On this week's Hamilton edition of The Golfi Real Estate Show, Rob Golfi and CHML host Rick Zamperin talk about an Ottawa couple bidding $400,000 over asking and still losing, calls asking to end blind bidding to help cool the housing market, how the rapid increase in home prices have put buyers in a bind with appraisals, and a renewed push to allow lane-way houses and other additions.
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The Golfi Team RE/MAX serves Hamilton, Halton, Niagara, and surrounding regions (See List of Service Areas below). Check out the Golfi TV YouTube Channel Videos. You will find videos related to the Real Estate Industry including new home listings. You will find industry tips and fun community features as well. Call 905-575-7700 for all your Real Estate Needs!
Thank you for watching. Please like, comment, and subscribe! And remember, Golfi Gets It Sold!
On this week's Hamilton edition of The Golfi Real Estate Show, Rob Golfi and CHML host Rick Zamperin talk about an Ottawa couple bidding $400,000 over asking and still losing, calls asking to end blind bidding to help cool the housing market, how the rapid increase in home prices have put buyers in a bind with appraisals, and a renewed push to allow lane-way houses and other additions.
DON’T FORGET TO FOLLOW US FOR DAILY UPDATES AND SUBSCRIBE TO OUR YOUTUBE CHANNEL! :
Instagram: http://instagram.com/GolfiTeam
Facebook: https://www.facebook.com/RobGolfi
Twitter: http://twitter.com/RobGolfi
Website: http://robgolfi.com
-----
The Golfi Team RE/MAX serves Hamilton, Halton, Niagara, and surrounding regions (See List of Service Areas below). Check out the Golfi TV YouTube Channel Videos. You will find videos related to the Real Estate Industry including new home listings. You will find industry tips and fun community features as well. Call 905-575-7700 for all your Real Estate Needs!
Thank you for watching. Please like, comment, and subscribe! And remember, Golfi Gets It Sold!
good morning, Hamilton. This is Rob Golfi with Remax, the Golfi team. Welcome to the Golfi real estate show. Hamilton edition. Co-hosting with me is Rick Zambrano. Good morning. It's another Saturday. We're kind of a. No scratching our eyeballs waking up this morning. And we're waking up to more incredible news in the real estate market that we're going to dive into in terms of higher prices, more sales, moral listings, crazy numbers that we'll get to.
As I said, in a matter of minutes, don't forget for the hottest listings in Hamilton and Burlington. Go to Rob Golfi.com. That's Rob G O L F i.com. You can follow them on Instagram, Facebook, and Twitter, and be sure to call Hamilton and Burlington's number one Remax team in volume and unit sales. The phone number is (905) 575-7700.
That's nine Oh five five seven five seven seven. Zero zero. If you have a question for the Golfi team, we love listener, email, send the golf team and email questions. Golfi.com. Again, that's questions@robGolfi.com. Rob, we are back into it. State of emergency a stay at home order in Ontario. It seems like we're almost back to square one.
So it's almost the case of deja VU. It's almost it's it's it's history repeating itself. And I know Doug Ford is trying to get everybody to stay home on the last I guess the original shut down that I guess he said was it a week ago or two weeks ago? So everybody, I think just kept running the same way as they were doing it, say, okay, whatever, we're just, okay, we're just going to keep going along.
The traffic on the highway was the same. People are still going to malls and people were still doing everything. And so that didn't curve the the situation so on I guess Wednesday, he Indicated that there's going to be a real, this is like being serious. I mean, he was serious all the time, but serious the shutdown and so people are taking it a little more seriously on this one because we really don't want to go into the summer you know, with a shutdown because, you know, it's tough enough to go through you know, short summers in Ontario.
Now we have to, you know, not be able to go out again and. And and do what we want. So so anyway we'll see what happens with the real estate market in April, but we got the staff. Yes. Let's dive in. We're in March. Let's dive into them. They're they're incredible. We'll start at the Hamilton. I get, well, before we get into the nitty gritty numbers, let me.
Let me give her a listener as like the overall Hamilton Burlington. This is the stats from the realtors association of Hamilton. Burlington's overall 2074 sales in March. That's up 63% from last month, 73% since March of last year. New listings up 65% since last month, up 53% compared to last March, the average price for residential properties.
And again, this is Hamilton and Burlington smushed together $872,000 in change. That's up 3% from February and up. 32% from March of 2020 Ram president Donna Bocker saying quote with the spring housing market upon us and the vaccine rollout ramping up, it appears more homeowners are feeling comfortable listing their home.
And we have started to observe an upturn if of active listing. So there's the supply and demand kind of issue might be evening out a little bit more with more listings on board, but that really hasn't impacted the prices. No, it hasn't even though we'd had more listings last year sorry. More listings this year in March than last year, just because of the fact that when the pandemic hit middle of March, obviously a lot of people that were planning on selling their home stopped.
So. We're really basing our numbers. What the average sell price was at the first two weeks or three weeks of March of last year versus the full month of March this year, because I mean, houses were still selling. People were still, you know selling their houses, but but that was a year ago and it's just gone in insanely crazy year over year with our numbers are.
So we have stats for a Hamilton Holton Brant, Niagara GTA. We'll start in Hamilton. So we'll just go through the sales right now, 2020 and then 2021. So when an Castro's 72 sales in March of 2020, compared to 100 last month done DAS. Up from 30 to 45 Flamborough 26 to 37 year-over-year Glenbrook saw a 68% increase.
50 homes sold in March of 20, 20, 84 last month. Here's where the numbers really kind of start to skyrocket Hamilton center, 96 sales. In March of 20 2155 last month, that's up 61% Hamilton, East 75 sales in March of 20 2147 in Hamilton East last month. That's a spike of 96%. The Hamilton mountain 293 homes were sold last month.
That is absolutely incredible. A 68% increase. For March of 2021, 174 homes were sold Hamilton West 138% 49 homes sold in March of 20 2117. Last month. Stony Creek is on fire 241 homes sold last month compared to one 43. And in Waterdown 118% increase from March to March, 2020 to 20 2138 to 83 homes sold.
Last month, every segment of Hamilton in terms of sales up March to March. Absolutely. And I think the lowest increase was 38% and the highest was 113%, 130 138 to Hamilton and the Hamilton West. Incredible ish. And now, okay. Now we're going to look at the prices and here's, especially if you're a first time home buyer, it's kind of scary because you're looking at these prices thinking, how am I going to get in the lowest price in all the areas of enlisted and castor Hamilton center, the mountain East West Stony Creek, the lowest price, the lowest average price, $604,000 in Hamilton center.
Okay. In March of 2021 the highest is Flamborough 1.3 million followed closely by Ann caster. At $1.1 million up 47% from March of 2020. How can people afford? Did anybody get a wage increase of 27, 30 and 40% in the last year? I don't know. No, I did not. I did not. Yeah. Average for in, in Hamilton center, 604,000 Hamilton, East six 23, Hamilton West six 92, the mountain seven 37 Stony Creek eight 40 and Castro mentioned 1.1, all, all increase the lowest increases in Dundess it just 11%.
It went from 822,000 to 915, the highest increase, 51% in Flamborough. And I, I know that could be skewed by, you know, those large properties or, you know, those huge priced homes. But again, the, the, the year real price change, more sales, higher prices. The trend continues. The trend continues. It's incredible, but I, I, I think that right now, things are cooling just a bit, but the prices are still strong.
There's less offers happening on multiple opera situation. So, but again, you know, housing prices are. Are are, are moving along and there is more inventory coming into place as we talk today. But March incredible, incredible month like, like, like I can't believe an caster, 1 million, 142,000 average sale price and a Burlington.
I think it's actually surpass Burlington. Yeah, but Castro has surpassed Burlington average sale price. So there you go. I mean, a lot of people even getting away from the Burlington area want to come to the Hamilton in surrounding areas. Yeah. To, you know, to, to migrate here and, and enjoy life. I guess they want something a little simpler.
And before we were considered you know, on the other side of the Skyway bridge and nobody would want to, you know, they just pass through and look over the Skyway bridge, but never stop in. But. They're stopping in. Yeah. Average price in March of 2029, castor was 774,000. As I mentioned now, 1.14 million in Burlington in March of 2020, the average price was $840,000.
It's now 1.08, $8 million. And my guess is a lot of the GTA buyers are saying, listen, I don't have to go to work. I don't have to do the commute. You know, Burlington's already at a million, let's go to Ann caster and they've pushed the price higher than Burlington. Is that an accurate kind of scenario?
Absolutely. People are going back where they're coming from, where they were born and raised a lot of them. So if you get a lot of people that were born and raised in Hamilton, and if they got some money they're going to, you know, pick areas of You know, like an caster and and that's becoming a big boom in hotspot for out of town buyers and also local buyers.
So you've got a combination of both. So you know, you've got the local, you know, business people that have some wealth and there, and they're, and they're moving to Ann caster and now what's happening also is they're buying. Old homes, old bungalows on big lots, tearing them down and, and building these big mansions on there.
There's a lot of luxury homes being sold in in an Castro right now. And it looks like the ripple effect continues, you know, with the GTA buyers coming into Hamilton, Burlington and caster, a lot of the Hamilton. Residents or home buyers are being outbid. So they're looking to other areas. One of those areas would be brand County and Branford in particular.
And we're seeing price spikes there as well. Yeah. Price spikes, especially in Branford. Last year in March, the average sale price was 461,000. 545. Now they've got a spike of 37% of March of this year, $631,225. So, so they like everywhere, everywhere outside of the GTA has huge growth. So you just put a.in the, in the GTA and just, just go either way 45 minutes to an hour drive.
And that's where the heavy, heavy increases of real estate, you know, we're, if you go up North Berry and surrounding areas, you go, I guess, East or West you got Kitchener, Waterloo, and then you come down West into Hamilton Niagara everywhere. It has increased outside the GTA. So in, in really what's happening is people are leaving.
They're coming this way and they're driving the prices up and they are, they are driving the prices up and they're making it tough for the local, a young person that wants to buy a house too tough to buy a house. We'll talk about higher prices in Niagara as well, and a lot more sales in the Niagara region.
And we'll dip into what's happened in the GTA over the last year. And we'll also get to a question about sold conditional. What does that mean? And how does it work? Well, let's talk about blind bidding as well, and there's some calls to end that practice that at a whole lot more. Still to come here on the Gulf, the real estate show Hamilton edition on 900.
CHML all right. We got 16 minutes. Welcome back. This is the Golfi real estate show Hamilton addition on 900. CHML. My name is Rick Fran. Rob Golfi sales representative with Remax is Cartman Realty. The golf team also with us today, the website you want to go to, if you are in the market to buy a home or sell your home.
Rob Golfi.com. That's the website to go to that's Rob G O L F i.com. Call Hamilton and Burlington's number one Remax team in volume and unit sales. The phone number is nine Oh five five seven five. 7,700 that's (905) 575-7700. Don't forget golf. It gets it sold and they do it in a safe manner during the pandemic follow the golf team all over social media, whether it's Facebook, Twitter, or Instagram, we're talking about a lot of interesting topics today.
We'll get to a more market numbers in the Hamilton, Burlington, and Niagara area. And while it's going to talk about how long does a home stay on sold conditional for? Okay. And there are more and more calls to end blind bidding in real estate. We'll talk about what blind bidding is and how that works, but back to the numbers, if you missed our first segment, the numbers from March to March 20, 20 to 2021, absolutely skyrocket skyrocketing in terms of sales and the average price in Hamilton.
We talked about Burlington being out Brant County, Niagara, the numbers in Agra are absolutely tremendous as well. There's a few numbers that stick out to me, including 204. That's the number of homes sold in Niagara falls last month that compares to 97 in March of 2020. That's an increase of 110%.
Another number that sticks out to me as well. And 100, 1% in terms of the number of sales. Month to month, or at least from March to March 68 in 2020 compared to 137 last month. And the last stat that really screams out Holy cow to me is Fonthill penname Pelham, sir. I mean 229% change in terms of the number of sales 17 homes sold in March of 20, 20, 56 and 2021.
That's absolutely outstanding. It's incredible. It's unbelievable. And the funny thing is, Rick, I'll tell you something two years ago. I would tell you like, if people called us and said they wanted to sell their house in 40 right. Whelan, and we'd be like, okay, you have to list at the price that we suggest.
Otherwise we're not interested because it would take so long to sell those houses and, and people in Fort Erie. Like it, it just the days on market, if you go back two years ago, days on market. Was just like, like 120 to six months. It's like 180 days. It just took forever. And the house prices there went up, like they creepy crawl, like just like, you know, 2% this year, next year it'd be another three or 4%.
It was just, just slow agony. And then, but now. It became Welland in Fort Erie became one of the hotspots of Niagara because housing prices were so low out there that everybody just, just went that way. And and it's, it's increased quite a bit, like, like, look at. Well, I'm telling you, I should have brought the numbers out for Fort eerie two years ago.
Like last year in 40 Erie, 468,000 was the average sale price on March this year, 661,000 and actually 660, 2000 and well, and same thing with the Fort Erie has gone up quite a bit. And then, you know, and people are buying cottages and people are buying there, go there. People are looking. We're lifestyle now.
And in Whelan last year, 417,000, this year, 560, almost 561,000. So 34, 34% increase. They're just incredible. Some of the, like the markets where the average sale price was just low, they just. Just picked up speed steam and Alasta in the past year, Phil Golfi has, I think one of the more famous quotes on this show when he said, you know, you just keep driving down the QEW until you can afford something, right.
Drive, drive, drive. You can afford it. Yeah, exactly. Yeah. There's, there's a part of Niagara where, you know, you pass Hamilton, you get to Niagara. Like Grimsby at 850, 2000 or even, you know places like welding that are five 60 and you're thinking, wow, for the value of the home, I might just turn around and go back to Hamilton.
No kidding. No kidding. It's just incredible. Like, like we've never seen this kind of I mean, we did see a little, see this in a, in an 18 month period from 2016, especially in this second, 2016 and half of 2017. And but. This it's been a long stretch of solid, strong growth of appreciation of real estate.
And it, and it really started in the summer, late summer of of last year. And we had one somebody that we sold a house. In on the Agora falls. And I think it's still for like 450,000 in December. Okay. Busy street and everything. So the people that bought it they kind of had regrets buying it because of the location.
I guess the realtor saw that, Hey, this, you know, I'll, I'll buy this and it's a good deal. I'll take it off your hands. You don't have to worry about it. So he bought it and he flipped it. He flipped it. He made a hundred thousand dollars. In February, you sold it. So, so that shows you how much of a market change just happened in two to three months.
So you don't know, like you don't know, but, but here's another thing it could have gone the other way. We don't know that we don't know that, so it could have gone the other way. And then we, you know, then it'd be disappointing for the sellers or even the buyers that bought. And then now the seller, the buyers coming up the pipe say, Hey, Thank God.
There's we have some relief. We can start buying some houses again, but definitely markets have changed month to month right now. And and I think there is a little bit of a cool-down because there's only so far it can go up. Okay. You know, there's only so much. You know that it can go to a point where people can't afford it anymore and we're getting close to it right now.
So I don't say they're going to come down, but I think it's going to level off for sure. Yeah. And, you know, because these numbers are so astronomical, you know, odds are by that, by this time next year, you know, we're going to be talking about the declines because you know, these numbers are so high. And to that end, you know, the Toronto regional real estate board basically said you know, we, we smashed a record in March of 2021, 14,900 homes were sold last month.
Absolutely obliterating March of 2020 when just over 7,600 homes sold that's a 95% increase, average price in the GTA going up 23% from $897,000 to 1.1, 1 million. And that's one of, that's one of the big reasons why all these other numbers are so high as well because people in the GTA are selling their homes for so much.
They're looking at the value in, you know, Ann caster, Hamilton East, the mountain, Stony Creek you know, Burlington, Grimsby, Niagara falls, they're cashing in or cashing out and you know, buying up these properties for an inflated price. Oh, absolutely. And and it's just, it's incredible. Like, and Niagara falls is one of the is a big hotspot right now.
A lot of people are, you know, are moving there and and it's just, it's just driving prices up. It's becoming tough the best, you know what I mean? It, you don't know what to do. It's just, just the way it is. And and it'll, it'll eventually stop. And then, you know, and then like, we'll go on average price of the Niagara falls, $622,000.
Another stat that jumps out to me as well is average days on market in Hamilton March 20, 20 to 2021. You know, you were waiting basically 22 days to sell a home in Hamilton the last month, 12 days. In Burlington. It was 12 days in March of 2020 that even went down to nine and a half days. So not only your homes, more homes are selling, they're selling for a higher price and they're being scooped up in record amount of time.
Well, and the only reason that if it's 12 days Rick is because they're holding offers. So the host gets listed, let's say on the first, and they're saying, Oh, we're holding offers till the 10th day of the month. And then so basically if they didn't hold offers, The average days on market would be probably three or four days, but because all offers are being held and people are waiting, and that's the only reason it's 12 days I'm telling you that that would change.
That number would change if they weren't holding offers, it'd be, they'd be every one of them would have two days, one day, three days, if that's the difference. And that's the only reason I got 12 days on the market in saying that is that the lowest number you've ever seen? Yeah, I that's, it is the lowest number.
I don't think I've ever seen that. Look at Burlington nine and a half days on the market. That's incredible. And it's just because they're holding offers otherwise it would be two, three days. You would see one day, you know, so it's it's, it's, it's bad. Market's moving fast and new listings as well. So in Burlington, it went from 423 in March of 2020 to 597 last month.
And in Hamilton just over a thousand in March of 20, 20 to 1700 last month, is that 1700 more of a normal number or is that also a little high? You know what that is? More of a, it is, it is a little high, but the thing is, it's funny how we got way more listings and it's still record numbers in sale prices.
So it shows you there's a lot of buyers out there, still in the marketplace, but and, and I'm looking at the numbers and now, now it's kind of hard to gauge the month of March. Okay. Now the month of March, we've got. To like the spring market was just kicking in gear. Things were going strong, things were picking up steam and then we have the shutdown.
So I'm sure like the average sale price is pretty accurate. Like it's not construed because of the shutdown, because things were going strong. And then if some people didn't put their house on the market, people, some people did, a lot of people still did. April is the number that we really got to gauge.
You're going to see. Crazy numbers in April, because April was also full month of shutdown in April this year. Well we almost got a full month of down, but it's going to be different. We, we we've adapted to this Lake. We we've we w this, well, this is normal for us now. And so those are the real numbers that we'll see in may when we talk about that.
But this here in the month of March, just, you know, the average sale price is just gone up incredibly. So. I don't know what to tell you. It's just, but it will cool down everybody. So buyers out there just you know, it'll, it'll, it'll stop, but don't stop buying cars, you know? Cause I don't know, I'm just giving my intake take on this.
I don't know how long it's going to keep going, but. Just by and eventually it'll stop. You are a home seller out there thinking about to putting your home on the market. You got to call the golf team. Remember golf. He gets it sold. Call Hamilton and Burlington's number one Remax team in volume and unit sales.
(905) 575-7700. Online@robGolfi.com. That's Rob G O L F i.com. Got a question about salt, conditional. How long does a home stay on sold conditional for, you know what? It depends on the condition. So if it's conditional on sale of property, which you don't see too much up, but more in the higher end homes, because there's less buyers in that price point.
On a, if somebody's waiting for a house to sell, usually we give them 30 days in this market, 30 days to get their house sold. If they don't sell their house in 30 days, they're obviously overpriced. Secondly if it's conditional on financing and home inspection, which is very rare now in this market to have that condition, usually it's conditional for five to 10 banking gate.
So during those five to 10 banking days somebody can still come in and put in, put in an offer, a backup offer, and basically what they would say. You know, you still negotiate a new price and this and that, and it could be the same price. It could be higher than the previous price, but it's it on there it's conditional upon being released from a prior agreement of purchase and sale, meaning that the first offer feedback.
So the second offer kicks in, you still can put an offer in. And so it, it, it, it, sometimes it's good to do that just because of the fact that that if the first offer You know, bails out. You're there right away. You're in there, you're in there. And and, and you've got the spot instead of waiting for that thing to come back on the market.
Then again, you've got to deal with another 10, 20, 30, or 40 buyers looking at it. A lot of times when you're dealing in multiple offers, if there's no check, no, no a bank draft or check given what the offer. Sometimes it's good to accept a second offer again, you put on that offer. Conditional upon being released from a prior agreement, prior agreement, a purchase and sale in case the first offer the people get pirates remorse, don't bring the the bank draft or anything.
Sometimes it's good to get the to get the second opera accepted the same night. As you have your multiple oppor situation happening on a home. So you can put an offer in, on a house that has a condition on it. It's probably a 20% chance of you getting it. If the people back out of it and let's say a home inspection fails now, if there is a home inspection on the house and the the seller, you know, that buyer, the first buyer says, I don't want it because we got issues.
Now that realtor that's representing the seller has to disclose any deficiencies if you know, depending on the, on the home inspector. And so you kind of take a look at that and say, Whoa, we didn't know that, you know, this house had these problems. So now. Anybody else that's looking at that property. You have to disclose any deficiencies.
It's just, that's what you gotta do. So, so having a home inspection and not going forward, the next, the next buyer should know what's going on with that house. Interesting stuff. We've got just over a minute to talk about these Ottawa. Couple who bid. $400,000 over asking for a single family home in that city and still lost out on the home.
It sold for 1.2, $5 million into the perspective home buyer said it has been actually really disappointing and really deflating and that you kind of take breaks, right? But in taking breaks, the market keeps skyrocketing and we're seeing that as certainly in Hamilton, a and Burlington, average price in Ottawa, just over $700,000.
And one of the real estate agents in Ottawa from Remax we're always seeing the next to them on the streets break a record. And that certainly has to be deflating. For the next home buyer, because now they're moving onto another street or a number, another neighborhood or another community. And that's certainly has to be deflating.
We'll get into a, one of the causes of a home prices going up and that's blind bidding. And there's a call to end that practice. We'll talk about what it is and what the ramifications would be. If it did end. When we come back here on the Golfi real estate show Hamilton edition on 900 CHML. All right, we got six minutes.
You are listening to the Golfi real estate show Hamilton addition on 900 CHML Roxanne Brin in our studio here at eight 75 main street West, just down the road at a one. Mark Lind is Rob Golfi sales representative with Remax is Garmin Realty. The Golfi team call Hamilton and Burlington's number one Remax team in volume and unit sales.
The phone number is not Oh five five seven five 7,700. That's (905) 575-7700. If you want to put your home up for sale in this red hot market, you've got to call the Golfi team head online to RobGolfi.com. That's Rob G O L F i.com and follow the Golfi team on Twitter, Facebook, and Instagram. Before we get into blind bidding.
Before the break, we talked about that Ottawa couple, that bid $400,000 over asking on a single family home in the nation's Capitol and lost out on it. That's, that's an incredible amount of money to bid over asking and still not get it. It is. And you know, it's hard, like there's so many bids, 400,000 and still doesn't get it.
What, what the heck happened there and that person that bid 400,000. I thought they had it, for sure. He said, there's no way anybody's going to bid over 400 and somebody did. And it's, it's crazy. And sometimes I'll tell ya, I'll tell you, Rick, sometimes people the next best offer, let's say somebody offers 400,000 over asking the next best one was 200,000.
There's a 200,000 down $200,000 gap between the second best. And the, and the best offer sometimes happens. And but anyway, but yeah, like it's just incredible. And people have people that, that person that bid over 400,000 and didn't get it. Do you don't know disappointing? They are. Do you don't do you know how beat up they are?
They probably put offers in on 10 other houses prior to that. And this is probably the one they said we can't lose this one. This is our favorite. We love this one. And they went in aggressive and hard and they still didn't get it. Incredible. Just incredible. It's mind boggling. $400,000 can get you a home.
You can get your home in, in certain parts of this in ninth grade. I mean, and to go 400,000 over asking and still not get the house that you want is, wow. That's crazy. It is, it is. And just that's the way the market's going. Yeah. Great segue into our topic about blind bidding. There is a call to end blind bidding from some real estate experts, and some would be home buyers who are certainly frustrated with losing out on homes.
And they're saying if we end blind bidding, it can cool off what they're calling an unsustainable. Housing markets. So explain how blind bidding works. So blind bidding is when, okay, so we have a house for sale. We're holding offers. Let's say the house is up for sale on Monday. We're holding offers till Friday.
So Friday everybody puts their best price. And so it's a field bid and everybody comes in with their offer. So what happens is you've got 10 offers and obviously you take. The highest bid with you know, with no conditions, that's a blind bit and nobody knows what the other person fit. Nobody knows.
And sometimes there is a big difference between, like I said, just earlier between the first highest bid and the second. Highest bit, it could be a difference of 50,000. Sometimes it could be a bit difference, a hundred like this, you know, it just it's sometimes there's so huge of a difference. And, and that's what I think they're trying to stop from happening because of that gap because people are overpaying ridiculously to their houses and, and it maybe, and it should have been just maybe five or 5,000 or 2000 over the next guy.
Not. 50,000. And that's what they're trying to stop with blind bidding. They want to do a an auction situation where basically everybody shows up and basically here's the starting price who's willing to go higher. So some guy bids, a 50,000 higher, the next guy bids. Okay. I'm going to go 52,000 53.
So maybe the highest bid would be 60,000. Not a hundred thousand. So there, that's how they control the market by cooling it off, which is, which I think is a good idea. But I, but when you create one thing, when you change something and you create something else, then you've got other problems. And I don't know that.
And I think who was it? Was it Australia that does that? I was reading. It was in Australia. That's how they do their bidding Wars, which, which I think is good for the buyers. Sellers. Don't like it as much, but I mean, but that's how you control the market. That's how you cool it down. And, and not, not make it go up so much in, in, in value because like, like, like, like we sold a back split on the West mountain for almost 800,000.
That's a lot of money for a pack split and a, and the back split is like, You know built 19 in the seventies and it needs to be updated skill. So how do you, you know, like it'll stop, it'll stop. Things like that. It is an interesting topic and I do have one more question regarding blind bidding.
When we come back here on the Golfi real estate show, Hamilton edition on 900 CHML all right. Last one in six minutes. And one more go round here on the golf. The real estate show Hamilton addition on 900 CHML Roxanne prin along the line is Rob Golfi sales representative with Remax is Guttman Realty.
The Golfi team. You can find them online@robGolfi.com. That's Rob G O L F i.com. You want to get your listing on that website? So call Hamilton and Burlington's number one Remax team in volume and unit sales, not Oh five five seven, five 7,700. That's (905) 575-7700. Follow the golf team on Instagram, Facebook, and Twitter as well.
If you have a question or a topic idea for a future program, email the Golfi team questions@robGolfi.com. That's questions@robGolfi.com. Just before the break, we were talking about blind bidding and one scenario that some of these real estate experts are, are trying to project to slow things down in the market is.
Tax the profits on home sales would that make any impact? Absolutely. It would really crash the the real estate market. It would slow it right down to like 10 miles an hour, 10 kilometers an hour, or whatever. Think about this. People are moving they're up, they're upgrading their houses and and there, and there.
You know, like they're moving, moving up, we're moving down. So it'll slow people from downsizing say, well, you know what? I have to pay tax to downsize. Forget. I'll just stay where I am. I'll just put a lift chair on the staircase and that's, it I'll live there. And because they don't want to pay taxes. Can you imagine the people that like bought their houses?
50 years ago, seniors that bought their houses 50 years ago for 15,000. Now they're selling them for 600,000. And how much are they going to pay? Like, you know, much tax that would be on, on houses like that? It would, it would, I think it would hurt the economy dramatically. If they did that. Now, what happens is.
Lots of people refinance their houses. So let's say you buy your house at, at 200,000. Now your house is worth 500,000. You take out another 200,000 to do renovations, pay your bills off, whatever, whatever you do. So you've got 400, let's say you got a $400,000 mortgage and you got a a $500,000 price of a, a value of a house.
If you sell it, we're going to attach you based on. What you paid for it to what you sold it. Meanwhile, you got to pay tax on money that you borrowed already on, on your mortgage. People were going to be in trouble. When people cash out, they're going to be in trouble. They can't even afford the next house.
They will not be able to afford it. They brought this to the table, they're bringing it to the news. They're scaring people. If they pass this, I would be surprised. They, I know in the U S they get the write off their mortgages, but they do pay taxes on when they sell. I don't know what their tax bracket is in the U S I don't know if it's 10%, 25% or whatever when they sell their house.
But that's how it is in the U S I don't know, like we're shifting, if we shift this way is going to change things dramatically. You're going to see a 50% less people moving. The economy will come down because a lot of that's people buying and selling houses is driven by people renovating and doing stuff, landscaping and everything else.
So I don't know if that'll come. Come to I I'd be surprised if they pass that. We've got a couple of minutes in the show. Hamilton is discussing ways to make it easier to allow laneway houses and other additions. So if you want to, you know, turn your basement into an apartment, or maybe you're a detached garage into like a mini home.
The city is trying to make it easier for people to do that. Is it tough to do right now? I guess? You know what? I think it's a great idea. There's a lot of people, especially in the downtown core, there's a laneway behind him. They access their garage, or they've got this big garage in the back and they, they, and they just use it for junk or whatever.
If they can convert that into a living space, it's going to cost them money. There's no doubt about it, but it's going to increase values of their properties. Think about it. You got a nice little. You know, 600 square foot studio in the, in, in your backyard that your in-laws can stay or you can rent out and help pay for the mortgage on your house.
I think it's a great idea. I really truly think that the city of Hamilton will pass this. And it just depends. Every, every house is different. I mean, I had a guy trying to sell his garage a garage. Like he didn't own the house, but he owns this big garage. Now, if you can do that, I would tear down that garage, build a nice, you know, studio apartment there, and, and you're all set.
You just got to hook up sewers and everything. So there's a lot of, it's going to be expensive for anybody who wants to do that. I mean, they have to put plumbing and everything else in there, so they got to dig up the ground. But definitely, I think it's a great idea. They need to do it. Just, it it'll keep the population strong and in the heavy, in the in the downtown cores and it'll, it'll be good for businesses and everything else.
Once again, if you're thinking about selling your home, go online to Rob Golfi.com and call Hamilton and Burlington's number one Remax team in volume and unit sales, not five seven, five 7,700 Rob. Thanks again for another fantastic show. And thank you for listening to the Golfi real estate show Hamilton edition.
We're back next Saturday at nine on 900. CHML nicely done. Good show. Right? Good topics.