REAL ESTATE IS A LOCAL MARKET! WHAT DOES THAT REALLY MEAN?

Every day we are bombarded with news and information regarding the real estate market. The Canadian real estate bubble is about to burst. Canadian homes are 20% overvalued. There will be a soft landing in real estate. Canada is due for a major price correction. You’ve all heard these comments time and time again over the last couple of years.

The crazy thing is all these statements are true! The problem is these are just the headlines. These headlines sell newspapers. If you read the whole article it will refer to specific markets. When talking about overvalued homes or overheated markets they are usually referring to housing markets in the major centres such as Vancouver, Calgary, and Toronto.

Let’s look at the Hamilton-Burlington real estate market for example. Our local REALTOR® association reports sales statistics on a monthly basis. They report such things as average price increases/decreases, number of sales increases/decreases, what is selling better this month, detached homes or condos. This is all great information but this data represents a large geographic area.

What you have to remember is the real estate market can be different in each area. For example: Ancaster vs Burlington, Dundas vs Hamilton, Lower City vs Hamilton Mountain, Stoney Creek vs Grimsby. It can even be different from neighbourhood to neighbourhood.

So what is really happening in YOUR neighbourhood? You need to call one of our Coldwell Banker Pinnacle Real Estate professionals to analyze all the statistics and information that is floating around out there. They will provide you with all the necessary information to help you make the right decision when it comes to buying or selling real estate.

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