LAURA DOUCETTE - SALES REPRESENTATIVE | SUTTON GROUP INNOVATIVE REALTY INC., BROKERAGE | 905-575-7070

January to June 2023 Real Estate Statistics



Low Inventory Levels & Higher Interest Rates



Last year at this time, we were still seeing historic low-Interest Rates for Mortgages. That has changed significantly since then. We have had 9 Interest Rate Hikes since January 2022 when the Bank of Canada Rate was .25%. With the most recent increase, in June 2023, we are sitting at 4.75%. The next scheduled announcement is in July 2023. Many are speculating that it will be going up to 5%. This was in response to a high inflation rate (a 30-year high in June 2022) of 8.1%. The Inflation Rate has dropped to 3.4% as of May 2023. Variable Rate Mortgages have gone from a low of .85% in early 2022 to 6% right now, which has made it very difficult for Buyers who purchased early last year. Fixed rates have not impacted as much and with lower prices, mortgage payments are staying relatively the same. Here is an example. The average price in Hamilton in June 2022 was $952,499. With a 20% down payment and a 5-year fixed mortgage at 3.59%, your monthly mortgage payment would be approx $3841. The average price year-to-date now is $831,540. With a  20% down payment and a 5-year fixed mortgage of 4.94% the monthly payments would be $3846. So, even though the price is about $120,000 lower, the mortgage payments are almost identical.

In 2022 we started the year in a strong Seller's Market, with an 87% Sales to Listings Ratio. The Average Sales Price in the Greater Hamilton Area (including Burlington-Haldimand-Niagara North) peaked at $1,104,163 ($1,013,000 in Hamilton) in February 2022. Both numbers have continued to fall since then, due to interest rates rising. Right now, the overall Greater Hamilton area has gone from a Balanced Market at this time last year, back up to a Sellers Market with a 64% Sales to Listings Ratio. We use a formula of Total Sales divided by Total Listings to determine whether we are experiencing a Buyers' Market, a Balanced Market, or a Seller's Market.  (See definitions in the chart below). The Average Sales Price in the Greater Hamilton Area is sitting at $912,815 ($831,540 in Hamilton). "Low inventory has been a challenge throughout the past several months" as reported by Nicolas von Bredow, RAHB president. So far this year there have been 9,449 New Listings (including Burlington and all the outlying areas covered by RAHB - The REALTORS ® Association of Hamilton-Burlington) compared to 12,390 for the same time last year. Sales have also decreased for the same time period from 6,891 in 2022 to 5,944 so far this year. The overall average price is $912,815 so far compared to $1,027,694 last year. Days on the market (the time it takes to sell a property on average) have gone up from 10 to 25.

**See below for Average Price chart and maps for districts and Neighbourhoods throughout Hamilton!**

Hamilton's average Year to Date PriceS




The map below shows the current Year-To-Date Average Residential Prices and those areas not shown on the map are in the chart. When looking at the Average Prices in and around Hamilton, it is important to note how they have changed significantly over the last year and even now from month to month. If you are thinking of selling your house or condominium, get the most up-to-date, LOCAL information. A Real Estate Market Evaluation and/or a Mortgage Pre-Approval done even a month ago MUST be Updated before going ahead with your plans.


Burlington - $1,098,341 -  Up

Flamborough - $1,086,131 - Up

Waterdown - $1,007,845 - Down

Grimsby - $887,182 - Up

Caledonia - $755,709 - Up

Cayuga - $765,516 - Up

Dunnville - $593,118 - Up



Take note that “Average sale price is based on the total dollar volume of all properties sold through the RAHB MLS® System. Average sale price can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value.” What that means is, not every house or condo has increased in price by the same percentage. It is really important to talk to an experienced local REALTOR® to see EXACTLY what is happening in your particular neighbourhood. It is also important to find out what you can do to your house to get the highest amount possible when you are ready to sell!

In this Market, it is important that you know about the houses getting listed immediately! Click Here to get set up on the Instant Listings Notification Search, otherwise, you will only know about listings once they are reported to the public sites. If you wait till you see it on Realtor.ca or other sites, it's too late, and is probably already SOLD!




10-Year Comparison For Districts & Neighbourhoods

(10 Years Ago vs. Now in 2023)

 


West Hamilton

District 10, 11, 12

10 years ago in 2013, the average price was $308,821.

So far this year it is $701,798 and down 12.6% from last year.

DistrictNeighbourhoodsHomes ListedHomes SoldAverage Price
10Bayfront, Strathcona, Central18494$592,552
11Westdale, Ainslie Wood161108$730,700
12Durand, Kirkendall218133$753,433


Central Hamilton

District 13, 14, 15, 20, 21, 22

10 years ago in 2013, the average price was $167,097.

So far this year it is $581,556 and down 16.1% from last year.

DistrictNeighbourhoodsHomes ListedHomes SoldAverage Price
13North End9551$595,531
14Beasley, Landsdale272136$550,341
20Corktown, Stinson, Crown Point, Gibson, Stipley267158$564,195
21Central Mall Area6932$480,648
22St. Clair, Blakeley, Delta11880$700,575


East Hamilton

District 23, 24, 27, 28, 29

10 years ago in 2013, the average price was $234,069.

So far this year it is $637,238 and down 15.8% from last year.

DistrictNeighbourhoodsHomes ListedHomes SoldAverage Price
23Homeside, Normanhurst, McQuesten, Parkview177126$560,769
24Rosedale, Bartonville, Glenview10574$671,891
27Riverdale, Kentley5233$715,809
28Greenford, Vincent, Gershome193122$650,028
29Hamilton Beach3214$832,050


Hamilton Mountain

District 15, 16, 17, 18, 25, 26

10 years ago in 2013, the average price was $279,617.

So far this year it is $763,867 and down 15.3% from last year.

DistrictNeighbourhoodsHomes ListedHomes SoldAverage Price
15Mountview, Westcliffe, Buchanan, Southam, Bonnington, Mohawk180114$979,688
16Fessenden, Gilbert, Rolston, Yoeville, Gurnett, Gilkson, Gourley, Kerninghan, Falkirk East, Falkirk West, Kennedy344204$897,883
17Centremount, Inch Park, Eastmount, Raleigh, Balfour, Hill Park, Burkhome, Macassa308177$793,516
18Greeningdon, Bruleville, Thorner, Lawfield, Jerome, Crerar, Barnstown, Rushdale, Butler, Randall, Eleanor, Allison, Ryckmans Corners298172$991,868
25Sunninghill, Sherwood, Hampton Heights, Hurtington12179$877,791
26Berrisfield, Lisgar, Trenholme, Quinndale, Templemead, Broughton14692$883,767


Other Areas Around Hamilton


Ancaster

District 42

10 years ago in 2013, the average price was $383,407.

So far this year it is $1,160,628 and down 13.7% from last year.

Stoney Creek

District 50, 51, 52

10 years ago in 2013, the average price was $336,741.

So far this year it is $836,961 and down 17.0% from last year.

Glanbrook

District 53

10 years ago in 2013, the average price was $335,163.

So far this year it is $880,838 and down 17.9% from last year.

Waterdown

District 46

10 years ago in 2013, the average price was $443,033.

So far this year it is $1,007,845 and down 12.9% from last year.

Dundas

District 41

10 years ago in 2013, the average price was $361,983.

So far this year it is $909,197 and down 17.8% from last year.

Burlington

District 30, 31, 32, 33, 34, 35, 36, 38

10 years ago in 2013, the average price was $495,857.

So far this year it is $1,098,341 and down 15.2% from last year.

Grimsby

District 54, 55

10 years ago in 2013, the average price was $350,128.

So far this year it is $887,182 and down 13.6% from last year.

Flamborough

District 40, 43, 44, 45

10 years ago in 2013, the average price was $547,493.

So far this year it is $1,086,131 and down 30.2% from last year.




June 2023 Statistics!

As discussed, inventory and interest rates are a huge factor when looking at house price statistics. June 2023 had 1954 Total Residential Property Listings come through the Hamilton Real Estate Board, which is done 5% month over month, and also down 21% compared to June 2022 as reported by the REALTORS® Association of Hamilton-Burlington (RAHB). Hamilton had 1174 of those (down from 1505 in June 2022) and Burlington's share was 431, down from 516 in June 2022. The lower-than-normal inventory levels have continued to push home prices upwards in most areas of Hamilton-Burlington.

Residential Sales located throughout the RAHB market area (including Burlington and all the outlying areas covered by the REALTOR® Association of Hamilton-Burlington of 1115 Properties are up 19.4% from June 2022, however, dropped 13% over last month, May 2023. The overall average price for residential properties increased from last month ($884,083) to $912,815, which is down only 2.2% from last year at this time. Hamilton's Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 669, down 6.2% from June 2022, with an average price of $831,540 down 3.3% from the same month last year, however, done up since last month which was $814,082. Burlington had 273 Sales which is up 47.6% from last year, with an average price of $1,156,527 which is down 8.8% from June 2022, however, increased over last month's average of $1,127,635.

 The end-of-month listing inventory, which is a good indication of the type of market currently being experienced, now sits at 1200 Active Residential Listings giving Hamilton 1.8 months of supply, which is up 28.1% over June 2022, and up from last month. Burlington is also slightly higher than last month and now has 335 Active Residential Listings which gives it just under 1.23 months of supply, down 30.9% from the same time last year. Overall, the number of Active Listings Available at the end of the month now sits at 2033 properties for sale, which is 1.8 months supply, compared to 2578 and 2.76 months of supply in June 2022, up month over month from 1860 and 1.5 months of supply in May 2023. The average days on the market also show more than last year, however exactly the same as last month to sell a home. It went from 16 to 19 days in Hamilton year over year, and in Burlington from 14 to 16 days.

The Hamilton-Burlington area has maintain its Seller Market Status from last month, where the ratio of Homes Sold to Homes Listed is over 60%, currently sitting at the 64% (6.4 homes sold for every 10 Listed). Important Note: If you are currently looking for a property, ask your REALTOR® to show you the history of any property you are interested in. This will give you valuable information about how long the property has actually been for sale, when/if the price was adjusted, and possibly how much it sold for previously.   



Buyers Market 
Below 40%


Balanced Market
Between 40% and 60%



Sellers Market 
Above 60%

(Ratio of Homes Sold to Homes Listed)




MLS® Property Listings June 2023 


RAHB Market
Activity

Number of Sales
June 2023
Number of Sales
June 2022
Average Sale Price in June 2023Average Sale Price
June 2022

West Hamilton

6243$724,599
$716,372

East Hamilton

7976$624,468
$655,425

Central Hamilton

6886$607,583
$631,785

Hamilton Mountain

134145$768,660
$775,744

Flamborough

3423$1,233,968
$1,400,474

Dundas

2932$968,767
$1,088,727

Ancaster

4352$1,169,788
$1,399,799

Waterdown

4131$1,008,598
$984,932

Stoney Creek

113101$864,395
$878,993

Glanbrook

4637$906,867
$909,849

Burlington

273198$1,156,527
$1,250,673

Dunnville

2814$638,375
$750,850

Cayuga

65$1,193,500
$893,155

Caledonia

2515$808,259
$811,133

Hagersville

50$743,100
$000,000

Seneca

32$975,657
$1,682,000

Rainham

75$680,757
$564,200

Grimsby

5538$986,408
$806,339

West Lincoln

402$829,333
$800,625