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Price of a two-storey home in Hamilton drops year over year: report

The price of a two story home in Hamilton has dropped 3.1 per cent year over year according Royal LePage.
The price of a two story home in Hamilton has dropped 3.1 per cent year over year according Royal LePage. Graeme Roy / Canadian Press

The price of a two-story home in Hamilton is lower now than it was a year ago, according to the latest numbers from the Royal LePage House Price Survey.

The study – which tracks housing prices for 63 large markets in Canada – says the aggregate price of a home in Hamilton increased by 0.9 percent year-over-year to $561,322 in the third quarter of 2019. However, the median price of a two-storey home decreased 3.1 per cent year-over-year to $580,380.

A bungalow went up in price 5.4 per cent year-over-year to $539,194, and the median price of a condo increased 6.8 per cent to $376,075.

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“Sales activity has slowed in the region but we’re still seeing multiple offers on single-family homes around $450,000 to $500,000,”  Joe Ferrante from Royal LePage State Realty said in a statement.

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“However, if potential buyers suspect interest rates will go up, we could see a bump in sales activity as those buyers will be motivated to get financing.”

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Ferrante says the city is a “desirable location” for those looking to leave the GTA and commute into Toronto. He says discussions to add more GO Trains and the forthcoming Hamilton LRT will be selling points for many.

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“Condos are being built in the downtown core as well as in other parts of the city, increasing inventory and providing affordable housing options to new buyers,” Ferrante said.

Meanwhile, national home prices continue to be steady with the median price increasing by only 1.4 per cent year-over-year, for a third-quarter price of  $630,335.

Royal LePage forecasts suggest the aggregate price of a home in the fourth quarter of 2019 will likely see a similar hike, with a 1.5 per cent year-over-year increase to $632,226.

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