The Realtors Association of Hamilton-Burlington (RAHB) suggested it was a buyer’s market for home sales in October, with just over 2,000 new listings boosting supply levels to highs not seen in nearly a decade.
It suggests continuing high interest rates caused more people to put homes up for sale, according to the RAHB’s president.
“Higher lending rates are likely weighing on homeowners, with an increasing number of them choosing to list their home,” Nicolas von Bredow said.
“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.”
He adds that inventory levels are the highest reported since 2011 and that 2,100 new listings went up, with the average price of a detached home in the combined Hamilton-Burlington market at almost $830,000 – just slightly lower than levels reported this time last year.
Hamilton’s home sales last month were the slowest seen since 2010, with just over 400 purchases, down 13 per cent from October 2022.
Just over 280 of the sales were detached homes and Hamilton Mountain was the preferred choice regionally for almost a quarter of the buyers.
The low sales did help push new inventory in the market up about 30 per cent annually, creating an estimated five months of supply for the city.
Hamilton’s average home price, year over year, generally held its own at $789,000 with a detached dwelling checking in at $870,000 and an apartment-style address at $495,000.
Flamborough and Ancaster were the only regions reporting homes costing more than $1 million on average for October, while Hamilton Centre had the cheapest average price of 546,000.
Burlington’s average home price was up six per cent to $1.16 million, compared with 2022.
Detached homes cost $1.47 million on average while apartment types were about $673,000.
Comments