MEDIA RELEASE

Here is the market update from The Realtors Association of Hamilton-Burlington. We expect to see average sale prices of residential properties increase by 3.5 % in 2015, according to 2015 President Donna Bacher. She predicted a market similar to 2014. "Every year we seem to be saying the same thing," she said. "We'll see 'more of the same' in the coming year." More of the same" will be a continued steady residential real estate market with modest increases in listings, sales and average sale price. Bacher predicted 14,500 residential property sales in 2015 and 20,000 residential listings. Average sale price is expected to increase by about 3.5%. The seller's market will continue.

The Bank of Canada dropped its rate to 0.75% from 1% indicating that mortgage rates should remain at or drop below current levels. This is good news for Buyers wanting to buy a home. Results from 2014 showed that all property listings and sales had increased over the previous year, with average sale price up by 6.1% Total dollar volume from the sale of all properties was over $6.144 billion, a more than 12% increase over 2013. The residential market similarly showed listings and sales up over 2013 with the average sale price up by 5.9 % over the previous year. Average days on market dropped from 44 to 39 days for 2014. The sellers' market continued right through the year. "Our area has been in a seller's market – to varying degrees – for over 10 years and 2014 was the tightest market we've seen in 10 years," noted Bacher. *information provided by RAHB Realtors Association of Hamilton Burlington

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