It’s no secret that it’s harder than ever to have the classic North American dream of a detached home if you live in a major urban centre, and particularly ones that are decidedly liveable. Real estate trends in Canada have made it that affording a house in Vancouver or Toronto is particularly challenging. No one feels the pinch more than working families with children who have a real need for more space, and that’s what’s behind the trend that sees Hamilton and Abbotsford and the Greater Fraser Valley as the two hottest housing markets in Canada as we move into 2017.
It’s a direct reflection of the fact that detached homes in Vancouver and Toronto – and now even their satellite cities – are simply too pricy for most.
The RE/MAX annual Housing Market Outlook Report indicates real estate in Hamilton-Burlington shot up by 19.8 per cent this year compared to last. That’s a few notches ahead of second place Fraser Valley, which rose by 19.5 per cent.
The Fraser Valley is expected to see a 5% decline in prices next year, but Hamilton should see another double-digit increase next year. Prices here are predicted to jump by 11%, again putting Hamilton on top in Canada.
That means next year the average house in Hamilton-Burlington will spike to $594,427 from $535,520 this year.
The hot demand for housing in both Vancouver and Toronto means that if you want a detached home and all the space that comes with it, you now may need to consider buying far beyond city limits rather than just outside of it in a satellite city.
“We NEED a House”
Outgrowing a home is easy – Kids needs bedrooms, Moms need a bigger kitchen, and Dads need garages and a backyard. Nothing beats a backyard BBQ on a freshly cut lawn in the summertime, and garages are great for vehicles – and man caves!
After all, every guy needs a place where he can cater to his sports fanaticism, have his buddies over for poker night, or rock out on his electric guitar.
Here’s a cool article about how to turn your garage into a man cave!
Always make the effort to know your clients’ property wish lists, and be proactive in making alternative suggestions for ways they can utilize space in a home if you can think of them. Man Cave? Maybe!
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