Although fear and uncertainty may be surfacing during these unprecedented times, rest assured your dream home will remain attainable within the Hamilton real estate market this year.
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With the correct information in hand, you’ll be navigating your way through this current real estate setback and be house hunting sooner than expected. Laid out below is everything you need to know in order to stay informed and on top of your home sale/purchase, while also dodging the unforeseen changes that have come our way.
Impact of COVID-19 on the Hamilton Real Estate Market
The city of Hamilton is a prime destination for homebuyers within the GTA, allowing for a strong and healthy real estate market on average. The number of home sales has increased over 25 per cent in the last year, and the average housing price has jumped to $646,667 (up over 15 per cent since February 2018).
Although these numbers have been showing steady growth, the fear surrounding the COVID-19 pandemic has undoubtedly impacted our everyday lives as well as the housing market. Luckily, the real estate industry has been deemed an essential service and continues its operation with new safety measures in place.
Creative adjustments to the process of showcasing of homes include virtually interactive tours and private in-person viewings with the necessary health and safety requirements met (masks, gloves, sanitizer, etc.). Many banks within Canada have been responding to the current crisis by implementing major interest rate cuts in hopes of rejuvenating the market. This allows for potential buyers to not only secure a mortgage but perhaps even afford homes that have been out of their budget before the virus outbreak. Therefore, a good deal of optimism remains in terms of Hamilton’s resident’s ability to purchase as well as the resiliency of the real estate market.