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The Realtors Association of Hamilton-Burlington (RAHB) reported 620 home sales in September, which they say is “the slowest level of activity seen for this month since 2010.”
RAHB notes that the 18 per cent decline in sales also came with a surge in new listings such that the sales-to-new listings ratio fell to 30 per cent in September.
RAHB President Nicolas von Bredow says that “increases in lending rates have prompted prospective buyers to delay purchasing decisions.”
“Lending rates may have sparked anxiety among existing homeowners, motivating them to list their properties. A surge in new listings, relative to sales, has led to a pronounced rise in overall inventory levels,” von Bredow continues.
It should be noted that the RAHB data above includes the regions of Niagara North, Haldimand County, Burlington, and Hamilton.
In Hamilton specifically, sales are down 17.1 per cent year over year with listings up 21 per cent. Only 373 homes sold in the city in September.
Listings are spending an average of 25.7 days on the market and 1,286 new listings were made in September.
The median sold price in Hamilton in September was $725,000 which is up 0.7 per cent year over year.
Year-to-date statistics show that the median sold price so far in 2023 in Hamilton is $750,000 which is a 9.1 per cent decrease from 2022.
The RAHB report also states that “the sudden shift in conditions is taking some pressure off home prices.”
In terms of housing types, median sold prices in Hamilton for September are as follows:
Mobile – $361,000 (+132.9 per cent year over year)
Apartment – $488,000 (-5.2 per cent)
Semi-Detached – $634,250 (-5.3 per cent)
Row – $719,000 (+2.3 per cent)
Detached – $780,000 (+4.0 per cent)
So far this year, Hamilton Centre, Hamilton East, and Hamilton West appear to be the most affordable areas of the city with median sale prices of $553,500, $632,500, and $678,000, respectively.
Ancaster has seen the highest median sold price this year at $1,042,500.
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.
