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Buying a home in Hamilton-Burlington cost less in October, realtors say

The local realtors association says 752 sales were recorded last month in Hamilton — a year-over-year increase of nine per cent.
The local realtors association says 752 sales were recorded last month in Hamilton — a year-over-year increase of nine per cent. THE CANADIAN PRESS/Graeme Roy

The agency that represents over 3,000 real estate agents in Hamilton and area says the cost of a home dipped slightly in October compared to September.

The Realtors Association of Hamilton-Burlington (RAHB) says the average price of a home dropped to $602,029 compared to a month ago when it cost a little over $609,000.

However, the price is still higher compared to October of 2018, increasing by 7.1 per cent from 559,285.

Sales in the region remained strong during October, with the RAHB revealing that 1,145 homes were sold.

The number was an improvement on September sales (1,020) while topping year-over-year sales (1,035) compared to October 2018.

Year-to-date home sales have climbed 6.4 per cent in 2019 compared to this time last year.

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READ MORE: Hamilton among the best places to buy real estate in Canada, magazine says (June 11, 2019)

2019 sales activity, new listings and average price for the Hamilton-Burlington area

Realtors in Hamilton and Burlington say the average price of a residential home in October was $602,029.
Realtors in Hamilton and Burlington say the average price of a residential home in October was $602,029.

New listings, however, are down.

“The number of new listings dropped by eight per cent compared to October 2018, and by nearly 12 per cent since last month, so there was less choice for buyers,” says RAHB president Bob Van de Vrande.

The number of sales for detached single-family properties increased by 10.9 per cent compared to the same month last year, and the average sale price increased by 6.6 per cent.

Townhouse sales activity across the entire RAHB market area increased from October 2018 by 6.8 per cent, and the average townhouse sale price increased by 8.7 per cent to $514,438.

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READ MORE: Canada’s housing market downgraded to ‘moderate’ while Hamilton still ‘vulnerable,’ CMHC says (May 2, 2019)

However, apartment-style property sales decreased by 4.2 per cent from October 2018, while the average price increased by 3.4 per cent.

MLS residential market activity for RAHB areas (October 2019)

Ancaster has the highest average home sale price in the Hamilton-Burlington area with a home costing around $859,582, according to the RAHB.
Ancaster has the highest average home sale price in the Hamilton-Burlington area with a home costing around $859,582, according to the RAHB. Realtors Association of Hamilton-Burlington

Meanwhile in Hamilton, the local realtors association says 752 sales were recorded last month – a year-over-year increase of nine per cent.

The jump in sales is despite a 23 per cent decline in the number of active listings — and, as a result, the average price shot up another nine per cent across the city to $544,980.