COVID-19 has impacted every industry in Canada, not in the least real estate. In Hamilton, we’ve seen the effects of social distancing impact our practices (hello virtual open houses) and buyers/sellers’ confidence. While it has clearly affected the market, Hamilton is in a prime position to bounce back for a strong delayed spring and summer market.

Hamilton’s Future Real Estate Trends

RE/MAX recently published an article explaining the trends that suggest Hamilton’s local market will be in full swing as soon as possible. First is the high demand for housing in this great city. Its access to Toronto, access to the escarpment, low unemployment rate, and enriching quality of living have not changed. Even during COVID-19, the supply is still nowhere near the level of demand. This is great news for sellers.

Second, compared to other cities in the GTA, Hamilton remains the more affordable option. As of February 2020, the average house price in Milton was $837,780. In Hamilton, it was $664,667. Now, have house prices decreased during this pandemic? Yes, there has been a slight softening of listing prices. However, even with the decrease in other GTA cities, Hamilton remains one of the most affordable and most attractive cities to buyers.

Buying Real Estate in Hamilton

Thanks to the decrease in interest rates to 0.25% from the Bank of Canada and other banks and mortgage lenders, buyers have an exciting opportunity to enter the market. Homes that might have been out of their budgets pre-COVID-19 are suddenly an option. This is an exciting time to browse the listings, sign up for virtual house tours, and place offers. Not to mention the decrease in competition from other buyers who are choosing to wait. 

Selling Real Estate in Hamilton

Once the market fully opens, there is going to be a rush to buy in Hamilton. We’re encouraging anyone interested in selling during that time to get their homes ready for listing now. Work on any repairs or updates your house needs, update its curb appeal, and start decluttering. Even though sales decreased by 6.6% from March to April, average house prices are up 4.3% from April of 2019. Despite the pandemic, sellers are still getting more for their houses than they were this time last year.

Get Ready for a Hot Summer Market

Hamilton is a resilient, desirable, and thriving city that will bounce back from this pandemic. Although no one can say when, there is plenty of optimism for Hamilton’s real estate market. If you’re interested in taking advantage of this opportunity to buy in Hamilton or are considering selling, we’re here to guide you.

Contact the Greg de Denus team today.