Below is a summary of the current market conditions. I have also included an article on the harmonized sales tax as it applies to real estate.
I can get no money down rates as low as 5.45. A first time buyer can also get up to $2000 off of closing costs and a $300 rebate from there mortgage. This means a first time buyer can buy a $240,000 home for about $2000 and carry the mortgage for about $1450/month including taxes!
Spring market awakening in March
(April 3, 2009 - Hamilton, Ontario) The Hamilton-Burlington area real estate market showed a total of 1,044 unit sales in March, this was a decrease of 4.7 per cent from March 2008 when single family home sales were 1,095, according to the Multiple Listing Services® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).
The total unit sales for the first three months of 2009 are being reported at 23 per cent lower for the same period in 2008, while new units listed are 1.3 per cent lower for the year-to-date. The total unit sales, when compared to February, were 40 per cent higher in March.
"The Hamilton-Burlington area housing market picked up in March, with MLS® sales for both single-family homes and condominiums rising from the previous month's levels," said Bruce King, RAHB President. "The average price for March declined slightly from February levels, continuing the predicted price correction."
Residential properties sold during March totalled 1,002 which included 788 freehold properties and 214 condominiums. Commercial sales for March, including industrial, farm, vacant land and business, totalled 42 units.
The average price of freehold residential properties sold in the month of March was $277,406, a decrease of 11 per cent over the same month last year, and a decrease of less than one per cent over last month.
In the condominium market the average price of condominiums in March was $210,519, a decrease of 1.7 per cent over March 2008 and an increase of five per cent over last month. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.
March's total average residential sales price decreased 9.4 per cent over the same month in 2008. The average price for residential properties for January to March 2009, compared to the previous year, was down 8.7 per cent.
The total number of units listed for sale during March was 1,926, which is 18 per cent higher than were listed in the same month in 2008.
"Spring has brought a nice uptick in sales this month and the supply of homes has been steady." added King. "Home sellers are adjusting to the changes in the market and are working with their REALTORS® to price home properly, and when priced right properties will sell. We anticipate a strong April market."
Unit sales reflect "all property types" including residential, condominiums, commercial property, farmland and sale of businesses. (April 3, 2009 - Hamilton, Ontario) The Hamilton-Burlington area real estate market showed a total of 816 unit sales in March, this was a decrease of 25 per cent from March 2008 when single family home sales were 1,096, according to the Multiple Listing Services® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).
