The number of June 2024 sales represents a 26.6 per cent decrease compared to June 2023. Photo Credit: iStock
The latest update on the area housing market from the Cornerstone Association of Realtors, a new amalgamated association that includes the former Realtors Association of Hamilton-Burlington (RAHB), says that sales activity in the region continues to decline.
The report notes that the region, which includes Hamilton, Burlington, Haldimand County, and Niagara North, saw only 835 sales in June compared to 1,032 sales in May.
The number of June 2024 sales represents a 26.6 per cent decrease compared to June 2023.
The report adds, “This slowdown in sales is evident across all property types and in every area within the region.”
Nicolas von Bredow, spokesperson for the Cornerstone Association of Realtors, says, “Higher interest rates and rising cost of living have impacted the housing market.”
“Despite a recent rate reduction by the Bank of Canada mortgage rates remain high and potential buyers are likely waiting for further cuts or a shift in market conditions,” he continues.
However, von Bredow also notes, “Rising supply levels have reduced the sense of urgency experienced during the periods of low inventory, taking the pressure off home prices.”
Inventory levels continued to trend upwards in June, with 2,048 new listings combining with slow sales.
June inventory levels were 54 per cent higher than in 2023, well above long-term trends.
In regards to the City of Hamilton in particular, there were only 495 sales in June which is a 25.3 per cent decline from June 2023.
There were also 1,264 new listings (up 7.4 per cent year over year), inventory stands at 1,952 units (up 54.9 per cent), there are now 3.9 months of supply (up 107.5 per cent), and listings spend an average of 25.2 days on the market (up 27.8 per cent).
As for prices, the report notes, “Additional supply choice weighed on home prices.”
Benchmark prices in Hamilton based on housing type were $844,400 for a detached home, $754,500 for semi-detached, $662,000 for a row house, and $469,600 for an apartment.
All prices except apartments have increased since last month.
Detached – $844,400 (down 1.8 per cent compared to May 2024)
Semi-detached – $754,500 (down 1.9 per cent)
Row – $662,000 (down 0.4 per cent)
Apartment – $469,600 (up 0.4 per cent)
Sales activity and prices also vary considerably across the different areas within Hamilton.
For June 2024, the median price for the home listed within each area of Hamilton, from most affordable to least affordable were: Hamilton Centre – $535,000; Hamilton East – $566,000; Hamilton West – $678,400; Hamilton Mountain – $735,500; Stoney Creek – $770,000; Dundas – $798,500; Glanbrook – $825,000; Waterdown – $910,000; Ancaster – $1,165,000; and Flamborough – $1,365,000.
Based in Hamilton, he reaches hundreds of thousands of people monthly on Facebook, Instagram, TikTok, and Twitter. He has been published in The Hamilton Spectator, Stoney Creek News, and Bay Observer. He has also been a segment host with Cable 14 Hamilton. In 2017, he received the Chancellor Full Tuition Scholarship from the University of Ottawa (BA, 2022). He has also received the Governor General’s Academic Medal. He formerly worked in a non-partisan role on Parliament Hill in Ottawa.
