Real Estate Blog

(March 5, 2010 – Hamilton, Ontario) The Greater Hamilton-Burlington area resale market reported a total of 1114 units sold in February, an increase of 50 per cent over February of last year, according to the Multiple Listing Services® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB) The total unit sales, when compared to January of this year, were 50 per cent higher in February, 2010. “It is no surprise that our numbers have all increased from last year at this time,” said Joe Ferrante, RAHB President, “given there was so much uncertainty in the market in early 2009. It’s obvious that both buyers and sellers are showing confidence that the economy is recovering.” Residential properties sold during February totalled 1067 which included 866 freehold properties and 201 condominiums. Commercial sales for February, including industrial, farm, vacant land and business, totalled 47 units. The average price of freehold residential properties sold in the month of February was $331,523, an increase of 18.6 per cent over the same month last year and an increase of 9.4 per cent over last month. In the condominium market, the average price of condominiums in February was $241,987, an increase of 20.7 per cent over February, 2009 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. February’s total average residential sales price increased 18.2 per cent over the same month in 2009. The total number of units listed for sale during February was 1751, which is 24 per cent higher than were listed in the same month in 2009. “We anticipate that the spring market will be strong,” added Ferrante, “as buyers and sellers look to make their home purchases and sales before the HST kicks in and increases the taxes they will pay on the services attached to the home buying process.”,br> Unit sales reflect “all property types” including residential, condominiums, commercial property, farmland and sales of businesses.
Established in 1921, the REALTORS® Association of Hamilton-Burlington (RAHB) represents more than 2,400 real estate brokers and sales representatives from Hamilton, Burlington, and surrounding areas. Members of the association may use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict code of ethics. The association operates the local Multiple Listing Service® (MLS®) and provides ongoing professional education courses for its members. In addition, RAHB is an active participant in the Home Ownership Affordability Partnership (HOAP) and holds an annual auction in support of local charities. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.REALTOR.ca. More information about RAHB is available at www.rahb.ca. -30- For further information, contact: Joe Ferrante Valerie Webster President, RAHB Communications/Events Planner Ph: 905-662-6661 Ph: 905-529-8101 Ext. 294 E: president@rahb.ca E: valeriew@rahb.ca

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REALTORS® Association
of Hamilton-Burlington