Local real estate market heats up as pandemic restrictions lift, shortage in homes being sold remains

By Mike Renzella

The Haldimand Press

HALDIMAND—The local real estate market is seeing a resurgence as COVID-19 restrictions continue to be rolled back throughout Ontario.

“The real estate market is increasing in   activity and so is the average price as the economy slowly reopens,” said Kathy Della-Nebbia, President of the Realtors Association of Hamilton-Burlington. “A delay in the spring market, which usually takes place earlier in the year, is also responsible for the influx of buyers and, to a lesser extent, sellers.”

“More people buy and sell in the spring to be somewhere in the summer. But it still has not filled the void of low inventory from the spring, there is still a shortage of available listings for the amount of buyers shopping. There are lots of competing offer situations now and sellers holding off on viewing offers to collect as many as they can,” said Thomas Flatt, Broker of Record for Coldwell Banker.

According to Della-Nebbia, the influx of buyers is outpacing the amount of homes available for sale in Haldimand County, creating a seller’s market. Even with the drastic reduction of sales in the early stages of the pandemic, the demand for housing has led to steady increases in pricing.

“The residential average sale price in Haldimand has fluctuated slightly between about $475,000 and $555,000 monthly throughout 2020 even with the pandemic. Compared to the 2019 average residential sale price, this represents about a 9-19% increase (depending upon the month). For example, the average residential sale price in June 2020 was $555,935, which was a 19% increase,” explained Della-Nebbia.

COVID-19 hit at the worst possible time for the real estate market, as spring is typically one of the busier times of the year. With restrictions in place, the number of new listings and sales dropped precipitously throughout March and April, but the rebound began in May with an increase in listings, followed by an increase of sales throughout June.

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