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  #641  
Old Posted Sep 13, 2016, 1:45 PM
thistleclub thistleclub is offline
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Greenbelt removal pushed again
(CATCH, Sept 5 2016)

The city is still pushing for lands to be removed from the Greenbelt and it is also opposing higher densities in new developments and greater intensification targets proposed by the province. It has submitted more than three dozen objections to the growth plan and Ontario foodland protection policies to a provincial review that concludes next month after nearly two years of public consultations.

Foodland protection advocates celebrated in May when the province released its draft changes to the Greenbelt boundaries without removing 104 hectares in lower Stoney Creek and 28 hectares in Waterdown that had been pushed by a majority of councillors. But there’s one more kick at the can before the revised Greenbelt Plan and Growth Plan for the Greater Golden Horseshoe are finalized so the city is trying again – and groups like Environment Hamilton are continuing to offer assistance to residents to keep pushing in the opposite direction.

The long list of recommendations sent to the province in mid-August by planning staff were only made public last week as the report heads to council for rubber-stamping.

In addition to pushing again for Greenbelt cuts, the city submission objects to anti-sprawl measures unveiled in the May provincial report to require more growth to be accommodated in the built up area, and substantially higher densities to be achieved for greenfield development. The new provincial rules would require cities ensure at least 60 percent of their new growth occurs inside the built-up area, while any development outside this area would need to accommodate a minimum of 80 persons per hectare in order to make it dense enough to support transit service.

“The City of Hamilton is not in a position to support the increase in the intensification target from 40% to 60%, the increase in the persons and jobs per hectare for greenfield areas from 50 pjh to 80 pjh, and the static built boundary,” declares the submission, “until such time as the province evaluates the impact on housing mix and demand in Hamilton”.



Read it in full here.
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  #642  
Old Posted Sep 13, 2016, 4:40 PM
NortheastWind NortheastWind is offline
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Paul Wilson: Home sweet home in the factory zone

There is no name for this dusty pocket of homes, just east of Kenilworth, just north of the tracks.

There are 20 houses here — eight on Beach Road, seven on Beatty, five on Roosevelt.

It's an island surrounded by industry.

But it would be wrong to think that no one wants to move to this part of town.

John and Kathy Foot had a place here for 30 years. But they did sell this summer. Home now is a two-acre property near Dunnville.

The Foot house at 532 Beach Rd. went on the market at $200,000. The first two offers were a little over asking. But neither prospective purchaser could persuade a bank to give them a mortgage.

Six more offers came in. Same story. Finally, the party that made the ninth offer was successful in getting a mortgage. The deal closed two weeks ago at $190,000.

The area is zoned industrial. You can't build a new house here.

When one offer after another was getting sabotaged, the Foots wanted help from Ward 4 Coun. Sam Merulla. After all, they figured, city zoning was causing the problem.

But Merulla says the zoning is an old story. What's new is increased home values, even deep in the factory zone, and it's taking banks a while to get used to that.

"They're saying, 'We're not sure if we want to finance that.' But nothing's changed from our end."

The councillor says he cares about this corner of his turf. One Saturday this past spring, on a ward tour, he drove down Beach and onto Beatty.

He decided he had never seen a sidewalk in such bad shape.

"I was disgusted … the people there don't complain, but they're paying taxes too."

So he dipped into the ward's area-rating fund, and Beatty Avenue got new sidewalks worth $52,000.

Phil Logan, 61, lives at 15 Beatty. He arrived 20 years ago from a highrise and isn't going anywhere. His daughter lives with him, and when he's gone the place is hers.

His front yard includes a big "I Am Canadian" banner and a fine flock of fibreglass Canada geese.

"A guy on the Mountain told me those geese would have been gone in a day up at his place," Phil says.

Across the street, Steve Perry, 47, lives in a house that's clearly cared for. He grew up around the corner. He's sorry there aren't as many children now. A school bus comes down Beach, but he takes his kids to French immersion.

Not long ago, just beyond his backyard, Lawson Lumber left and Posner Industries, the king of scrap metal, expanded right to his lot line. But Perry still does improvements to the house. "We've made it what we want it to be."

A couple of doors from the house the Foots just sold, Brian and Laurie Simpson say life is good in their two-bedroom brick bungalow, plum trees out back.

"We look after each other around here," Brian says. "It's that kind of neighbourhood."

Suddenly the air gets pungent. Brian says down the way they must be turning over the compostables. The contents of your green bin end up not far from here.

"Won't last long," Brian says.

In minutes the smell is gone. But there have been complaints, and the city is investigating.

At 8 Roosevelt Ave., Tom Sokoloski, 67, lives in the house where he grew up. There's a vast dirt marshalling yard at the end of the street, transports kicking up dust. He remembers when there were five industrial-league ball diamonds there.

He figures it could be time to move on. His small frame house is covered in old Insulbrick and the front porch has a serious sag.

"The place needs work," he admits, but thinks it might fetch $120,000 in today's hot market.

Still, it would be tough to leave.

"A lot of memories," he says. "My mother taught me to polka right here in the living room."
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  #643  
Old Posted Oct 28, 2016, 9:07 PM
thistleclub thistleclub is offline
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CMHC warns high house prices spreading to B.C., Ontario suburbs
(The Globe & Mail, Brent Jang, Oct. 26, 2016)

Canada’s housing agency is warning that prices are soaring in smaller communities in British Columbia and Ontario as the real estate boom in Vancouver and Toronto spreads deeper into the suburbs.

On Wednesday, Canada Mortgage and Housing Corp. confirmed its “red warning” for the country’s real estate market as a whole amid worries about rapidly rising prices in and around Vancouver and Toronto.

“We’re seeing the spreading of price pressures,” CMHC chief economist Bob Dugan said in an interview. “Our concern here is that the price acceleration is becoming more broad-based. It’s concentrated in communities that are close to Vancouver and Toronto.”.…

Under CMHC’s overall risk ratings of 15 metropolitan markets, Hamilton moved from moderate risk of problems (yellow warning) to strong (red warning). The problems include not just fast-rising prices, but overvaluation.


Read it in full here.


Q4 2016 CMHC Housing Market Assessment here.

Fall 2016 CMHC Housing Market Outlook here.
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  #644  
Old Posted Nov 4, 2016, 7:33 PM
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October Sales Strong; Inventory Remains Low

http://www.rahb.ca/2016/11/october-s...y-remains-low/

Some interesting stats.

Hamilton Mountain up from $335K to $437K year on year.
Hamilton East $253K to $353K year on year.
Dunnville $233K to $237K year on year.

That's crazy.
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  #645  
Old Posted Nov 4, 2016, 7:55 PM
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Berklon Berklon is offline
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100k increase in a year?
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  #646  
Old Posted Nov 5, 2016, 12:53 AM
bigguy1231 bigguy1231 is offline
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Originally Posted by Berklon View Post
100k increase in a year?
My house on the mountain has doubled in value in 4 years. In 2012 it was evaluated at 230k. A house similar to mine just down the street sold for 469k last weekend after being on the market for 2 days. They were asking 429k and got numerous offers. I should also add that the house had never been upgraded and had a tax assessment much lower than my house.

It's like the wild west in the real estate market here right now.
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  #647  
Old Posted Nov 5, 2016, 1:09 AM
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Berklon Berklon is offline
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Well I guess at this pace my house will be worth a million in a few years.

There are houses being built behind mine and the cheapest is going for 700k with a few going for over a million.
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  #648  
Old Posted Nov 5, 2016, 2:21 AM
eatboots eatboots is offline
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It's all about location though, not every house in the city is going up like crazy but the ones that are have been very dramatic.
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  #649  
Old Posted Nov 5, 2016, 9:20 PM
thistleclub thistleclub is offline
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It's also about the houses that go into the RAHB sample. A handful of expensive properties or bully-bid properties can bring up the average sale price for homes in a given area. (RAHB: "Average sale price is calculated by dividing the total dollar volume of sales (not shown) by the number of sales in that month.") There are around 57,000 households in Wards 6-8. In October 2016 there were 208 house sales on Hamilton Mountain.

There are obviously a lot of variables when talking about resales, in addition to which there is the influence of constrained supply ("Inventory Remains Low") in torquing prices dramatically.

It's not as cut-and-dried as the average cost of new builds, which is arguably a clearer-eyed view of the local housing market. But it does suggest that property speculation, never particularly kind to Hamilton, remains stronger than ever.

Hence the CHMC's red flags around property overvaluation.
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  #650  
Old Posted Nov 8, 2016, 8:39 PM
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Toronto Million-Dollar Homes Pushing Demand to Nearby Cities

http://www.bloomberg.com/news/articl...-nearby-cities

Toronto’s hot housing market is driving residents to seek more affordable options outside Canada’s largest city, pushing demand for new properties to new highs in these outlying towns.

Residential permits in Hamilton, a city of about 500,000 people an hour’s drive from Toronto, more than doubled to a record C$204 million ($153 million) in September, according to Statistics Canada. That’s the largest jump in more than six years for the area reliant on manufacturing and steel production. The value of permits in St. Catharines, in the wine-growing Niagara region, jumped to the second highest on record to C$66 million in the month.
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  #651  
Old Posted Nov 9, 2016, 8:03 PM
masterwhite masterwhite is offline
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I heard that Losani home's new Central Park dev sold out all detached houses with most houses going for $800 000 or more and townhomes going for $500 000.

Did anyone check out this development?
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  #652  
Old Posted Nov 12, 2016, 4:35 PM
tetris tetris is offline
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I bought a place off scenic drive in the San area in 2014 and it has gone up 200k. It's unbelievable to see this city transform.
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  #653  
Old Posted Nov 12, 2016, 8:07 PM
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^ I live not too far from that area and I purchased a house last year and already my house value is $100,000 more. A house went up for sale and sold by the end of the weekend and got full asking price. It's almost identical to mine and they paid $100,000 more than I did :-| That's just ONE year lol.

Though No Frills at Mohawk/Magnolia closed so I don't know if that will hurt house pricing. Though I heard a rumour FreshCo intends to take over.
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  #654  
Old Posted Nov 14, 2016, 3:04 PM
masterwhite masterwhite is offline
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Originally Posted by SteelTown View Post

Though No Frills at Mohawk/Magnolia closed so I don't know if that will hurt house pricing. Though I heard a rumour FreshCo intends to take over.
its will not hurt at all, speaking with many homeowner friends no one shops at nofills. Also most home buyers own cars and will drive to the store of their choice regardless of competitor in proximity.
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  #655  
Old Posted Jan 25, 2017, 6:06 PM
thistleclub thistleclub is offline
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When Toronto home prices rise 10%, Hamilton rises 14%: report
(CBC Hamilton, Kelly Bennett, Jan 24 2017)

For every 1 per cent increase in Toronto-area home prices, Hamilton sees a 1.4 per cent increase.

That's according to a new analysis released Tuesday morning by economists at the Canadian Mortgage and Housing Corporation.

Their report analyzed the rising home prices in the Greater Toronto Area and found that the increase since the recession in 2008 has been the steepest climb in 20 years. GTA prices are out of balance with the underlying economy – in other words, what people earn compared to what houses cost.

Those rising prices in the GTA have a "spillover effect" on nearby cities, with Hamilton seeing the biggest impact, CMHC said.

And so if GTA prices rise 10 per cent in one quarter, CMHC analysts would expect to see Hamilton prices rise 14 per cent in response in the year following that.

On the other hand, according to the report, if prices dropped 10 per cent in Toronto, Hamilton prices could see a decline of 14 per cent.


Read it in full here.
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  #656  
Old Posted Mar 5, 2017, 1:57 PM
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Market still red hot.

http://www.rahb.ca/2017/03/hot-market-continues/

Hot Market Continues
By RAHB
Friday, March 3rd, 2017

(March 3, 2017, Hamilton, Ontario) The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,311 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in February. Total property sales were 16.4 per cent higher than the same month last year and, for the second month in a row, set a new high for that month.

There were 1,496 properties listed in February, a decrease of 2.7 per cent compared to February of last year and 8.4 per cent lower than the 10-year average for new listings in the month.

“February’s sales were what we’d expect to see during the spring or fall markets, typically the busier times,” said RAHB CEO George O’Neill. “With the number of available properties down and record sales, we are left with a low inventory at the end of the month. In the residential market, there is less than one month of available properties right now. We continue to be deep into a seller’s market.”

Seasonally adjusted* sales of residential properties were 18.1 per cent higher than the same month last year, with the average sale price up 27.5 per cent for the month. Seasonally adjusted numbers of new listings were 2.5 per cent higher than February of 2016.

Last edited by drpgq; Mar 5, 2017 at 2:04 PM. Reason: Forgot link
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  #657  
Old Posted Mar 5, 2017, 7:32 PM
HillStreetBlues HillStreetBlues is offline
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Originally Posted by drpgq View Post
...Seasonally adjusted* sales of residential properties were 18.1 per cent higher than the same month last year, with the average sale price up 27.5 per cent for the month...
That is utterly unsustainable, and I really wonder what happens in Hamilton when the Canadian real estate bubble bursts. Other cities outside of the major ones are not experiencing these kinds of advances, and Hamilton does not have the same job market and income levels that the major cities do.

I will disclose that I have been expecting the Canadian real estate market generally to crash for about eight years now, and Hamilton specifically for six years (when I moved back there). It does have to happen eventually. What I wonder is if it will be appreciably worse for cities who had more rapid appreciation prior to the correction.
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  #658  
Old Posted Mar 5, 2017, 8:44 PM
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Originally Posted by HillStreetBlues View Post
That is utterly unsustainable, and I really wonder what happens in Hamilton when the Canadian real estate bubble bursts. Other cities outside of the major ones are not experiencing these kinds of advances, and Hamilton does not have the same job market and income levels that the major cities do.

I will disclose that I have been expecting the Canadian real estate market generally to crash for about eight years now, and Hamilton specifically for six years (when I moved back there). It does have to happen eventually. What I wonder is if it will be appreciably worse for cities who had more rapid appreciation prior to the correction.
agreed this isn't sustainable. Another year or 2 of 25% increases and nobody under the age of 30 will be able to afford anything.

somethings gotta give.
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  #659  
Old Posted Mar 5, 2017, 10:50 PM
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That's the thing - this was unsustainable for the last 8 years at least... and yet prices continue to climb and climb. I too thought this wasn't going to last. I've been proven wrong.

It all comes down to consumer mentality. Canadians want to put their money in housing regardless. The price continues to climb, so they'll either increase their debts or cut back on other things in order to pay for it. Canada has little innovation and Canadians are very risk averse - so they'll continue to "invest" their money with something as boring and "safe" as real estate.

Until that mentality changes, prices will keep increasing.

Fine by me. I'd like to retire early and selling my house for a modest gain will be one variable that could further help me achieve that.
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  #660  
Old Posted Mar 8, 2017, 1:53 PM
Zmonkey Zmonkey is offline
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Is there any report that just deals with the Hamilton condo market?
I am leasing mine out ever since I went to a house and want to get a feel where people think that market is going
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