Sales in March were nearly six per cent lower than in 2023, but there had already been significant gains in sales in January and February which offset the March decline. Photo Credit: Mountainview Homes.
The latest update from the Realtors Association of Hamilton-Burlington (RAHB) says that the local housing market continues to have “balanced conditions,” while benchmark prices continue to trend upwards.
The report notes that the region, which includes Hamilton, Burlington, Haldimand County, and Niagara North, saw 996 units sold in March.
Sales in March were nearly six per cent lower than in 2023, but there had already been significant gains in sales in January and February which offset the March decline.
In terms of inventory, the report states that “levels have increased 28 per cent compared to last March, but levels last year were still exceptionally low.”
Julie Sergi, President-Elect of RAHB, added her own comments, saying: “Recent gains in inventory are helping our market return to more balanced conditions, something that we have not seen since 2014.”
However, she also noted: “It is still early in the year, and many purchasers may be waiting for changes in lending rates, but for the first time in years, we are not entering the spring market with limited supply.”
In regards to the City of Hamilton in particular, the municipality saw 596 sales in March which is a seven per cent decline from March 2023.
Meanwhile, there were 1,053 new listings (up 12.6 per cent year over year), inventory stands at 1,386 (up 31.3 per cent), and there are now 2.3 months of supply (up 41.2 per cent).
The unadjusted benchmark price in Hamilton in March was $788,300, up from $777,400 in February.
The unadjusted benchmark price in the city is also two per cent higher than last March.
In Hamilton, the data indicates that the year-over-year decrease in sales was driven by an 11.6 per cent decrease in the number of detached homes sold.
Benchmark prices in Hamilton by housing type are $846,900 for a detached home, $754,500 for semi-detached, $659,700 for a row house, and $461,000 for an apartment.
All prices have increased except for in the apartment condominium sector where “higher supply levels relative to demand left prices slightly lower than levels reported in March 2023.”
- Detached – $846,900 (+3.0 per cent compared to March 2023)
- Semi-detached – $754,500 (+3.0 per cent)
- Row – $659,700 (+2.0 per cent)
- Apartment – $461,000 (-3.0 per cent)
Sales numbers and prices also vary considerably across the different regions within Hamilton.
For March 2024, the median prices for the homes listed within each area of Hamilton, from most affordable to least affordable were as follows:
- Hamilton Centre – $545,000
- Hamilton East – $640,000
- Hamilton West – $715,000
- Hamilton Mountain – $730,000
- Stoney Creek – $799,950
- Glanbrook – $882,450
- Dundas – $885,500
- Waterdown – $895,000
- Ancaster – $1,070,000
- Flamborough – $1,200,000
In the first quarter of 2024, sales activity has reportedly risen in Hamilton East, Flamborough, Dundas, Ancaster, and Glanbrook.
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.
