What’s Happening with Local Real Estate?
The latest real estate statistics show signs of a very strong real estate market that has favored sellers with low inventory across the GTA, Halton, and Hamilton areas. This has led to significant price gains, as we’ve also seen reductions in mortgage rates over the past few months.
In September 2020 vs. September 2019:
Pricing Up: Sales Prices of Freehold residential listings were up +21% in Halton (+16% Burlington, +26% Oakville) + 22% in Hamilton. Sales prices of condos also increased +8% in Halton and 23% in Hamilton.
Low inventory: Inventory of all residential listings was down -26% in Halton, and -41% in Hamilton.
In the first few weeks of October, we’ve seen a bit of cooling to the market which is typical – with slightly fewer listings holding offer dates, and a bit more inventory coming onto the market – but still certainly a seller’s market.
The next few months will be interesting, with 2 major factors in particular:
1. Interest Rates: Are expected to stay low globally for the next few years, and the Bank of Canada has even hinted at the possibility of lower overnight bank rates, approaching 0 or even negative – to fuel further spending in the economy.
Historically lower rates have increased housing pricing.
2. Deferred Mortgages: The gradual end of mortgage deferral payments over the next several months.
It’s reported that there are approximately 500,000 mortgages currently on deferred payments with banks across Canada.
Although many borrowers have taken this as an opportunity to bank cash during these uncertain times, RBC recently reported that about 20% of deferrals may have a difficult time resuming payments.
An increased supply of homes on the market would balance the market, and reduce pressure on pricing.
We are excited to announce that we are partnering with Di Blasio Homes – a renowned GTA luxury home designer and builder with over 60 years’ experience – on the sale of their fine homes. This rare opportunity at 6473 Western Skies Way in Mississauga, offers 5,392sqft of luxurious living space, situated on a 170’ deep ravine lot.
The home’s construction and highly refined craftsmanship exude an air of solidity, permanence, and elegance.
Di Blasio is known for superior quality construction from the ground up, with oversized steel reinforced poured concrete footings and walls – to name a few. Too much to list, full details and specs available.
Urban Group Partners with Di Blasio Homes
Renowned Luxury GTA Homebuilder for 60+ Years
You’ll love the incredible layout of your home, for modern family living and entertaining. Main floor features: Incredible great room with soaring 21′ high coffered ceilings overlooking the ravine, kitchen complete with high-end Miele appliance package, and Cambria quartz countertops throughout the home.
The main floor also features a fabulous office, a formal living room, and a gorgeous dining room with dramatic views of the backyard and fireplace. The Master is luxurious retreat, complete with a gorgeous 5pc bathroom, and overlooks the lush ravine.
Three more spacious bedrooms with 2 additional full bathrooms are also upstairs. The finished lower level offers many options as an in-law or nanny suite, or an incredible rec room with its high ceilings, and 3pc bathroom. The home is fully wired for home automation and features energy-saving heating and cooling. The home must be seen in person to appreciate.
Move-in ready, and furnishings designed by Pizzale Design Inc. Listed for $2,499,000 including HST
Article published originally on urbangroup.com website, on Oct 22, 2020.