My time as president of the REALTORS® Association of Hamilton-Burlington is coming to an end. One of the things I have tried to do during my term as president is to provide useful information to home buyers and home sellers through these messages.
As my last message, I would like to address two very different topics, but both important.
There has been speculation in various media about whether there is a housing bubble in Canada. What we mean by that is that due to various factors, prices rise and rise and rise and become inflated like a balloon or bubble of air, then pop and deflate dramatically. We have all watched what has happened in the American housing market.
I don’t want to comment on real estate markets in other areas, but I would like to say that there is no reason to believe that a housing bubble exists in our market area. Not only has the Hamilton area proven to have a stable market area over the years, it is the only area in Southwestern Ontario that is expected to show growth through 2012.
This point was made by the Canadian Mortgage and Housing Corporation (CMHC) at a recent meeting held in our area, at which they cited continued low interest rates until the end of 2012 or mid-2013 and strong jobs growth in our area as strong factors in their prediction.
It isn’t only CMHC who has predicted growth in our area. Earlier this year, the Real Estate Investment Network (REIN) named Hamilton the best place in Ontario and the third-best place in Canada in which to invest in real estate. This ranking was determined by considering population growth, major employers, infrastructure and pending major transportation improvements. Hamilton scored better than any other city in Ontario and near the top in Canada.
With good opportunities for job growth, good transportation corridors and low interest rates, Hamilton will continue to see a stable housing market and homes will continue to be a good financial investment.
Is there a housing bubble in Hamilton? I don’t think so.
My second point is about a misconception that exists about the website REALTOR.ca. Here is what I have heard: I have listed my home and it is on REALTOR.ca, so that means the information is in the hands of every REALTOR® across Canada. Right? Actually, no, that is not right.
REALTOR.ca is an advertising website with most of the properties listed by REALTORS® across Canada. It is only an advertising site; it is not an MLS® system. If you have listed your home with a REALTOR® in, say, Hamilton or Burlington, your property is listed on the REALTORS® Association of Hamilton-Burlington (RAHB) MLS® system. Your property may then be advertised on REALTOR.ca to give your property exposure across a much greater area, but no other MLS® system in Canada has a record of your listing – it is only on the RAHB MLS® system.
This is important information if you are thinking of listing your property with an out-of-town REALTOR®; unless he or she makes a point of also placing that listing on the RAHB MLS® system – that is known as “interboarding” – no member of the REALTORS® Association of Hamilton-Burlington will know your property is listed, even if it is advertised on REALTOR®.ca.
As a final note, further to my message last month about the various fund-raising events held by RAHB each year, our charity auction on November 17 raised $42,773 for the CHML/Y108 Children’s Fund. Thank you to all who came out to support this event and this wonderful cause.
Ann Forbes Arndt
2011 RAHB President