Cost of owning a home in Hamilton more than $600K, realtors say

According to the Realtors Association the average Hamilton home now costs $609,562. Sean Kilpatrick / Canadian Press

The price of an average home in the Hamilton area has surpassed the $600,000 mark.

According to the Realtors Association of Hamilton and Burlington (RAHB), the average home now costs $609,562 — up 8.5 per cent compared to September 2018.

The average price is also up compared to August 2019, when it was $599,589.

Home sales, however, continue to drop slightly, with 1,020 properties sold last month, down from 1,067 in August, 1,170 in July, and 1,203 in June.

In a release, RAHB President Bob Van de Vrande said the increase in supply and relaxed pace of the market means that it may be a good time to buy a house.

READ MORE: Hamilton-Burlington real estate market cools off in August: realtors association

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There were 3.2 per cent more homes sold in September 2019 compared to September last year.

Sales of detached single-family properties rose by 6.7 per cent compared to the same month last year, and 6 per cent more apartment-style properties were sold compared to September 2018.

However, there were fewer townhouse sales — that number went down 7.4 per cent in comparison to last September.

READ MORE: Average price of a Hamilton-Burlington home just shy of $594,000: report

Although average sale prices went up across Hamilton, Burlington, Haldimand County and Niagara North, Van de Vrande said property activity varied within smaller individual communities.

He added that average sale price can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value.

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