Since February the average price of residential property in the RAHB service area has dropped 22.3 per cent. Photo credit: AP/Reed Saxon
In line with most other jurisdictions across the province, home prices in the Realtors Association of Hamilton-Burlington (RAHB) service area continued their steady descent last month, inching closer to parity with levels seen this time last year.
According to statistics released by RAHB a little over a week ago, local residential property prices dipped 2.3 per cent on a month-over-month basis from $878,816 in July to $858,405 in August.
Despite the price drop, the number of sales was up 11.7 per cent from July, as a reported 906 properties exchanged hands last month.
“RAHB witnessed a rare occurrence for August 2022 as the number of sales increased and the number of new listings to market dropped from July 2022,” RAHB president Lou Piriano said in a press release. “As this is not a typical pattern for August, this may suggest that sales activity may have bottomed out in July.”
Of note, prices didn’t drop evenly across the board. Certain areas and property categories actually saw a jump in price.
“RAHB is again seeing certain areas and property categories performing better than others,” Piriano commented. “For example, Haldimand County experienced an overall residential average sale price increase of 3.9 per cent, and the townhouse segment in Burlington saw an average sale price bump of 5.6 per cent.”
Outside of Haldimand County, however, the overall average sale price decreased across all other areas.
In Burlington, the average price for all residential properties fell a dramatic 9.1 per cent between July and August, shedding over $100,000 but remaining above the $1 million mark.
Niagara North, Grimsby and parts of West Lincoln, saw a similarly significant month-over-month price drop of nearly 7 per cent, falling from $912,751 in July to $849,719 last month.
In Hamilton proper, where the majority of sales in the RAHB market area took place, prices flatlined, dipping less than half a percentage point.
Residential properties in Hamilton spent an average 28 days on the market, up from 22.8 in July.
North Niagara added almost 10 days to its average list time (31.1), while Burlington and Haldimand County effectively stayed the same month-over-month.
Home prices in the RAHB market area began to fall in March 2022.
Since peaking at $1,104,163 in February, prices have dropped a cumulative 22.3 per cent.
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.
