Home sales are up slightly in Hamilton and Burlington, which the realtors association says could be a sign the market is bouncing back from a couple of slow months.
Seasonally adjusted figures from the Realtors Association of Hamilton-Burlington (RAHB) show sales in October rose 5.3 per cent compared with September.
Home sales are down 6.5 per cent compared to October of last year, however, but remain 10.9 per cent higher than the 10-year average.
Last month, the average residential property cost $547,366, up 7.8 per cent from October 2016.
The number of available property listings set a new record for October and is up 12.2 per cent compared with that period last year.
“We are continuing to see more listings come onto the market after the severe shortage we saw earlier this year,” said RAHB CEO George O’Neill stated in a media release.
“Sales have also rebounded a bit after the lower sales we saw over the last three months, resulting in a sales-to-new-listing ratio at 69 per cent in the residential market. After a few months in a more balanced market, we have just had a month where we moved to the lower end of a seller’s market again. We don’t know if this one month is indicative of a shift in the market or just a one-month result.”
O’Neill also said it’s unknown how new, stricter mortgage guidelines coming into effect Jan. 1 could impact the market for the rest of the year.
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