There were 1,489 new units listed in the region in February, which is nearly 23 per cent higher than last February. Photo Credit: Mountainview Homes
The Realtors Association of Hamilton-Burlington (RAHB) released their February market update on the local housing market, noting that the month saw an increase in both sales and listings.
The report notes that the region, which includes Hamilton, Burlington, Haldimand County, and Niagara North, saw 839 unit sales, representing a “modest gain” compared to February 2023.
There were also reportedly “substantial gains” in Niagara North and Burlington.
There were also 1,489 new units listed in the region in February, which is nearly 23 per cent higher than last February.
Nicolas von Bredow, who serves as President of RAHB, said in a press release: “While supply gains may seem significant, it is important to remember that we have generally seen lower resale supply levels in our market for nearly a decade.”
“At the same time, we are starting to see improvements in sales, keeping our market relatively balanced with over two months of supply and a sales-to-new listings ratio of 57 per cent,” he continued.
In regards to the city of Hamilton specifically, the municipality saw 487 sales in February, which is “slightly higher than last year’s levels.”
Due to the fact the number of listings rose, the city is seeing “improved” inventory levels although they are “still considered low relative to what was available in the market prior to 2014.”
Coinciding with the warmer weather, there were 890 new listings in February, which is up 19.8 per cent year over year.
Inventory levels sat at 1,205 units at the end of February, an increase of 16.5 per cent year over year.
The average number of days a listing is on the market stands at 34.4, an increase of 10.7 per cent year over year, but down from the 48.9 days recorded in January.
The unadjusted benchmark price in February in Hamilton was $777,400 which is slightly up from the $760,000 price seen in January.
Broken down by housing type, the benchmark price for a detached home in Hamilton is $832,700, $748,200 for a semi-detached, $646,100 for a row house, and $470,500 for an apartment.
Detached – $832,700 (+2.3 per cent compared to January)
Semi-Detached – $748,200 (+2.8 per cent)
Row – $646,100 (+1.6 per cent)
Apartment – $470,500 (-0.9 per cent)
Sales numbers and prices also vary considerably within Hamilton based on area.
For February 2024, the median prices for the homes listed within each area of Hamilton, from most affordable to least affordable were as follows:
Hamilton Centre – $537,500
Hamilton East – $606,000
Hamilton West – $645,000
Hamilton Mountain – $728,750
Stoney Creek – $754,000
Glanbrook – $770,000
Dundas – $771,000
Waterdown – $877,500
Ancaster – $1,074,000
Flamborough – $1,248,750
In terms of new listing types for February, Hamilton saw 1,570 new residential listings, 99 commercial listings, 55 multi-residential, 54 land listings, 39 retail, 21 office, eight business, 19 industrial, 10 farm properties, and one investment property.
It still remains to be seen how much the market will heat up as spring approaches.
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.
