Hello Real Estate Investors in Hamilton Ontario!!
Check out all the comments on my last post regarding the condo lofts developement in West Harbour! Steve Kulakowski from Core Urban Inc. was kind enough to comment on why they chose this site.
Before the Hamilton market update, how is everyone doing?
Me? It’s been pretty busy in these parts after attending my fourth Toronto ACRE event, the absolute best weekend in real estate education!! For those of you who couldn’t make it, Hamilton received some positive news but I’ll hold off until May 10th to let you know what it was 🙂
Here are some pictures from the weekend:
Russell Westcott in front of 500+ sophisticated real estate investors
Now for that Q1 (January – March 2011) update, you can dowload the full CMHC report here and here is my summary and analysis:
- Listings rose as sellers were looking to capitalize on the increase in price and before the new mortgage insurance rules were to take effect
- Signs of a seller’s market: sales-to-new listings remained elevated above 60 percent and prices rose faster than inflation at 6.5% in Hamilton
- Hamilton’s growing population mostly due to immigrants as per below figure:
So that’s the update on the Hamilton CMA (census metropolitan area) but we Hamilton real estate investors invest in real property, not the entire Hamilton market so what’s happening on the street? For move-in-ready, single family homes, on the Hamilton mountain, ideal for rent-to-own, they are selling within a week, near asking price (roughly 5k less than asking on average), in some cases multiple offers. Not bidding wars but it’s not uncommon to see three offers on a reasonably priced property.
Hope that helps! Till next time – happy investing everyone!!
Erwin | MrHamilton.ca
PS: If you would like to attend a free training class on investing in residential real estate click here.
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