Hamilton-Burlington home sales down month to month, average price over $885,000

A real estate sold sign on a property in Kingston, Ontario on Wednesday, March 3, 2021. THE CANADIAN PRESS IMAGES/Lars Hagberg. THE CANADIAN PRESS IMAGES/Lars Hagberg

Local realtors say the average price of a home in Hamilton will cost you close to $786,000, while those shopping in Burlington will likely have to fork over a million dollars.

Sales activity in the Hamilton-Burlington market was down eight per cent in April 2021 compared to March, affecting the average price of a home slightly, according to the Realtors Association of Hamilton-Burlington (RAHB).

Read more: Hamilton-Burlington home sales up 73% in March, average price now over $872,000

The estimated price of a home in the Hamilton-Burlington area is now at 855,455 as of the end of April, a decline of about two per cent month to month.

New listings also declined month over month by about three per cent, which added to the amount of inventory available — 23 per cent higher than March.

Story continues below advertisement
Click to play video: 'Ontario cottage prices expected to soar in 2021' Ontario cottage prices expected to soar in 2021
Ontario cottage prices expected to soar in 2021 – Mar 23, 2021

Year over year, the numbers in every category are significantly higher than 2020, however, RAHB President Donna Bacher said the market was considered unstable amid the first wave of the COVID-19 pandemic.

“We have to acknowledge that the impact of the COVID-19 pandemic distorts housing statistics when comparing year to year, so rather than looking at 2020 to 2021, our best insight comes from a month over month analysis,” Bacher said.

Homes in both Hamilton and Burlington cost over $200,000 more now than they did in April of 2020. The average price last year in the cities were $555,543 and 807,927, respectively.

Read more: Ontarians look to Atlantic Canada for chance at better quality of life amid COVID-19 pandemic

Burlington saw over 400 homes purchased in the region during March, at an average price of $1,057,973.

Story continues below advertisement

The RAHB says there were 1,906 sales of residential properties in both cities combined in April 2021.

According to the April report, four regions have average sale prices over a $1 million and only one, Hamilton Centre, has an average price lower than $600,000.

Sponsored content