According to July housing market statistics from the Cornerstone Association of Realtors, the Hamilton area saw an increase in home sales last month.
In July, there were 886 sales across Hamilton, Burlington, Haldimand County, and Niagara North, which is up from June and 5.5 per cent higher than July 2024.
However, this is only the first time that sales have seen a year-over-year increase since the end of 2024.
Additionally, year-to-date, there have only been 5,408 units sold, which is 16 per cent lower than last year and 36 per cent below the 10-year average for the area.
Inventory stands at 2,506 residential units (up 25.4 per cent year over year), there are 4.7 months of supply (up 22.5 per cent), and units spend an average of 37.9 days on the market currently (up 35.7 per cent).
Nicolas von Bredow, a spokesperson for Cornerstone, explained, “Despite the increase in sales in July, the Hamilton-Burlington area is still experiencing lower overall sales for the year, leading to downward pressure on home sale prices.”
“While the Bank of Canada maintained the policy rate in July, the uptick in sales during the same month is a hopeful signal of market recovery as buyers enter the market at lower home prices,” he continued.
The City of Hamilton specifically saw 529 sales in July, which is slightly higher than last year, with growth reported in both detached and semi-detached sales.
Similar to the rest of the area, July sales in Hamilton remained low compared to overall trends.
Despite slow sales, the report notes that the Dundas area has remained strong for sales, with the smallest pullback compared to last year and long-term trends.
There were 1,257 new listings in Hamilton in July, which is down slightly from last month, but the sales-to-new-listings ratio remains low at 42 per cent.
As a result, prices have continued to decline, with the July benchmark price in Hamilton reaching $715,000, which is down from last month and over eight per cent lower than in July 2024.
Prices have also eased across all property types, with the steepest decline seen in the cost of apartment-style homes.
The benchmark prices in Hamilton broken down by housing type are $782,400 for a detached home (down from $793,600 last month), $710,800 for a semi-detached (down from $716,900), $615,000 for a row home (down from $629,600), and $417,500 for an apartment (down from $423,000).
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, $696,000 on Hamilton Mountain, $767,000 in Stoney Creek, $810,000 in Glanbrook, $878,500 in Dundas, $880,000 in Waterdown, $1,045,000 in Ancaster, and $1,190,000 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.
