Rob Golfi is in the studio with Mike McNeil and Rick Zamperin. Topics today include
1. The change in the market from 2015 to 2016. On Hamilton Mountain from January to June 2016, the average selling price of a single family home was $385,000. Comparing July to Dec 31st of 2016, the average selling price of a home increased to 415,000. This is a $30,000 increase in only 6 months. CHMC predicts a further 17% increase in prices in 2017 in the Hamilton/Burlington area.On the other hand OREA (The Ontario Real Estate Association) predicts that there will be less sales so that means that inventory will be tight in 2017 as the availability of homes goes down. This means that if you buy a home soon, chances are prices will go up by end of year and the investment will be a good one. In Hamilton Central, there has been a 7% increase to the average selling price of a home from 2015 to 2016. Central Hamilton (From Gage Park to James Street) appears to be the place to buy this year. East Hamilton stats show a 27% increase in home values from 2015 to 2016. Affordability is still the driving force behind the increasing home property values in Hamilton and Burlington. Torontonians still find Hamilton prices affordable against Toronto home prices. Stats also show surprising numbers for the median household income of Hamiltonians which is $84,980 versus the median household income for Torontonians which is $75,270. The median home price in Toronto is $726,000 which means based on their family income, they can only afford a home $600,000 house which means that they can’t buy in Toronto.
2. Can you buy with no money down. According to local Mortgage Specialists, with good Credit the best way is to get a personal line of credit, use that money as a down payment and buy something.