Inventory increase suggests Hamilton area looking better for first-time buyers: RAHB

The head of the realtors association in the Hamilton, Ont., area is suggesting there’s “really good news” in the market, with supply for first time buyers looking better via an increase in inventory, particularly in price ranges under $800,000.

Realtors Association of Hamilton-Burlington (RAHB) president Lou Piriano says the final sales numbers for January are pointing to a shift in the market that may indicate stability despite rising interest rates.

January’s inventory was not as tight as the past several years but the region is still not yet dealing with an oversupply scenario.

“You know, it really depends on location. There may be a much greater supply in one location than another,” Piriano told 900 CHML’s Hamilton Today.

“So the sales-to-listings ratio in one area, the number of properties or the … length of time it takes to sell in certain areas varies widely.”

He goes on to say affordability and housing supply levels appear to be coming back to what Hamilton and area were seeing pre-pandemic.

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The average residential price across the market moved to $791,551 in January compared to the same month in 2022 when prices were around 25 per cent higher, and over $1 million.

Unit sales were down 26 per cent from January 2022 with just 540 units moving from inventory that spiked 285 per cent year over year to 1,577 homes.

Hamilton proper accounted for 349 of the units sold last month, marking a 21-per cent decline in sales year over year.

The average residential price also slipped January to January, dropping to $750,529 with a detached home in the city costing $809,019 and an apartment going for $531,397.

“So the one thing we found out about apartments was that they seemed to be holding very strong on their prices,” Piriano explained.

“Only a one-per cent decrease from January 2022 until now, compared to an almost 20 per cent (increase) in some areas of the detached market.”

Only Ancaster was reported to have homes costing more than $1 million on average in the Hamilton area for January.

The lowest average prices for January were in Hamilton Centre, where a home was around $583,651, down 13.9 per cent year over year.