Good outlook for spring home sales

The real estate market is looking pretty good around the Golden Horseshoe. It had been yo-yoing over the winter, but now agencies are predicting a steady increase in housing prices for the remainder of the year.

The bubble isn’t bursting any time soon.

“We’re looking for a very healthy and stable real estate market in Hamilton and the Burlington area,” says Gurinder Sandhu, Executive VP of Remax Ontario.

A new report by Remax predicts the average home price in Hamilton will climb by seven percent during 2014.

Burlington should see a five percent jump, and the Niagara region, three percent.

“Our trends tend to be a little bit slower down here. We don’t see the big highs but then again with that we don’t see the big lows. So I forecast that we should have a really good year and forward years coming,” predicts Jason Fleming of the Niagara Association of Realtors.

All three markets have seen a steady price increase since the end of the recession.

West of Toronto, a sellers market has emerged with GTA residents looking for affordable housing.

“They’re reaching out further and further and Hamilton is a great affordable price point and it still is an urban setting with incredible amenities,” says Sandhu.

With interest rates expected to hold until well into 2015, agents predict many homes will continue to see multiple offers, like they did this past season.

“The winter was exceptionally cold this year so as a result you saw an exceptionally lower amount of inventory.”

Buyers have been competing over sparse single detached home listings, but with temperatures slowly climbing, supply will soon meet high demand.

“As the spring thaw happens, more and more properties will come online. That will help the buyers find the home that they’re looking for.”