However, with the Bank of Canada cutting the key interest rate for the first time since March, a press release from REMAX Canada says that the move “could bring renewed momentum into the housing market into the fall.”
The rate was cut on Wednesday by 25 basis points and currently stands at 2.5 per cent.
The REMAX press release continues, “Lower borrowing costs may improve buyers’ affordability and encourage more market activity. At the same time, sellers could see an uptick in demand. That said, ongoing global uncertainty and slow economic activity may temper confidence in the coming months.”
Meanwhile, the report from Cornerstone also notes that benchmark home prices continue to trend downwards.
In August, the unadjusted benchmark price for the Hamilton region was $703,800, which is nine per cent lower than a year ago and over 1.5 per cent lower than last month.
Nicolas von Bredow, who is Cornerstone’s spokesperson for the Hamilton area, said, “While overall sales remain significantly below the typical levels for August, it’s very encouraging to see an increase in year-over-year sales activity for the second month in a row. The rise in new listings has created a more balanced market, and with inventory levels still elevated, buyers are benefiting from lower home prices. As we move forward, we remain cautiously optimistic about a sustained market recovery, particularly due to ongoing buyer interest.”
Cornerstone’s report adds that market conditions have particularly weighed on apartment-style units, with declines of over nine per cent.
Meanwhile, semi-detached properties have seen declines of five per cent.
Inventory stands at 2,333 residential units (up 19.9 per cent year over year), there are 5.1 months of supply (up 14.4 per cent), and units spend an average of 37.1 days on the market currently (up 7.6 per cent).
There were 1,031 new listings in Hamilton in August, which is down slightly from last month, but the sales-to-new-listings ratio is at 45 per cent.
The benchmark prices in Hamilton broken down by housing type are $767,000 for a detached home (down from $782,400 last month), $705,400 for a semi-detached (down from $710,800), $605,600 for a row home (down from $615,000), and $417,800 for an apartment (up from $417,500).
The median sale prices in Hamilton so far this year, broken down by region, are $520,000 in Hamilton Centre, $570,000 in Hamilton East, $685,000 in Hamilton West, $695,000 on Hamilton Mountain, $767,000 in Stoney Creek, $810,000 in Glanbrook, $878,500 in Dundas, $900,000 in Waterdown, $1,030,000 in Ancaster, and $1,175,000 in Flamborough.
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.
