Hamilton-Burlington real estate sales slow down in October, average price increases

The average home cost went up by about 20 per cent in Nova Scotia in the past year, now sitting at $365, 692. THE CANADIAN PRESS/Jonathan Hayward

The real estate sector slowed down a bit in October in Hamilton and Burlington compared to its torrid run over the summer.

The Realtors Association of Hamilton-Burlington (RAHB) says 1,615 homes were sold last month, down 7.6 per cent from September.

However, sales jumped 23.7 per cent last month compared to October 2019.

“The trends this fall are not reminiscent of what we would normally see — with October activity slowing slightly compared to September — and this is due to 2020 not being a typical year,” says RAHB president Kathy Della-Nebbia. “As a result of COVID-19, we experienced a delayed spring market and a surge in record activity over the summer months when the province began to reopen. As a result of this unstable year, active listings at the end of each month are some of the lowest we’ve seen, exacerbating low inventory levels and continuing to drive average price.”

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The average sale price of a home last month was $721,523, an increase of 0.02 per cent from September, and up 19.8 per cent from October 2019.

New listings were down 12.8 per cent compared to September but rose 5.5 per cent over last October.

“If demand remains high and the economy doesn’t shut down, we may not experience the slow down we saw with the first wave,” said Della-Nebbia. “The activity more likely to slow down is new listings, which will cause a further problem with supply and demand, and prices will continue to increase. These unprecedented times are where the services of a local RAHB realtor are invaluable. We will continue to work with clients to ensure their housing needs are met and will continue to use virtual technology and sanitary measures to combat COVID-19.”

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Click to play video: 'Real estate market continuing to recover despite pandemic'
Real estate market continuing to recover despite pandemic

The number of sales for single-family properties within the entire RAHB market increased in October by 13.3 per cent compared to the same month last year, the number of new listings was down 14.7 per cent over last year, and the average sale price increased by 19.4 per cent to $795,415.

Townhouse sales activity across the entire RAHB market area increased from October 2019 by 18 per cent, new listings were up 9.1 per cent, and the townhouse average sale price increased by 16.6 per cent to $603,229.

Apartment-style property sales increased by 32.8 per cent from October 2019, new listings increased by 78.8 per cent, and the average price increased by 9.7 per cent to $475,945.

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