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New listings decline year-over-year

Hamilton, ON (March 2, 2023) – February closed out with 765 sales across the REALTORS® Association of Hamilton-Burlington (RAHB) market area, 37 per cent less than the same time the previous year. Much of the decline was felt in the higher end of the market as homes priced below $800,000 represented the majority of sales.

January brought price gains after 10 months of decline

Hamilton, ON (February 2, 2023) – Current inventory levels throughout the REALTORS® Association of Hamilton-Burlington (RAHB) market area are comparable to what we saw pre-pandemic. This is likely due to higher interest rates and a rise in new listings hitting the market. Inventory has increased across all price points, particularly the lower price ranges. The new year has shown an increase in sales of homes priced under $800,000 and supply options in that price range are better compared to last January. However, total home sales are down 26 per cent year over year.

Prices remain above 2021 levels

Hamilton, ON (January 4, 2023) – 2022 marked a year of adjustment in housing demand across the REALTORS® Association of Hamilton-Burlington (RAHB) market area as sales activity eased by 30 per cent over the near-record highs achieved in 2021. Rising lending rates, previous price gains and limited supply options weighed on potential purchasers. At the same time, new listings continued to grow in the region, but only for homes priced above $800,000. The pullback in sales was enough to support inventory gains across all price ranges by December. While inventories have nearly doubled, levels reported in 2022 are still nearly 20 per cent below long-term averages for the region. Moreover, supply levels remained well below typical levels for homes priced below $600,000.  

Pace of price adjustment is showing signs of slowing

Hamilton, ON (December 2, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 672 sales of residential properties across the RAHB market area through the Multiple Listing Service® (MLS®) System in November 2022. The number of sales were down by 13 per cent from October 2022 and down by 42 per cent compared to November 2021. There were 1,248 new listings in November 2022, which was down 21 per cent from October 2022, and compared to November 2021, there was an increase in listings of nearly two per cent. The benchmark price* for residential properties across the RAHB market area was $830,900, down 0.7 per cent from October 2022, and down nine per cent compared to November 2021. There were 3.2 months of inventory** in November 2022, compared to 3.1 months in October 2022. 

October benchmark prices 40 per cent higher than 2019 levels

Hamilton, ON (November 2, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 756 sales in October, similar to levels reported last month. While sales are below the ten-year average, new listings levels are higher than last year and support more balanced conditions when measured against sales. The adjustments in sales relative to new listings have caused inventory levels to rise from record lows, but inventories remain well below record highs.

Supply levels returning to pre-pandemic levels

Hamilton, ON (October 5, 2022) – Sales eased across all property types and regions in September, contributing to the lowest September sales since 2010.

“Significant gains in lending rates impacting affordability and concern regarding a housing correction has dampened consumer confidence. This is contributing to the decline in sales seen throughout our market,” says Lou Piriano, President of the REALTORS® Association of Hamilton-Burlington (RAHB). 

Hamilton, ON (September 2, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 906 sales of residential properties within the RAHB market area through the Multiple Listing Service® (MLS®) System in August 2022. The number of sales were up by 11.7 per cent from July 2022 and down by 24.2 per cent compared to August 2021. There were 1,641 new listings in August 2022, which was down 8 per cent from July 2022, and compared to August 2021, there was an increase in listings of 20 per cent. The average sale price for residential properties across the RAHB market area was $858,405, down 2.3 per cent from July 2022, and up 2 per cent compared to August 2021. There were 2.6 months of inventory* in August 2022 compared to 3.1 months in July 2022.