Powerhouse Realty Group
RE/MAX Escarpment
Languages
- English
Specialties
Buyers, Sellers
Locations
Ancaster, Brantford, Burlington, Hamilton, Milton, Oakville, East Burlington, South Burlington, West Burlington, North Burlington
The Unemployment Rate is a Key Market Indicator
There are some very strong economic indicators which are not being highlighted at all. Unemployment is one of them, unemployment is at an all-time low, and as a matter of fact it is the lowest since Statistics Canada has been tracking this variable. Low unemployment is a buffe...
Jul 18, 2022
There are some very strong economic indicators which are not being highlighted at all. Unemployment is one of them, unemployment is at an all-time low, and as a matter of fact it is the lowest since Statistics Canada has been tracking this variable. Low unemployment is a buffer between high inflation and higher interest rates. There has never been a correlation between higher interest rates and mortgage defaults, (bad news for the real estate vultures out there). But there has been a correlation between high unemployment and defaults….take that economic pundits!!!! Large default rates could lead to falling house prices, but there is no indication of that happening anytime soon.
Get over it you complainers!!!
Over List Price in 2022? Have you ever thought to see how many homes sold over the list price, in the markets you serve in 2022? In 2021, our companies, RE/MAX Escarpment and RE/MAX Niagara, averaged 109.03% and 106.06% over the asking price respectively.
In the last 2 months, our various trading areas had a relatively high amount of properties which sold for 100% and over the asking price. Furthermore of the subset of properties which sold at 100% or more over asking, the average ranged from 105.02% to 111.87%.
Hamilton Surrounding (Ancaster, Dundas, Waterdown, Glanbrook, Stoney Creek) 44% sold at 100% or more, with an average price of $1,123,754, 109.32% over asking, with an average of 9 days on the market.
Burlington 42% sold at 100% or more, with an average price of $1,227,381, 108.17% over asking, with an average of 8 days on the market.
Oakville 27% sold at 100% or more, with an average price of $1,490,314, 105.97% over asking, with an average of 7 days on the market.
Hamilton (Old City) 57% sold at 100% or more, with an average price of $752,156, 111.87% over asking, with an average of 8 days on the market.
Niagara 42% sold at 100% or more, with an average price of $793,210, 105.02% over asking, with an average of 9 days on the market.
What is Happening with the Luxury Market???
We define luxury in our trading area as over $3,000,000, when you run the numbers for Oakville, Burlington, Greater Hamilton and Niagara there were 145 transactions over 3 million dollars, with an average price of $4,243,972 and 28 days on the market for Q1 and Q2 of 2022. In 2021 for the over 3 Million crowd there were 155 sales for the same period, with an average price of $4,143,934 and 37 days on the market. When we took out the Oakville sales, and left the rest in, there were 40 sales over 3 million, and in 2022 there were 60 sales, a 50% increase. We know, we would be criticized if we did not run the Oakville upper end numbers, which after much internal debate, which we determined at 5 million dollars plus, there were 20 sales at that level in 2022, and 24 in 2021 (17% decrease).