The latest RAHB statistics reported that the sales in May 2018 were down close to 30%.
The average price of freehold properties as well as condos declined.
Hamilton and Stoney Creek home prices continue to slide from a high reached in April 2017.
The average sale price in Stoney Creek in 2017 was $545,794 vs. $464,762 in 2016. This is still a 15 per cent increase within a year.
FREEHOLDSin Stoney Creek:
Average list price for freeholds: $576,217
Average selling price: $583,002
AVG LIST PRICE
AVG. SELLING PRICE
STONEY CREEK MOUNTAIN BUNGALOW
STONEY CREEK MOUNTAIN 2 STOREY HOUSE
CONDOS, CONDOMINIUMS in Stoney Creek:
Average list price for condos: $399,519
Average condominiums selling price: $402,420
AVG LIST PRICE
AVG SELLING PRICE
STONEY CREEK MOUNTAIN 2 STOREY FREEHOLD
STONEY CREEK CONDOMINIUMS TOWNHOUSES
DECEMBER 2017 STONEY CREEK & STONEY CREEK MOUNTAIN HOUSE PRICES:
DISTRICT (50)- UPPER STONEY CREEK OR STONEY CREEK MOUNTAIN-AVG PRICE $505,703
LOWER STONEY CREEK- AVG PRICE $517,008
2 STOREY TOWNHOUSES IN STONEY CREEK
CONDOS TOWNHOUSES IN STONEY CREEK
POPULAR RESIDENTIAL TYPE OF HOMES IN STONEY CREEK AND THEIR PRICES:
SEMIS SEMI DETACHED
MOST POPULAR STYLES OF HOMES IN STONEY CREEK AND THEIR PRICES IN 2017
2 STOREY HOMES
3 THINGS TO EXPECT IN STONEY CREEK HOUSING MARKET IN 2018:
1. Stoney Creek housing market was a strong Seller Market for a long time right now it is more like a balanced market. In 2018 we can see the same trends to continue. Buyers will take longer to purchase the property. Homes will stay longer on the market. It will be a balanced market and maybe even a buyers market. The number of sales may decrease in comparison to 2017 and the number of listings will increase.
2. We can expect some impact of the stress test that every buyers will have to pass on their mortgage application starting January 1st 2018. Banks will qualify the buyers based on whether they could still afford their monthly payments if interest rates were 2 per cent higher. This could allow fewer buyers to qualify for loans. This plus hike in the interest rate (Bank of Canada already hiked the interest rate by 0,25%) could bring prices of homes in Stoney Creek lower as sellers find fewer buyers be able to pay premium prices for their properties.
To qualify, buyers might have to lower their prices range by 15%-20% and consider different, cheaper neighbourhood.
3.We predict that house prices in Stoney Creek and Hamilton might slightly decline in 2018 however, it will not be a significant drop.
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