September was a whirlwind!
As much as we enjoy the flexibility and spontaneity of the summer months, getting back into the regularly scheduled programming was a welcome change.
Both of our children started Grade 10 this year, each experiencing new “firsts”. Our daughter was invited to join the praise band, which leads the music in chapel and other school assemblies, and our son tried out for and made the junior boys’ volleyball team. As a result, our vehicles are getting plenty of use as we shuttle them to and from rehearsals, practices, and games. We’re grateful that both of them have these opportunities, which go beyond the academic aspects of their high school experience.
September also brought about 2 “firsts” for us as spouses and realtors. Just last week, for the first time in our decade-long career in real estate, Henk attended the Royal LePage National Sales Conference in Calgary, Alberta. Not only was this the first National Sales Conference either of us attended, but it was also the first time in our marriage that we were apart for more than two nights!
While Emese held down the fort at home, juggling a busy work and family schedule, Henk was busy networking with other Realtors® from across Canada. He met and built relationships with some fantastic professionals from coast to coast, all sharing the same client-centric business model as ours.
If you, or anyone you know is moving away from the Niagara or Hamilton regions, let us know and we will be happy to connect you with a hard-working Realtor® in the area that you are moving to.
Meanwhile, this was one of the most active months that we have had in years! Following the Bank of Canada’s recent rate cut, and amid speculation of another decrease in the benchmark rate later this month, buyers have resumed their home search, although still without a sense of urgency. Interest rates are lower, increasing buyers’ affordability, but home prices are sure to rise as the demand increases. Additionally, the Canadian government introduced changes to the mortgage rules, extending the maximum amortization for insured mortgages to 30 years for first-time homebuyers and buyers of new builds, while raising the maximum insured mortgage amount from $1,000,000 to $1,500,000. This expanded eligibility comes into effect on December 15, 2024, so while there is a significant percentage of buyers who are beginning their search now, many are still willing to wait until their borrowing power increases on closer to December 15th.
The fall market is shaping up to be the strongest that we’ve seen in 2024.
If you’re a buyer, we strongly recommend starting your property search now, before prices begin to rise sharply. Give us a call, and we’ll get you going!
If you’re a seller, it is still important to price your home at market value. Buyers have never been more informed, and the hesitancy that we see within our pool of buyers would suggest that buyers are still not willing to overpay, just to “get in the market”. When you’re ready to list, we’ll provide you with all of the data and information you need to be able to price your home well, maximizing the return on your sale.
Here’s a quick snapshot of the market in September:
The number of unit sales in September was:
- ⬇️ to 381 in Hamilton (down 8% from August)
- ⬇️ to 464 in Niagara (down 11.6% from August)
The median home price in September was:
- ⬆️ Up 1.24% in Hamilton, to $739,000 (up from $729,950 in August)
- ⬆️ Up 3.23% in Niagara, to $640,000 (down from $620,000 in August)
Inventory:
- 🗓️ Hamilton’s inventory sits at 5.55 months or 169 days.
- 🗓️ Niagara’s inventory sits at 6.62 months or 201 days.
As always, if you or your family, friends, coworkers or neighbours are thinking about making a move in real estate, we would love to go “a head above” for them. We are never too busy for any of your referrals!
