Commuting options, affordability to drive Hamilton housing market in 2020
Published December 11, 2019 at 6:48 pm
For homeowners in the Hamilton-Burlington area considering selling their home, 2020 might be the year to do so.
For homeowners in the Hamilton-Burlington area considering selling their home, 2020 might be the year to do so.
According to the housing market outlook from Re/Max, prices are set to increase by approximately 3.8 per cent, but inventory will remain relatively low. Prices increases in 2019 were 4.3 per cent.
As it stands, Hamilton has 1.9 months of inventory and Burlington has 1.6, the report notes.
The current development freeze in downtown Burlington is having an impact on inventory becoming available. In Hamilton, significant investments in the industrial sector signal the beginning of positive economic growth in the city.
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“Southern Ontario is witnessing some incredibly strong price appreciation, with many regions seeing double-digit gains,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada.
“Thanks to the region’s resilient economy, staggering population growth and relentless development, the 2020 market looks very optimistic.”
Increased GO Train service and higher levels of affordability in the region compared to the GTA are the most influential factors that will impact the Hamilton-Burlington housing market in 2020.
The report says that “move-over” buyers — buyers looking to get more living space for less money — will be driving the demand in the market.
The hottest neighbourhoods in Hamilton for 2020 include Leckie Park, Waterdown West and Fifty Point. In Burlington, in-demand neighbourhoods include Brant Hills, Central and The Orchard.
From a national perspective, RE/MAX anticipates a levelling out of the highs and lows that characterized the Canadian housing market in 2019, particularly in Vancouver and Toronto, in 2020.
Price increases are expected, with an estimated 3.7-per-cent increase in the average national residential sales price, according to the report.
The report also found that 51 per cent of Canadians are considering a home purchase in the next five years, up from 36 per cent at the same time last year, proof that buyer confidence is on the rise.
Also, only two in 10 Canadians say that the mortgage stress test negatively affected their ability to purchase a home in 2019, the report notes.
