The average home price in the Realtors Association of Hamilton-Burlington market area fell five percentage points last month. Bucking the trend, however, was Burlington, where prices continued their steady upward climb.
Interest rate hikes and fears of an impending recession continue to cool what was a red-hot housing market across much of the country for the past few years. Inventory continues to rise, while sales and prices continue to fall.
Locally, in Hamilton prices fell on a month-over-month basis for the fourth time in a row last month, sliding a full five points from $995,408 in May to $946,026 in June.
According to statistics provided by the Realtors Association of Hamilton-Burlington (RAHB), a total of 995 properties exchanged hands last month, down 19.2 per cent from May, with inventory rising to 2.6 months’ worth.
“Similar to May, sales activity in June was below the five and ten-year historical averages. This was the experience for all dwelling types and sub-regions across the RAHB market area,” RAHB president Lou Piriano said in a press release Tuesday. “In June, mortgage rates increased by 0.5 per cent, and as a result, some potential buyers have likely delayed their purchase because they may be taking a ‘wait and see’ approach to the market or they can no longer qualify.”
According to Piriano, last month’s figures, specifically the number of active listings, “signals a more balanced market where buyers have greater negotiation power and more options.”
The average sale price for residential properties across the RAHB market area – which includes Grimsby, parts of West Lincoln, and Haldimand County – varied widely depending on area and property type. Prices actually went up in Burlington, taking a massive dive in Niagara North.
In Hamilton, the average price across all property types dipped for the third month in a row, going from $901,535 in May to $863,016 in June.
In Burlington, the average price slightly increased from $1,231,174 to $1,250,673 (continuing a trend from the previous month).
In Haldimand County, the average sale price dropped from $870,664 to $812,919.
While in Niagara North – Grimsby and parts of West Lincoln – the average sale price across all residential property types fell by an unprecedented, and likely anomalous, 29.4 per cent from $1,141,374 in May to $805,844 in June.
In all, there were 2,543 new listings in June 2022 across the RAHB market area. The average number of days on the market for all property types slightly increased from 18 to 19.7 between May and June.
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.
