The latest housing market update from the Cornerstone Association of Realtors says that a drop in sales has resulted in the “slowest start to the year since 2010.”
Nicolas von Bredow, Cornerstone’s spokesperson for the Hamilton area, explained, “While some markets across Canada are showing signs of stability with more balanced conditions, including the Waterloo Region, the Hamilton-Burlington area is still experiencing subdued sales, putting downward pressure on home sale prices.”
Nevertheless, von Bredow says that the conditions could also be an opportunity for some buyers.
“While global market uncertainty has some buyers waiting on the sidelines, growing inventory levels and softer prices present a unique window of opportunity for those with a stable income and savings who are ready to leverage today’s market conditions to their advantage,” he added.
In Hamilton, only 503 units were sold in June, also marking the slowest June on record for sales since 2010.
The update says that year-to-date sales are 35 per cent below long-term trends.
The number of sales is down 5.8 per cent year-over-year compared to June 2024.
Despite decreasing sales, there were still 1,274 new listings in June, which is down slightly from May and only a 0.1 per cent decrease from last year.
As a result, inventory levels are increasing, with an inventory of 2,499 listings on the market – a 27.5 per cent increase from last June.
There are now nearly five months of supply.
Cornerstone says that high supply levels and low sales have put “downward pressure on home prices.”
“For the third consecutive month, unadjusted home prices have decreased by over one per cent each month, leading to a benchmark price of $726,000 for June, which is nearly eight per cent below last June. Price declines have occurred across all property types, with the steepest year-over-year drop seen in apartment-style homes.”
The benchmark prices in Hamilton broken down by housing type are $793,600 for a detached home (down 6 per cent year-over-year), $716,900 for a semi-detached (down 5 per cent), $629,600 for a row home (down 5 per cent), and $423,000 for an apartment (down 10 per cent year-over-year).
The median sale prices in Hamilton so far this year, broken down by region, are $525,000 in Hamilton Centre, $570,000 in Hamilton East, $687,000 in Hamilton West, $698,500 on Hamilton Mountain, $770,000 in Stoney Creek, $805,000 in Glanbrook, $922,500 in Waterdown, $925,000 in Dundas, $1,036,500 in Ancaster, and $1,185,000 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.
