Townhouse prices in Hamilton and Burlington jump almost $300k in just 5 years
Published September 20, 2023 at 1:06 pm
House prices across Canada have climbed quite significantly over the past five years, but those looking for a traditionally more affordable home, such as a townhouse, in Hamilton or Burlington might be surprised to find that homes in that category have climbed close to $300,000 since 2018.
According to a report by real estate website and brokerage Zoocasa, townhouses in Burlington-Hamilton (Zoocasa combines the housing data) cost $443,100 in 2018. In 2023, the same home category cost $731,100–a $288,000 increase.
All other home types have also increased in price. In 2018, a single-family home in the area cost $597,800 and in 2023, it cost $930,000. Condos have also increased significantly, from $357,900 in 2018 to $561,500 in 2023.
The composite home price in the region was $558,900 in 2018; this year, it reached $863,700.
The story is similar across the country.
The report points out that prices, which had been on the upswing for years, grew rapidly during and in the immediate aftermath of the crisis stage of the pandemic and have remained high despite multiple Bank of Canada interest rate hikes.
The reason behind the stubbornly high prices?
Lack of supply.
“One of the main reasons prices keep increasing is the lack of homes available – in the last five years, Canada’s months of inventory has dropped by just under two months, from 5.4 to 3.5.,” the report reads.
The report says the most significant increase in prices over the last five years came in Toronto, where the home price for all property types combined went up by $386,200, from $755,200 to $1,141,400.
Prices also rose significantly in Barrie and District, where the composite price increased by $333,500. Condo apartments in the region rose $207,500 between 2018 and 2023.
Some cities haven’t seen such dramatic increases, such as Edmonton, where the average home price rose by just $21,300. Other cities with smaller increases include Winnipeg, Saskatoon, Regina and St. John’s.inthehammer's Editorial Standards and Policies advertising