January 15, 2019 6:58 pm

Hamilton-Burlington real-estate market took a big hit in 2018: report

The Realtors Association of Hamilton-Burlington says nearly 12,000 properties were sold last year, a 17.5 per cent decline from 2017.

AP Photo/David Zalubowski, File

Hamilton’s once red hot real-estate market cooled off considerably in 2018.

The Realtors Association of Hamilton-Burlington says 11,882 properties were sold last year, a 17.5 per cent decline from 2017.

The average sale price for all properties last year fell one per cent to $566,328.

2019 real-estate trends

“The 2018 real-estate market levelled out from the eventful years of 2016 and 2017,” said RAHB CEO George O’Neill. “The market went from a strong, prolonged seller’s market to a balanced market where buyers had more time to view and compare properties before putting in an offer to purchase.”

Residential listings fell 9.8 per cent in 2018 compared to the previous year.

When broken out into the RAHB’s four main market areas, Hamilton recorded a decrease in listings of 9.3 per cent and a drop in sales by 17.5 per cent.

Burlington listings declined by 12.7 per cent and saw a decrease in sales by 17.4 per cent. There was a 14 per cent increase in listings in Haldimand, while sales remained essentially the same. Niagara North saw increases in both listings and sales by 26 per cent and 5 per cent, respectively.

READ MORE: 2018 a record year for Montreal real estate: survey

“According to the numbers, some local markets fared quite well this year,” said O’Neill. “This could indicate that buyers are shifting their focus from some larger and more expensive market areas to those that are more affordable.”

Average days on market also increased in the four areas of the RAHB market, and when broken down by property type, only apartment-style in Haldimand saw a decrease.

© 2019 Global News, a division of Corus Entertainment Inc.

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