The number of July 2024 sales represents a 5.1 per cent decrease compared to July 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 as inventories rise.
The report notes that the region, which includes Hamilton, Burlington, Haldimand County, and Niagara North, saw only 804 sales in July, compared to 835 sales in June and 1,032 sales in May.
The number of July 2024 sales represents a 5.1 per cent decrease compared to July 2023.
The report adds, “More supply choice has continued to place downward pressure on home prices this month.”
“The unadjusted benchmark price was $843,500, nearly one per cent lower than in June and three per cent lower than last July,” continues the report.
“While prices are below the 2022 peak, they are still higher than levels reported prior to the pandemic, and year-to-date average benchmark prices are only slightly lower than last year.”
Nicolas von Bredow, spokesperson for the Cornerstone Association of Realtors, says that July 2024 “marks the third consecutive year that sales have remained below long-term trends.”
“At the same time we are experiencing a gain in new listings. While rates are slowly coming down, for some existing owners the prospect of higher renewal rates is enough to cause them to list their properties, driving up supply levels,” von Bredow continues.
Inventory levels continued to trend upwards in July, with 1,937 new listings.
June inventory levels were 36.3 per cent higher than in 2023, well above long-term trends.
Additionally, the number of months of supply pushed above four months, which has not happened in July since 2010.
In regards to the city of Hamilton in particular, there were only 491 sales in July which is a 2 per cent decline from June 2024.
There were also 1,223 new listings (up 8.6 per cent year over year), inventory stands at 1,957 units (up 33.2 per cent), and listings spent an average of 27.6 days on the market (up 32.0 per cent).
Supply growth and low sales have also combined to lower prices across all property types.
Benchmark prices in Hamilton based on housing type are $838,800 for a detached home, $743,400 for semi-detached, $655,300 for a row house, and $468,000 for an apartment.
Detached – $838,800 (down 0.7 per cent compared to June 2024)
Semi-detached – $743,400 (down 1.5 per cent)
Row – $655,300 (down 1.0 per cent)
Apartment – $469,600 (down 0.3 per cent)
Sales activity and prices also vary considerably across the different areas within Hamilton.
For July 2024, the median price for the homes listed within each area of Hamilton, from most affordable to least affordable were: Hamilton Centre – $520,000; Hamilton West – $577,500; Hamilton East – $596,999; Hamilton Mountain – $720,000; Stoney Creek – $735,000; Glanbrook – $837,500; Dundas – $839,000; Waterdown – $880,000; Ancaster – $1,137,500; and Flamborough – $1,245,000.
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.
