The average sale price for residential proprieties in the Realtors Association of Hamilton-Burlington (RAHB) market area fell by 2.7 per cent month over month in March. Photo credit: CBC
On Tuesday, the Realtors Association of Hamilton-Burlington (RAHB) released its monthly real estate statistics for March.
For the first time since late last year, the average sale price for residential properties in the RAHB market area – which includes Grimsby, parts of West Lincoln, and most of Haldimand County – slightly decreased on a month over month basis, sliding from $1,104,163 in February, to $1,073,342 in March.
The 2.7 per cent price reduction was the first monthly decrease since November 2021, following three solid months of gains.
However, the dip doesn’t mean it’s suddenly become a buyer’s market.
“Across the RAHB market area, there was a slight dip in the residential average sale price, although it did remain over the $1,000,000 mark,” said RAHB president Lou Piriano. “We do not see the dip in the average sale price after one month of change as a trend or permanent circumstance.”
According to Piriano, high demand and low supply means prices will likely remain high for the foreseeable future.
“The residential market for all dwelling types continues to have less than one month of inventory which means it would take approximately 20 days to sell all the properties available. We are still experiencing a seller’s market fueled by high demand and low supply. A balanced market typically has two to three months of inventory.”
As is the case each month, the average sale price for residential properties varied widely from area to area.
In Burlington, the average price was $1,305,593. In Niagara North – Grimsby and parts of West Lincoln – it was $1,025,827. In Hamilton proper, the average sale price came in at $1,003,193. While in Haldimand County it finished March 2022 at $980,569.
The average sale price for single-family detached properties across the RAHB market area was $1,187,068 in March, down five per cent from February, but up 22.2 per cent compared to March 2021. The inventory of single-detached properties increased from 0.6 months to 0.7 months.
“In March, single-family detached properties experienced the greatest price correction, with Hamilton dropping nearly four per cent month over month and Burlington falling nearly 12 per cent,” said Piriano. “However, the average sale price in both major markets remains 20 per cent higher over March 2021.”
The average sale price of townhomes across the RAHB market area was $929,901, down only 1.1 per cent month over month.
In terms of sales, a significant increase in properties changed hands from February to March. Sales were up by 33.3 per cent month over month, with 1,637 residential properties sold in the RAHB market area.
“The overall number of residential transactions in March was the second-highest recorded in ten years,” said Piriano. “After the first quarter, sales activity is on pace to surpass the 15,000 mark for the second consecutive year.”
Neighbouring market areas, such as Toronto, Mississauga, and Kitchener-Waterloo, all saw slight dips in their average sale prices month over month in March as well. To the southeast, however, Niagara saw a 3.4 per cent increase.
Established over a century ago in 1921, the Realtors Association of Hamilton-Burlington is the second largest real estate association in Ontario and the eighth largest in Canada. The organization has over 3,500 members and covers a geographic area of 2,500 square kilometres.
