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HB NEWS HOUSING Continued from page 1 and downs of the market and .. I've never seen interest ri tes rise as quickly ne Hamilton. ‘Burlingt In attempts to rein in infla- tion, the BoC hiked interest fates by times since rch, after lowering it to re- cord levels at the start of the pandemi Sta: ti ing last November, average property prices in Hal- ton Region saw an upward trend of nearly $200, 000 until February, averaging around $1.5 million, before plummeting back to the current average of $1.2 million, according to the Toronto Regional Real Estate Board (TRREB) website. It ac- cumulates data for Halton mu- nicipalities. BoC increased the bench- mark interest rate by a full per- centage point to2.5 percen’™ last onth, impacting lending for tinge 1 Snes mortgages and lines of credit. This represents a 2.25 per cent come looking to qualify for a mortgage will be affected Tost y the rising interest rate: “The hike in interest rates on March 2 changed the market al- most right away," said Halton MARKET CAUSING PLENTY OF ANXIETY Luke Edwards/ Metroland Realtors Association of dernier ine President Lou Piriano is among those keeping a close eye on tl fluctuating housing market. Hills-area Royal LePage sales representative Betty D'Olivei- "The subsequent hikes slowed down the market even more and put the buyers in pause mode. Some buyers had to buy because they had sold in January/February so we still saw a decent number of sales in Marchand April but come May, buyers either felt the prices ere only going to further re- duce or their interest rates made it more difficult for them to secure the mortgage they wanted." Out of 1,073 new listings reg- istered in Halton Region in July 2021 and 1,167 in July 2022, 925 homes oixchanged hands last July as mpared to just 510 this year, ‘states TRREB's web- Halton Hills had 136 new homes listed in July with 57 sales, and 111 new listings with Car Price Place 93 sales i in July 2021. n's market offered 265 new listings with 114 sales in July as opposed to 257 new list- ings with 246 sales in July 2021. Oakville had 386 new listings in July with 162 houses sold, compared to379 stings and 323 s in July 2021. Burlington had similar trends with 380 new listings and 177 houses sold i jn in comparison to 326 n¢ listings and 263 houses sold i in july t think the general shortage 7 housing, immigration open- up and fear of further rate increases may motivate some buyers to buy while at the same time, some buyers may simply wait to see if the prices will con- Unue to go down," D'Oliveira Halton investor Amy Liang, who relied on rebuilding and selling homes for nearly 25 per cent of her income, says it is challenging to fin through the unprecedented market. "I'm anxious because I don't know what is going on. I don't want to spend ia mach money buying an house when the material costs (to re- build) have increased too," Li- ang said. “Last year, the market was really good but now I have to think if I can still make a profit." Liang said her bank loan ap- proval rate went up from near- ly 3.15 per cent last year to 4.8 per cent this month only to not hear a response to any of the of- fers she made. "It's a big difference," Liang said. After having tried to rent out properties, renovate and re- build, Liang is considering al- ternate ways of investing in re- al estate during its changing dynami ‘Aepsiny, | SIH YONEH- dl OUL | 2 Added | area Century 21 real: 8 ing homes because they need to 8 8 move." In July 2022, Halton's aver- age property prices were over $100,000 more than the average of $1.1 million in July 2021, ac- cording to TRREB. Averages, however, are nota direct comparison for all prop: erties, Piriano said. While median price (at which half the houses sell) of a Burlington house was $972,000 in July 2021 and $1.02 million in July 2022, the statistical average price of properties in the area is rela- tively higher, he added. "The average is being main- tained higher by the sales of more expensive properties," Piriano said. Gahunia said a market cor- rection was long overdue and several investors are choosing to pause acti ‘ivity w! while at the n't anticipate a market crash," Gahunia said. "I expect the market to dip down a little bit more with the next rate hike and Ithink September will real- ly decide how things are going to shape up in the near future." STORY BEHIND THE STO- RY: Amid Ontario's ongoing housing market volatility, we anted to examine the impact on real estate sales in Halton. Catch a Great Deal! Browse our inventory of vehicles by Body Style, popular Makes and Models, Province, popular Cities or by Price. Whatever path you choose, you will find the right car, in the right location, for the right price! € autocatch..n rarer