More homes for sale in Hamilton-Burlington, up sharply from last year
Published January 15, 2024 at 2:01 pm
One of the signs of the improving housing market for homebuyers in Hamilton and Burlington is more properties being listed for sale.
A study by the online real estate brokerage company Zoocasa analyzed inventory and new listings data from the Canadian Real Estate Association.
“In 2023, the North American housing market faced significant challenges due to a notable scarcity of listed homes,” wrote MacKenzie Scibetta, a content marketing specialist with Zoocasa.
“In part, this was created by high demand during the pandemic years of 2020 and 2021, when interest rates were at record lows, and prompted a fervour of real estate activity.”
She said interest rates have now climbed to more than triple what they were a few years ago and, though this has tampered buyer activity, it has allowed inventory to build in much of Canada and the U.S.
In the Hamilton-Burlington area, there were 1,419 new listings in Nov. 2023. However, earlier in the year, the new listings were just shy of 2,000, getting to more than 1,900 in October, September, June and May.
Across the country, new listings surged by 10.5 per cent over last year. The increase in Hamilton-Burlington, from last Nov. to this year, is about 15 per cent.inthehammer's Editorial Standards and Policies advertising