Hamilton-area home prices down 23% from last February, majority of sales priced below $800K

The head of the realtors association in the Hamilton, Ont., area says demand at the lower end of the market is increasing as higher interest rates continue to impact affordability and attainability.

Realtors Association of Hamilton-Burlington (RAHB) president Lou Piriano says homebuyers have more options than a year ago, but are less likely to compete in “unfavourable market conditions.”

“Sellers at the high end of the market appear reluctant to sell, presumably because to move and take on a new mortgage rate could equal a higher monthly payment,” Piriano explained.

Hamilton-Burlington home prices fell almost 23 per cent from last February with the detached sector being hit the hardest, down 24.3 per cent year over year.

The average residential price across Hamilton-Burlington moved to $845,892 in February.

New listings fell to 1,203 in February, 27 per cent below the same time last year.

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Inventory levels in the area were 137 per cent higher than reported last year, but still below levels reported for this time of year before the pandemic.

Hamilton proper accounted for 464 units sold last month, marking a 40-per cent decline in sales year over year.

The average residential price also slipped February to February, dropping to $800,584 with an average detached home in the city costing $875,388 and an apartment going for $455,698.

“While prices are 22 per cent below last year, all gains are not lost, as current home prices are well above pre-pandemic levels,” said Piriano.

Ancaster, Waterdown and Flamborough were the regions in the Hamilton-area reported to have homes costing more than $1 million on average for February.

The lowest average prices were in Hamilton Centre where a home was around $565,710, down 21.6 per cent year over year.

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