The numbers are at an all time high — once again. It seems we are just getting so used to the market moving up that we sometimes do not take as much notice as we should. The October Real Estate Market has impressed once again. Hamilton jumped a whopping 9% increase over October 2018 — take that in. The market jumped to an average home price of $545,000.00 dollars. That translates into the average home in the city increasing its value $45,000.00 dollars in 12 months. Again — think about it. You just made $45,000 dollars for owning an average home in the city which is tax free — if you were to sell it —that is like doubling your income but doing nothing but living in your home. If that does not motivate you to enter the market what will?
That is not the only exciting part of the stats this month. Caledonia hit an insane increase of 20% in their market to an average of $516,000 — but wait that is not the biggest increase. Grimsby’s market increased the most with a 30% increase over last year’s market and an average sales price of $665,000. Sounds hard to believe but numbers don’t lie. So why is this happening? People from all over the GTA are moving down the QEW and buying up properties close to the highway to have easy access for their commute. A lot of projects and resales have been developing in the Stoney Creek to Grimsby area and they are attracting the out of town buyer who cannot afford to live closer to Toronto. As for Caledonia it shows local residents moving out to get a bigger property for a lesser price. You can sell your home in Hamilton proper for nearly a ten percent increase and buy a larger home in the outskirts for the same price or do a downsize into the country and have money left over.
It is a good time to buy and sell depending how you want to move around the city. If you make the right moves you can take advantage of the market and if you are looking to invest then condos and townhomes near transportation hubs will soon become the biggest sellers. The GO station in Stoney Creek just opened and the surrounding areas will be seeing a huge influx in the coming years with many projects on the horizon. If you already bought in this area and you are waiting on the project to be built you probably made upwards of $50,000 in value before you even get the keys to the front door! Think about that. If you listened to me a few years ago and bought a pre–construction condo or townhouse in downtown, or along the QEW in Stoney Creek, you made 50 grand while they are still building your investment. One guy listened to me and bought two and he just made a hundred grand and he will not get the keys for another six months so by then it will be closer to $120,000 for a small deposit and signing on the dotted line! V
by Darrin DeRoches
Darrin DeRoches is a local real estate and mortgage broker. He can be reached to answer questions, comments or stories about real estate experiences through this weekly column at email@example.com