Quote:
Originally Posted by king10
https://www.thespec.com/news-story/7...national-rate/
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
Wonder how this plays out with still a lot more condo projects in the works. I've been tracking condo flippers on realtor.ca and the units aren't moving and are having to be substantially reduced from initial asking price.
|
In my opinion, the problem starts with owners demanding realtors to list their homes for more than their actual
current worth. Some people are listing units or houses with Toronto price tags...
I think most of us on this board will agree that the condo market in Hamilton is getting ready to explode. So many interesting projects in development and lots of interest from people outside Hamilton even.
Although the average home/condo price has increased substantially in the last five years, some people want more money right now for something that will appreciate more once the rest of the city continues its revitalization even further.
That's when the real money will be made by the condo flippers. A lot of people are renting out properties now and plan on flipping them in a couple years, once said revitalization is in complete full swing.