🦃 THANKSGIVING, 📉AN INTERESTING MARKET & 🧐AN EMERGING TREND
As fall gives way to winter, we spent time closing up the cottage for the season. This has become a meaningful rhythm for our family. As we worked, we paused to reflect on God’s faithfulness and the blessings He continues to provide. We are grateful for the time spent there this past year with family and friends. The shared meals, laughter, peaceful mornings, and long conversations have deepened relationships and created memories we hold close.
We celebrated Thanksgiving, and it was truly great to fill our home once again with many, filling our dining room and living room with one long table of plenty as we fellowshipped together, enjoyed copious amounts of turkey, ham and a variety of desserts, all while sharing what we are thankful for over the last year.
We also celebrated a new chapter at home. Jacob earned his G2 licence, and watching him confidently drive to school with Chiara, to work, or to spend time with friends has been both exciting and humbling. We spend years training our children to go into the world as young adult individuals. There comes this point where we begin letting them go, and we stop hovering over them to teach, guide and protect them. Once we do, our trust in God’s care, providence and sovereignty over all things really gets a test. Yet, we are thankful for the privilege of watching our children grow in confidence and independence.
🏠 FEATURED LISTINGS
We are grateful to be representing several wonderful homes at the moment, each offering strong value and opportunity. From family-friendly properties to beautiful rural settings, there are great options available for buyers who are ready to move forward. Know of anyone interested in any one of these? Send them our way!
📊 MARKET UPDATE
Here is a look at the Hamilton-area real estate market for October:
💵 Median Price: $718,000 ▼ 1.64 %
💰 Average Price: $806,226 ▲
🏘️ Unit Sales: 391 ▼ (from 404)
⏱️ Median Days on Market: 41 ▼ (from 48)
📦 Inventory: 5.94 months (181 days) ▲ (from 5.82 months / 177 days)
🆕 New Listings: 1,144, the lowest since last March
Inventory continues to rise, which aligns with expectations. The Bank of Canada’s recent 0.25%t rate reduction has had minimal to no effect on the market and is not expected to meaningfully shift conditions at this time.
Interestingly, this is the third month in a row that the median price has decreased while the average price has increased. More lower-priced homes are selling, which lowers the median, while luxury homes continue to sell at higher prices, raising the average.
Over the past eight years, the average difference between the average and median price has been 8.6%. Over the past year, it has widened to 11.1%. Currently in Hamilton it sits at 12.3%. This trend could indicate that the middle class is shrinking, while they and lower-income buyers especially continue to face pressure while cash-ready and higher-equity buyers are taking advantage of opportunities in the market. However, this could also signal a change in the market. Typically, the end of an economic downturn is signalled by the increase of spending starting at the top. When higher income buyers start moving, it could mean that confidence is returning to the market.
Regardless, we will continue to closely monitor these statistics, as these could be key indicators of which direction we’re heading in.
🔎 LOOKING AHEAD
The market has cooled slightly, yet meaningful opportunities remain for both buyers and sellers. Those who are prepared and flexible continue to find success. Sellers who price strategically and present their home well are still seeing strong engagement.
We remain grateful for the trust placed in us by clients, friends, and family. It is a privilege to serve, to build meaningful relationships, and to support people in one of life’s most important decisions.
As always, we are never too busy for your referrals.
