The Hamilton real estate market is still being impacted by higher lending rates according to the Realtors’ Association of Hamilton Burlington.
In its latest report, it says there were 1,031 sales in March.
While that is a 33 per cent decline from last year, it is just slightly slower that the numbers from before the pandemic hit.
Sales and new listing activity have increased over the past several months. However, this did little to impact inventory as “months of supply” levels fell below two months.
The Realtors’ report also says buying conditions are not as tight as they were last year with the shift in the market resulting in more price stability, adding it’s much more comparable to the pre-pandemic market.
The unadjusted benchmark price at just below $836,000 in March, the third consecutive month where prices trended up.
Prices in the region are still 21 per cent below levels reported last year, but remain higher than levels reported in March 2021.
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