According to a cross-Canada survey of over 750 Royal LePage real estate experts, a kitchen renovation is the clear upgrade of choice with the potential to boost a property's value by more than 12.5 per cent.1 Both ranking second, a finished basement or a new bathroom has the potential to increase a property's value between 2.5 per cent and 12.5 per cent, depending on the investment.
"To financially benefit from a home improvement project, you need to keep potential homebuyers in mind," said Tom Storey, real estate agent, Royal LePage Signature Realty. "While updating a kitchen should increase your sale price, a pool can actually deter families with young children or those who are looking for less maintenance."
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,257 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in June, 14.2 per cent fewer than the same month last year and 19.2 per cent fewer than the 10-year average for the month.
All property listings were 19 per cent lower than the same month last year, but 1.1 per cent higher than the 10-year average. Residential sales were 13.7 per cent lower than June of last year, with residential freehold sales 13.3 per cent lower and condominium sales 15.6 per cent lower than the same month last year.
“Having a more balanced market this year really showcases how busy the market was for the last few years,” says RAHB CEO George O’Neill. “Sales and listings are down from last year, but they’re being compared to a year impacted by government regulations. The regular spring market pattern has returned this year.”
Although the average residential sale price for June 2018 is lower compared to June 2017, prices have made healthy gains over the past five and 10 years.
There has been an increase in sales in some areas of our market, such as Hamilton West, Dundas, Grimsby and Dunnville. Some areas which were particularly active over the last few years, such as Hamilton East, Hamilton Centre and Burlington, are still experiencing fewer sales.
“The numbers show the fluctuations and distinct characteristics between our various communities,” adds O’Neill. “This is why a local RAHB REALTOR®’s professional advice is critical when buying and selling your property.”
*Average sale price is based on the total dollar volume of all properties sold through the RAHB MLS® System. Average sale price can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value.
Designer Orsi Panos gives a dated white melamine kitchen a fresh new look with shaker-style cabinets painted in soft grey, brass hardware and classic subway tile. See how she updated the existing island with an overhang for an eat-in feature, and how she created a countertop coffee station for the caffeine-loving family.
The OPUS Team works 99% on referrals - a tribute of our dedication to our clients. If you know anyone looking to buy or sell a property, we would really appreciate your referral.
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