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Hamilton-Burlington real estate market heats up in February: report

Prices continued to climb dramatically in Kitchener-Waterloo last month.
Prices continued to climb dramatically in Kitchener-Waterloo last month. THE CANADIAN PRESS Jonathan Hayward

February may have seen some cold temperatures but the Hamilton and Burlington real estate market was red hot.

The Realtors Association of Hamilton-Burlington (RAHB) reports 998 homes were sold last month, a 30 per cent increase compared with January, and 25.5 per cent higher than February 2019.

The average price for residential properties increased from January to February by 4.5 per cent to $646,667 and spiked 15.5 per cent compared with the same month last year.

READ MORE: Hamilton-Burlington real estate sales off to a solid start in 2020: RAHB

“The RAHB market is quite active with a significant increase in number of sales compared to last month and last year,” said RAHB President Kathy Della-Nebbia. “We experienced similar activity at the beginning of 2016, which was one of our busiest markets on record. With the increases in average price and new listings, overall we are firmly in a seller’s market; however, there is greater demand at certain price points — such as below $600,000.”

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The average price of a home in Hamilton last month was $588,817, up from $518,259 in February 2019.

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Townhouse sales activity increased from February 2019 by 21.2 per cent, and the average townhouse sale price increased by 19.4 per cent to $584,944.

Apartment-style property sales increased by 19.8 per cent from February 2019, and the average price increased by 1 per cent.

“Apartment-style properties in Hamilton are the most affordable, with an average price of $346,250,” said Della-Nebbia. “There were also 83 new listings of apartment-style properties, with 54 sales, so the inventory could be building.”