Updated: Jul 28
We have been saying that the market has been on the rise for months and no one listened….the media says it and now everyone is listening! I am not saying that the media is wrong but rather selective on the timing of news and especially real estate updates…unless it’s “doom & gloom”.
Here are the facts from someone who is the trenches every day and never losing sight of REALity vs TV Realty. The numbers don’t lie and nor have they since 4000 BC.
Home Prices This Month
In April, we seen that 44% of homes that sold in Oakville, Burlington & Hamilton sold 100% of asking or higher. This is due to the fact that inventory is coming down, interest rates have not increased in two months & buyers need to buy!
There are bidding wars happening again in some pockets, but the good news is that I have seen homes sell in bidding wars with a condition….which is encouraging. Although the market is making a great comeback, you can never be too certain.
The Good News
However, the market is positive and especially if you have owned a home since 2020. Over the last 3 years on average, Burlington is up 10%-15%, Oakville is up 8%-12% & Hamilton is up 10%-18%. This is good right?