The REALTORS® Association of Hamilton-Burlington (RAHB) released August statistics. RAHB reported 1,089 residential sales were processed through the RAHB Multiple Listing Service® (MLS®) System in August, 2018, less than one percent more than the same month last year and 2.9 per cent fewer than the 10-year average for the month.
Residential freehold sales were exactly the same as August of last year, while condominium sales were 2.9 per cent higher.
New residential listings were three per cent lower than the same month last year, and 4.5 per cent lower than the 10-year average.
“August was the first month this year that sales were closer to the 10-year average. Monthly sales have been double-digits lower than average, where this month they were less than three per cent lower,” says RAHB CEO George O’Neill. “In fact, if you remove the two record-setting months of August in 2015 and 2016, sales were in line with the 10-year average.”
The average residential sale price for August 2018 was 2.4 per cent lower than August of last year.
“The number of sales in the condominium market were higher this August, with a corresponding increase in the average sale price for condos over last year,” adds O’Neill. “This might indicate some buyers are looking to purchase more inexpensive options.”
When looking at the year-to-date number of sales and average sale price, the peak of the spring market for residential occurred in May. RAHB expects there to be the usual upswing moving into the fall market.
Neighbourhoods throughout the RAHB area experience results that differ from the average of the entire RAHB market area. In August, Hamilton Centre, Burlington, Stoney Creek and Dunnville experienced significantly higher increases in residential average sale price than the RAHB average, while Hamilton West and Flamborough experienced slightly greater decreases in average price than the RAHB average.
Neighbourhoods vary, so determining the right price when buying or selling a property can be challenging. Local REALTORS® have the experience and tools to help buyers and sellers make those big decisions, so please consult with one.
Highrise Condo Fees in Burlington seem to be all over the map. Why do they vary so much?
On average, maintenance fees range from a low of approximately $0.33 /square foot to a high of $0.94/square foot. Why?
Well, the first, most significant factor that affects the level of condo fees in any building is the number of units. Contrary to popular belief, it is NOT the extent of amenities.
Example #1: We will compare 3 buildings. All buildings have an indoor swimming pool, party room, games room, underground parking garage, and landscaped communal BBQ area.
All buildings are separately metered for hydro. All have 24 hour security.
Size Condo Fee/sq ft.
Building #1 330 Units $.57/sq ft
Building #2 187 Units $.61/sq ft
Building #3 117 Units $.68/sq ft
Example #2: We will compare 2 buildings with very few amenities, in fact none. No security, no pools, underground garage, and small party rooms.
Size Condo Fee/sq ft
Building #1 13 Units $.67/sq ft
Building #2 135 Units $.47/sq ft
Note: Building #1 in the second example has condo fees as high as Building #3 in the first example. And Building #3 in the first example is loaded amenities!
So, to get the lowest condo fees, buy into the largest development with no amenities. The single most costly amenity is security – especially 24 hours around the clock. This is one of the largest items in a condo budget. A topic for another day.