Hamilton appears to be weathering real estate storm very well, thank you
January 27, 2009
Lisa Grace Marr
The Hamilton Spectator
http://www.thespec.com/News/Business/article/502479
The tail end of 2008 was a low point in the Canadian real estate market, but Hamilton's is intact, if a bit bruised.
That's according to a new real estate forecast report by Royal LePage released yesterday.
"We still have good value," said Joe Ferrante, broker of record for Royal LePage in Hamilton and president-elect of the Realtors Association of Hamilton/Burlington. "We are well positioned geographically."
That has insulated Hamilton from some of the dramatic drops in housing prices and sales experienced by other areas, such as Toronto and some pockets of the GTA, he said.
For example, while the price of a detached bungalow in metro Toronto fell by anywhere from 7.6 to 18 per cent, in Hamilton the price drop was negligible, ranging from less than 1 to about 3.4 per cent.
The most dramatic drop in prices in Hamilton in the fourth quarter -- 7.5 per cent -- was on the Mountain.
Royal LePage's overall forecast, however, points to steady growth for all regions in the country.
Ferrante said there are already signs the market is picking up.
"Last Friday, the phones were ringing and I took a number of calls Saturday and Sunday about listings. That's a good thing. We do anticipate good things to come this year."
A recent poll commissioned by Royal LePage found that almost half (49 per cent) of Canadians surveyed agree the economic stimulus measures anticipated as part of today's federal budget announcement will have a positive impact on the country's real estate market.
The poll also found 82 per cent of Canadians agree Barack Obama's inauguration will have a positive impact on consumer confidence.