House prices down in Hamilton as more homes hit the market
Published November 2, 2023 at 11:26 am
While housing is by no means cheap in Hamilton, the rapid year-over-year price increases observed in the market appear to have stalled and house prices are in line with what was seen this time last year.
According to the Realtors Association of Hamilton-Burlington (RAHB), the average house price in Hamilton (all home types combined) hit $789,040 last month–down 0.1 per cent from October 2022. The benchmark price in the region fell to $766,100, about four per cent lower than last month and over one per cent lower than last October.
RAHB says sales are down and inventory is up, which is good news for buyers. According to the report, 408 properties changed hands last month, making it the slowest October reported since 2010.
Year-over-year, sales are down 12.4 per cent, with homes priced above $800,000 driving the decline. The report also suggests that more properties are hitting the market, with 1,244 homes listed for sale in October–an increase of 29 per cent over last year.
According to RAHB, there is currently 4.6 months’ worth of inventory on the market, with 1,868 homes currently for sale. Houses in Hamilton are sitting on the market for an average of 25 days.
“Higher lending rates are likely weighing on homeowners, with an increasing number of them choosing to list their home,” said Nicolas von Bredow, president of RAHB, in a statement.
“While new listings have risen across all property types and price ranges, we are seeing larger inventory gains in the higher price points of the market.”
As far as housing types go, RAHB says the inventory of all housing types has increased with the exception of semi-detached homes, where new listings are below last year’s levels. With more choices available for prospective buyers, prices have stabilized.
According to the report, the average price of a detached house in Hamilton hit $870,085 last month. Semi-detached homes cost an average of $666,921 and towns cost about $650,963. Condos prices hit $495,705 in October.
The average price of a detached house in Hamilton rose 2.6 per cent year-over-year, but all other housing types saw prices drop between October 2022 and October 2023.
Benchmark prices, however, declined in all categories.
“Detached, semi-detached and row properties all reported an unadjusted monthly benchmark price decline that exceeded three per cent. However, prices generally remained in line with levels reported last year. Apartment condominium benchmark prices reported a smaller monthly decline of less than one per cent but are still more than six per cent lower than levels reported last October,” the report reads.
As far as neighbourhood numbers go, RAHB says new listings are up across the city except Dundas, where the number of listings is in line with last year.
The average price point ranges quite widely across the city:
- Hamilton Centre: $546,464
- Hamilton East: $564,051
- Hamilton Mountain: $700,168
- Hamilton West: $856,399
- Flamborough: $1,334,659
- Dundas: $892,882
- Ancaster: $1,159,797
- Waterdown: $904,074
- Stoney Creek: $793,059
- Glanbrook: $962,013
RAHB says sales activity generally declined across most areas compared to last year, except in Hamilton West, Dundas and Stoney Creek, which are all reporting year-over-year gains.inthehammer's Editorial Standards and Policies advertising