The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,020 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in September 2019. September sales are down from August and July, but are up over September 2018 by 3.2 per cent. The average price for residential properties increased by 8.5 per cent from September 2018 to $609,562.
Hamilton, ON (September 3, 2019) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,067 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in August 2019. August sales are down from July and June of this year, as well as August of 2018; however, the 2019 year-to-date number of sales is up 10.2 per cent over 2018. The average price for residential properties increased by 6.4 per cent from August 2018 to $599,589.
We would like to take this opportunity to remind you that when meeting with clients/potential clients to always stay vigilant about meeting locations and times. If you feel a situation is uncommon or strange, please listen to your instincts and reschedule to a more public location or your office.
Ensure you notify the proper authorities and RAHB, if needed. Watch NewsReal for upcoming courses that RAHB offers on REALTOR® safety and self-protection.
Hamilton, ON (August 1, 2019) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,170 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in July 2019. This is a 10.3 per cent increase from July last year; however, a 2.7 per cent decrease over June 2019 and a 12.9 per cent decrease from May 2019. The average price for residential properties increased by 0.9 per cent from July 2018 to $593,702.
We have been asked by the Halton Condominium Corporation to notify RAHB members of lockboxes that have been left/stored at 102 Bronte Rd. in Oakville. The condominium corporation feels an unacceptable number of lockboxes have been mounted on a railing in the building that has been provided for lockboxes. The condominium corporation is going to remove any unidentified lockbox remaining on the railing at the end of August. REALTORS® who have stored/left lockboxes here should remove their lockbox, or identify their lockbox with an attached business card or some form of identification.
We are seeking your feedback and experiences with the Interim Control Bylaw, currently in effect in the City of Burlington. Below are the details of the bylaw, as well as a link to submit your feedback.
Interim Control Bylaw (ICBL)
On March 5, 2019, Burlington City Council implemented a Temporary Development Freeze (Interim Control Bylaw, or ICBL) within areas of downtown Burlington and surrounding the Burlington GO Station. This Freeze will last one year, with a maximum extension of a second year.
On April 2, 2019, Burlington City Council amended the Temporary Development Freeze to include exemptions – “Building of pools, decks, fences and interior alterations are permitted. These types of developments are considered minor and/or accessory to the main use of the property. They are not considered to affect intensity or land use in the study area, so they are exempt from the ICBL.”
The construction of a new home or an addition to an existing home still fall within the ICBL.
We would appreciate your feedback on this Temporary Development Freeze – specifically if you or your clients have experienced any issues or disadvantages as a result of the Freeze, as well as how you think this Freeze may be affecting property values in Burlington.
To submit your feedback, please click the below button. It should take no longer than two (2) minutes of your time. We ask that you please provide your feedback by Friday, August 2, 2019.
On July 10, 2019, Jean-Yves Duclos, Minister of Families, Children and Social Development, announced the new First-Time Home Buyer Incentive. Below are the details, criteria and conditions of this new Incentive.
The new Incentive will start in September 2, 2019, with the first closing on November 1, 2019.
The aim of the Incentive is to help middle-class families take the first step towards home ownership.
For the purchase of an existing home, an incentive amount of five per cent may be available.
For the purchase of a newly constructed home, an incentive amount of five per cent or 10 per cent may be available.
This is a shared equity mortgage with the Government of Canada.
The government shares in the upside and downside of the change in the property value.
The total amount of funding will be $1.25 billion over three years.
The incentive will allow eligible first-time home buyers who have the minimum down payment for an insured mortgage with CMHC, Genworth or Canada Guaranty, to apply to finance a portion of their home purchase through a form of shared equity mortgage with the Government of Canada.
The property must be located in Canada and must be suitable and available for full-time, year-round occupancy.
Eligible for Canadian citizens, permanent residents, and non-permanent residents who are legally authorized to work in Canada.
The incentive will be available to first-time home buyers with qualified annual household incomes up to $120,000.
The above-listed income (up to $120,000) is subject to qualifying income requirements set out by lenders and mortgage loan insurers.
At least one borrower must be a first-time home buyer.
DEFINITION: you have never purchased a home before; you have gone through a breakdown of a marriage or common-law partnership (even if you don’t meet the other first-time home buyer requirements); or in the last four years, you did not occupy a home that you or your current spouse or common-law partner owned.
The minimum down payment must come from traditional down payment sources. Traditional down payment comes from the borrower’s own resources and may include:
withdrawal/collapse of a registered retirement savings plan (RRSP)
non-repayable financial gift from a relative
NOTE: Unsecured personal loans or unsecured lines of credit used to satisfy minimum down payment requirements are not eligible for the program.
A participant’s insured mortgage and the incentive amount cannot be greater than four times the participant’s qualified annual household income.
No on-going repayments are required.
The incentive is not interest bearing.
The borrower can repay the Incentive at any time without a pre-payment penalty.
Refinancing of the first mortgage will not trigger repayment.
The Incentive is a second mortgage on the title of the property.
The first mortgage must be greater than 80 per cent of the value of the property and is subject to a mortgage loan insurance premium.
At the present time, the buyer must repay the incentive after 25 years or if the property is sold – whatever comes first.
The repayment of the Incentive is based on the property’s fair market value.
If your property value goes down, you are still responsible for repaying the shared equity mortgage based on the current home value at time of repayment.
Hamilton, ON (July 2, 2019) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,203 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in June 2019. This is a 4.2 per cent increase from June last year; however, a 10.5 per cent decrease over May 2019 and a 1.9 per cent decrease from April 2019. The average price for residential properties increased by 5.2 per cent from June 2018 to $593,549; however, decreased from May 2019 by 0.03 per cent.