average prices over 2008, said Bonner. Compared to the pre-recession first quarter of 2008, the first quarter of 2010 has seen a more modest increase of 2.2 per cent in sales activity and 9.2 per cent appreciation in average price.

“The real estate market has recovered from the recession and is continuing at full pace as expected,” said Bonner.

“Sellers in this market are cashing in on a number of positive market influences. The seasonal trend is back on track after the economic uncertainty of last year, buyers are acting quickly to beat some industry changes, interest rates are still attractively low, and market sentiment seems very upbeat.”

[SteelTown]

Hamilton housing starts surge

May 10, 2010
John Burman
http://www.thespec.com/Business%20News/article/766549

Hamilton led the charge in April for single family home construction in Hamilton, Burlington and Grimsby.

The Canada Mortgage and Housing Corporation says today preliminary figures show more than two-thirds of the homes started in April were single-detached homes, and most of them were in the City of Hamilton. There were no apartment starts during the month.

Sarah Fong, CMHC's senior market analyst for Hamilton and Brantford said in a statement  that while starts were up in Burlington, there were twice as many starts of semi-detached and townhouses combined than there were of single-detached starts.

Low-rise housing has slowly shifted toward semi-detached and townhouse construction in Burlington to make more effective use of land, she said.

"Starts grew by five per cent last month," said Fong.

"Although there continue to be fewer starts in built-up markets such as Burlington, over 150 new single-detached homes were started in Hamilton alone – the highest monthly figure in nearly two years."

There were 210 housing starts of all kinds in Hamilton last month, up from just 48 for the same month last year – an increase of 331 per cent.

In Burlington, the number of starts fell to 48 of all kinds last month compared to 210 in April last year, a 77 per cent decrease. Eighteen housing starts of all kinds in Grimsby last month amounted to a 500 per cent increase over just three in April 2009.