In January 2022, the average selling point for a home in the RAHB area soared passed the seven-figure mark for the first time in history. Last month, prices continued to climb. Photo credit: Reuters/Larry Downing
On Wednesday, the Realtors Association of Hamilton-Burlington (RAHB) – which also includes Grimsby, parts of West Lincoln, and most of Haldimand County – released its monthly statistics for February 2022.
According to the association, the average price for residential properties across the RAHB market area was $1,104,163. The price, based on 1,228 sales through the Multiple Listing Service (MLS) system, was an increase of 4.2 per cent over the previous month, and an increase of 30.3 per cent compared to February 2021.
“The number of sales and new listings rose substantially month over month, and kept pace with the feverish demand of February 2021,” said RAHB president Lou Piriano. “However, while the number of new listings surpassed each February over the last ten years, the demand continued to impact inventory and fuel the residential average sale price to a new record-high.”
Of the 1,228 residential sales in February, 815 were detached properties, up 81.5 per cent month over month.
The average sale price for a detached home in the RAHB market area ended at a record $1,250,027, up 2.3 per cent month over month, and an increase of 31.8 per cent from the same month last year.
“In February, there was a flurry of sales and new listings of residential detached properties posted over the previous month. The inventory available coupled with the steady demand kept the average sale price high,” said Piriano. “As a result, single detached properties have experienced the largest average sale price increase year over year than any other property category.”
The average sale price for all residential properties differed dramatically based on exact area.
In Burlington, the average price was $1,413,836. In ‘Niagara North’ – Grimsby and parts of West Lincoln – it was $1,144,225. In Hamilton proper, the average sale price came in at $1,013,485. While in Haldimand County it finished February 2022 at $913,550.
There were 221 sales of townhomes reported across the entire RAHB market area in February, which was up 74 per cent month over month, and down 11.2 per cent compared to February 2021.
The average sale price of townhomes was $940,582, up 5.4 per cent month over month, and an increase of 28.9 per cent compared to February 2021.
“Townhomes were the only property category that did not keep up with the pace set for new listings and sales in February 2021, but the figures were above average when compared to the last ten years. On the flip side, townhomes also saw the greatest average price increase month over month compared to detached or apartment-style properties,” added Piriano.
There were 186 sales of apartment-style properties in the RAHB market area in February 2022, which was up by 38.8 per cent month over month, and up by 10.1 per cent compared to February last year. The average sale price of apartment-style properties was $669,306.
At just 0.6 months, the residential inventory of listings for the RAHB area remains very low.
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.
