According to October housing market statistics from the Cornerstone Association of Realtors, Hamilton continues to experience the slowest year-to-date sales since 2010.
The report adds that conditions “continue to favour buyers in the market.”
Cornerstone spokesperson Nicolas von Bredow explained in a press release, “Persistently high supply levels compared to sales have put downward pressure on home prices this month.”
“Many were hopeful that the recent policy rate cut from the Bank of Canada would attract more buyers; however, slowing economic conditions and a decrease in migration are likely continuing to weigh on confidence in the market,” he continued.
The report says that Hamilton saw 463 sales last month, which was down 17.3 per cent compared to October 2024.
The number of new listings also slowed, standing at 1,170, down 3.3 per cent year over year.
With elevated supply, the unadjusted benchmark price in Hamilton fell to $700,100, a slight decrease from last month and over eight per cent lower than in 2024.
Cornerstone says that the year-over-year declines are most significant for apartment-style homes, which saw a price drop of 14 per cent.
In terms of inventory, there are 2,461 listings on the market (up 13.1 per cent year-over-year), 5.3 months worth of supply (up 36.9 per cent year-over-year), and listings are spending an average of 39 days on the market (up 7.8 per cent year-over-year).
Dundas reportedly remains the most balanced market, with three months of supply and a sales-to-new-listings ratio of 63 per cent.
The current benchmark prices in Hamilton broken down by housing type are $765,900 for a detached home (down seven per cent year-over-year), $695,500 for a semi-detached (down five per cent year-over-year), $610,400 for a row home (down five per cent year-over-year), and $402,900 for an apartment (down 14 per cent year-over-year).
The median sale prices in Hamilton so far this year, broken down by region, are $515,000 in Hamilton Centre, $575,000 in Hamilton East, $685,000 in Hamilton West, $690,000 on Hamilton Mountain, $760,000 in Stoney Creek, $799,900 in Glanbrook, $880,000 in Waterdown, $890,000 in Dundas, $1,033,000 in Ancaster, and $1,200,000 in Flamborough.
The Bank of Canada lowered its target for the overnight policy rate by 25 basis points to 2.25 per cent on Oct. 29, which was its second consecutive rate cut of this year.
RE/MAX Canada said at the time that the rate cut “may help stabilize housing demand and market confidence through the remainder of 2025.”
The next Bank of Canada policy interest rate announcement is expected on Wednesday,
Dec. 10.
