Lack of listings keeps Hamilton-Burlington real estate market red hot

News Sep 16, 2020 by Steve Buist Hamilton Spectator

To help him sell houses in Hamilton, Al Cosentino recently joined the Toronto Real Estate Board.

Cosentino, a top-selling agent with the Mountain’s Re/Max Escarpment Realty, says he needed to get his foot in the door because so many Hamilton houses were being listed only on the Toronto board — marketed only to Toronto buyers.

It’s a sign of the times in Hamilton’s overheated real estate market, where out-of-town buyers and a shortage of inventory has led to bidding wars and a spike in home prices.

“A lot of Toronto agents are coming here and showing our properties right now,” said Cosentino, who has been selling houses in Hamilton since 1986.

“It never was like that before,” he said. “I’ve never seen a market like this in my life.

“Unfortunately, it’s the locals who will be suffering because prices have gone through the roof on some properties.”

Since a pandemic-related dip in April, prices in the Hamilton-Burlington area have rocketed skyward.

The average residential home price in Hamilton-Burlington was about $695,000 in August, compared to about $610,000 in April.

Compared to August 2019, the average residential price in Hamilton-Burlington has jumped by a staggering $100,000.

Nationally, the Canadian Real Estate Association reports that August set records for the number of home sales and average home price.

Compared with a year ago, August sales were up nearly 35 per cent while the average home price in Canada hit $586,000, up 18.5 per cent compared with a year ago.

Buyers flocking to Hamilton from the Greater Toronto Area is a factor in the price hikes. But a bigger one is a shortage of listings.

The 955 active residential real estate listings in Hamilton at the end of August was the lowest number since at least April — and it’s 18 per cent lower than the previous August.

For Hamilton and Burlington combined, the number of active listings at the end of August was more than 25 per cent below the 10-year average.

“There are more buyers than there are sellers out there right now,” said Cosentino. “There are a lot of bidding wars happening, especially in the price point under $600,000.

“If there’s a listing for $499,000, there’s probably going to be a bidding war of 10 to 20 buyers on it for sure,” he added.

The COVID pandemic is also having a major impact by altering the nature of the workforce, said Kathy Della-Nebbia, president of the Realtors Association of Hamilton-Burlington (RAHB).

“I believe that working remotely from home has become much more acceptable to many employers, which will have a positive impact on the RAHB marketplace,” said Della-Nebbia. “Those potential buyers who couldn’t afford the GTA and wanted the dream of home ownership but couldn’t face the commute are now able to do so.”

“The opportunity to work from home full- or part-time will allow those buyers to come our way,” she added.

Cosentino doesn’t expect the situation to change much between now and the end of the year.

“It all comes down to supply and demand,” said Cosentino. “If there’s a lot of inventory coming back on the market, then we’re going to have more of a stable market, which we don’t have right now.

“My crystal ball says it’s probably going to be the same as it is now,” he said. “With COVID, people are living with the unknown. We don’t know if there’s going to be a second wave.”

Steve Buist is a Hamilton-based investigative reporter at The Spectator. Reach him via email: sbuist@thespec.com

Lack of listings keeps Hamilton-Burlington real estate market red hot

Out-of-town buyers, a shortage of inventory and pandemic-related changes to the work force are keeping prices high

News Sep 16, 2020 by Steve Buist Hamilton Spectator

To help him sell houses in Hamilton, Al Cosentino recently joined the Toronto Real Estate Board.

Cosentino, a top-selling agent with the Mountain’s Re/Max Escarpment Realty, says he needed to get his foot in the door because so many Hamilton houses were being listed only on the Toronto board — marketed only to Toronto buyers.

It’s a sign of the times in Hamilton’s overheated real estate market, where out-of-town buyers and a shortage of inventory has led to bidding wars and a spike in home prices.

“A lot of Toronto agents are coming here and showing our properties right now,” said Cosentino, who has been selling houses in Hamilton since 1986.

Related Content

“It never was like that before,” he said. “I’ve never seen a market like this in my life.

“Unfortunately, it’s the locals who will be suffering because prices have gone through the roof on some properties.”

Since a pandemic-related dip in April, prices in the Hamilton-Burlington area have rocketed skyward.

The average residential home price in Hamilton-Burlington was about $695,000 in August, compared to about $610,000 in April.

Compared to August 2019, the average residential price in Hamilton-Burlington has jumped by a staggering $100,000.

Nationally, the Canadian Real Estate Association reports that August set records for the number of home sales and average home price.

Compared with a year ago, August sales were up nearly 35 per cent while the average home price in Canada hit $586,000, up 18.5 per cent compared with a year ago.

Buyers flocking to Hamilton from the Greater Toronto Area is a factor in the price hikes. But a bigger one is a shortage of listings.

The 955 active residential real estate listings in Hamilton at the end of August was the lowest number since at least April — and it’s 18 per cent lower than the previous August.

For Hamilton and Burlington combined, the number of active listings at the end of August was more than 25 per cent below the 10-year average.

“There are more buyers than there are sellers out there right now,” said Cosentino. “There are a lot of bidding wars happening, especially in the price point under $600,000.

“If there’s a listing for $499,000, there’s probably going to be a bidding war of 10 to 20 buyers on it for sure,” he added.

The COVID pandemic is also having a major impact by altering the nature of the workforce, said Kathy Della-Nebbia, president of the Realtors Association of Hamilton-Burlington (RAHB).

“I believe that working remotely from home has become much more acceptable to many employers, which will have a positive impact on the RAHB marketplace,” said Della-Nebbia. “Those potential buyers who couldn’t afford the GTA and wanted the dream of home ownership but couldn’t face the commute are now able to do so.”

“The opportunity to work from home full- or part-time will allow those buyers to come our way,” she added.

Cosentino doesn’t expect the situation to change much between now and the end of the year.

“It all comes down to supply and demand,” said Cosentino. “If there’s a lot of inventory coming back on the market, then we’re going to have more of a stable market, which we don’t have right now.

“My crystal ball says it’s probably going to be the same as it is now,” he said. “With COVID, people are living with the unknown. We don’t know if there’s going to be a second wave.”

Steve Buist is a Hamilton-based investigative reporter at The Spectator. Reach him via email: sbuist@thespec.com

Lack of listings keeps Hamilton-Burlington real estate market red hot

Out-of-town buyers, a shortage of inventory and pandemic-related changes to the work force are keeping prices high

News Sep 16, 2020 by Steve Buist Hamilton Spectator

To help him sell houses in Hamilton, Al Cosentino recently joined the Toronto Real Estate Board.

Cosentino, a top-selling agent with the Mountain’s Re/Max Escarpment Realty, says he needed to get his foot in the door because so many Hamilton houses were being listed only on the Toronto board — marketed only to Toronto buyers.

It’s a sign of the times in Hamilton’s overheated real estate market, where out-of-town buyers and a shortage of inventory has led to bidding wars and a spike in home prices.

“A lot of Toronto agents are coming here and showing our properties right now,” said Cosentino, who has been selling houses in Hamilton since 1986.

Related Content

“It never was like that before,” he said. “I’ve never seen a market like this in my life.

“Unfortunately, it’s the locals who will be suffering because prices have gone through the roof on some properties.”

Since a pandemic-related dip in April, prices in the Hamilton-Burlington area have rocketed skyward.

The average residential home price in Hamilton-Burlington was about $695,000 in August, compared to about $610,000 in April.

Compared to August 2019, the average residential price in Hamilton-Burlington has jumped by a staggering $100,000.

Nationally, the Canadian Real Estate Association reports that August set records for the number of home sales and average home price.

Compared with a year ago, August sales were up nearly 35 per cent while the average home price in Canada hit $586,000, up 18.5 per cent compared with a year ago.

Buyers flocking to Hamilton from the Greater Toronto Area is a factor in the price hikes. But a bigger one is a shortage of listings.

The 955 active residential real estate listings in Hamilton at the end of August was the lowest number since at least April — and it’s 18 per cent lower than the previous August.

For Hamilton and Burlington combined, the number of active listings at the end of August was more than 25 per cent below the 10-year average.

“There are more buyers than there are sellers out there right now,” said Cosentino. “There are a lot of bidding wars happening, especially in the price point under $600,000.

“If there’s a listing for $499,000, there’s probably going to be a bidding war of 10 to 20 buyers on it for sure,” he added.

The COVID pandemic is also having a major impact by altering the nature of the workforce, said Kathy Della-Nebbia, president of the Realtors Association of Hamilton-Burlington (RAHB).

“I believe that working remotely from home has become much more acceptable to many employers, which will have a positive impact on the RAHB marketplace,” said Della-Nebbia. “Those potential buyers who couldn’t afford the GTA and wanted the dream of home ownership but couldn’t face the commute are now able to do so.”

“The opportunity to work from home full- or part-time will allow those buyers to come our way,” she added.

Cosentino doesn’t expect the situation to change much between now and the end of the year.

“It all comes down to supply and demand,” said Cosentino. “If there’s a lot of inventory coming back on the market, then we’re going to have more of a stable market, which we don’t have right now.

“My crystal ball says it’s probably going to be the same as it is now,” he said. “With COVID, people are living with the unknown. We don’t know if there’s going to be a second wave.”

Steve Buist is a Hamilton-based investigative reporter at The Spectator. Reach him via email: sbuist@thespec.com