Coming out of the COVID cooldown, markets are seeing more activity and higher prices all around.
There were some restrictions placed on homebuyers that took effect July 1st, so weâ€™ll have to wait until August to see what Julyâ€™s trends look like. But so far, Canadians are still fairly confident that buying real estate is a good investment.
Active buyers means tight inventory and rising prices. This is where we as investors have to be creative when looking for deals and we have to be ready to act without delay when we find a deal.
Here is a high altitude overview of the 3 major markets our team of award winning real estate salespeople cover.
Hamilton Trends Courtesy of Tammy DiTomaso
There were more listings in the month of June than any other month this year. As well as the number of sales for the year. Prices have increased and been on an incline since April this year, with June being the highest.
Hamilton currently has 885 listings available. The month of June saw 859 houses sold. That is only listings on RAHB, not including TREB or exclusive listings.
The average sale price in June 2019 was $543,323. In June 2020 it was $619,049
Kitchener-Waterloo Trends Courtesy of Tim Hong
After seeing a small drop in the number of homes sold starting Q2 2020, the stats came roaring back. The pent up demand prior to Covid was anticipated and proved to be true as things opened up. New listing supply did not meet the demand and prices continued to push upwards.
Overall, we saw 594 homes sold in the KW area. The average list price was $576,662 with the average sale price at $592,716 or 103.37% of list price.
We continued to see homes sell for multiple offers and the average days on the market was 16 days.
As a comparison, June 2019 saw 589 homes sold with an average list price of $515,412 and an average sale price of $524,023.
So, year over year comparison of June, there was an increase of # of homes sold by 0.8% while the average sale price increased by 13.1%.
For a weekly list of homes sold in the Kitchener-Waterloo region, sign up by visiting www.kitchenersoldlist.com
** These stats are pulled from the Kitchener-Waterloo real estate board. It may not include homes that have been listed and sold on other real estate boards.
St. Catharines Trends Courtesy of James Maggs
We have quite a few rentals and student houses in St. Cathariens, so I keep an eye on the rents there, as well as the sale values:
- Single Family rents – $2000 – $2400
- Duplex (bungalows) – Main Floor $1650 / Basement $1400
Here is a brief market overview:
- June 2019-June 2020 appreciation – 11% (average)
- Current average price $456,000
Click here for a price graph of year over year performance since 2005.
The iWIN Real Estate Difference
For our iWIN Real Estate clients, there was very little slow down.
Our investors are keen to hop on deals. Some of them trust our team so much that they donâ€™t even go to see a property before putting in an offer.
Itâ€™s because they know that our team is more than just real estate salespeople. Our clients know they can rely on us to coach them through their entire investing journey. They rely on our expertise to help them build wealth that lasts.
If you would like to see this expertise first hand, the easiest way is to register for one of our virtual events.
Our team regularly hosts and teaches a free training class, â€œHow a Beginner Can Start Building Wealth Through Real Estate,â€ as well as virtual property tours in their different cities.
If you would like to sign up for one of these events, click here to pick which classes and tours you think suit you best.
What does this mean?
This article is fascinating, even enlightening, but you may have no idea what to do with the information it provides.
Itâ€™s dangerous to load up on knowledge and move without the practical wisdom to act.
Every week, our coaches post real estate insights and stories from the streets. They unpack real deals, breaking down the numbers, and highlight trends that their clients are making money off of.
Their wisdom is freely available to you right here.
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