Year In Review for 2022
Statistics & Property Values Report!
Market Adjustment in 2022 leads to a Balanced Market in the REALTORS® Association of Hamilton-Burlington (RAHB) Area. 7 interest rate hikes, record-high price gains, Buyer fatigue and limited supply were the main factors leading to this change. The end-of-year inventory for 2021 showed an unprecedented low of 9,706 Residential properties actively for sale. At the end of 2022, we saw this increase by almost double to 18,531 Residential Properties still for sale. Sales, however, decreased by almost 30% in 2022. There were 12,727 Residential Sales in 2021 compared to 8,745 Sales in 2022. The increased inventory available coupled with the decreased number of sales over the year now gives us a List-To-Sell Ratio of 53.12% for 2022 (Balanced Market), compared to 79.71% for 2021 (Sellers Market). It is important to note that the increased supply of homes only came for properties listed above $800,000.
Average Residential Selling Prices peaked at a record high in February 2022. They declined 25% over the rest of the year, and yet still ended up well above 2021. The average residential selling price for 2022 is $999,468, up from $897,491 in 2021 and $714,169 in 2020. Condominium Average Selling Price also jumped significantly from $494,910 in 2020 to $599,654 in 2021 and ended 2022 at $686,298. We are now only seeing the rare Multiple Offer which is used as a strategy to sell your house quicker by listing it at a price well below market value, thereby attracting many buyers and hopefully selling for well over the listed price. Thankfully, this change to a more balanced market has allowed more buyers to get back to putting safeguard conditions in their offers to purchase. We are back to seeing conditions on financing, home inspections and in a few cases, a condition to sell your property. Too many buyers over the last couple of years were forced to buy a property without these conditions. This led to many financing problems for those who bought in early 2022 but did not have a closing date till later in the year. No matter what type of Real Estate Market we are experiencing it is vital that you are working closely with your Real Estate Agent and Mortgage Broker. There are many lawsuits where the Buyers did not/could not close on their purchase and were successfully sued/or are going to be sued for hundreds of thousands of dollars.
Overall Average Sales Prices increased year over year in almost every district throughout The REALTORS ® Association of Hamilton-Burlington (RAHB) Area. In 2019 there were still 5 neighbourhoods within these districts where the average selling price was below $400,000. There was only one neighbourhood left in 2020 in this price category which is the Industrial neighbourhood of District 21 in the Hamilton Centre Area with an Average Selling for 2020 of $368,257. In 2021 this same district had an average price of $495,501. It is still the least expensive district in Hamilton to buy a home, however, the average price rose to $533,857 in 2022, which is the lowest in all of Hamilton and the surrounding areas covered by The REALTORS ® Association of Hamilton-Burlington (RAHB). The Hamilton Centre (made up of 5 districts) has gone from an average of $390,622 in 2019 to $469,985 in 2020 to $579,424 in 2021 and is now $642,083 and continues to be the lowest Average Price in all of the areas RAHB covers. In 2021 there were still 3 Districts in Burlington with averages under a million dollars. Now, all of the districts in Burlington have averages of over a million dollars. Overall, Burlington now has an average price of $1,073,194 (up from $1,073,880 in 2021). Ancaster, Dundas, Flamborough, Waterdown, Oneida and Seneca also all now have an average price of over $1,000,000. The average price for a Residential Home on Hamilton's Mountain went from $580,312 in 2020 to $755,146 in 2021 and to $837,010 in 2022. *See the Maps below comparing more prices year over year.* Types of homes sold in 2022 compared to 2021 showed that there were 3097 Bungalows sold in 2021 at an Average Selling Price of $802,821 and only 2260 Bungalows in 2022 that sold for an Average Selling Price of $880,003. In 2021 there were 5059 2 Storey Sales at an Average of $1,005,828 and in 2022 there were only 3535 2 Storey Sales with an Average Selling Price of $1,137,297.
See below for Average Selling Prices of Districts and Neighbourhoods in and around Hamilton Ontario, comparing average sales from 2022 to 5 (2017) and 10 (2012) years ago. Below these charts, you will find the Month of December 2022 Statistics Report.
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Average Selling Prices Compared to 2017 and 2012
Here is an overview of the 2022 Average Selling Prices for Residential Properties in and around Hamilton Ontario Canada, compared to 5 years ago (2017) and 10 years ago (2012). It is broken down into the different districts and areas in and around Hamilton Ontario.
West Hamilton
Neighbourhood Features - McMaster University, Westdale Village (Weils Bakery, Westdale Theatre), Locke Street Shops, Hess Street, West Harbour Go Station, Bayfront Park, Royal Botanical Gardens, Dundurn Castle, Farmers Market, and quick access to Highway 403.
2022 West Hamilton Overview
- $764,924 - Average Selling Price
- 468 - Total # of Sales
- 19 - Average Days on Market
- 106% - Sold Price vs Listing Price
Compared to Past Years…
- $665,834 in 2021 (1 year ago)
- $468,584 in 2017 (5 years ago)
- $293,065 in 2012 (10 years ago)
District | Neighbourhoods | Average Prices in 2012 | Average Prices in 2017 | Average Prices in 2022 |
---|---|---|---|---|
10 | Bayfront, Strathcona, Central | $213,296 | $380,114 | $656,178 |
11 | Westdale, Ainslie Wood | $319,370 | $510,095 | $800,638 |
12 | Durand, Kirkendall | $317,089 | $490,515 | $806,401 |
Central Hamilton
Neighbourhood Features - Known as Downtown Hamilton, and home to Gore Park, Gage Park, Ottawa Street Shops, Go Bus Station,Tim Hortons Field (Tiger Cats Football & Forge FC Soccer), Art Crawl and Supercrawl.
2022 Central Hamilton Overview
- $642,083 - Average Selling Price
- 862 - Total # of Sales
- 17 - Average Days on Market
- 111% - Sold Price vs Listing Price
Compared to Past Years…
- $578,953 in 2021 (1 year ago)
- $348,557 in 2017 (5 years ago)
- $161,799 in 2012 (10 years ago)
District | Neighbourhoods | Average Prices in 2012 | Average Prices in 2017 | Average Prices in 2022 |
---|---|---|---|---|
13 | North End | $154,720 | $329,778 | $622,620 |
14 | Beasley, Landsdale | $148,393 | $348,147 | $589,107 |
20 | Corktown, Stinson, Crown Point, Gibson, Stipley | $152,023 | $330,589 | $637,266 |
21 | Central Mall Area | $105,535 | $241,172 | $533,857 |
22 | St. Clair, Blakeley, Deta | $183,000 | $459,269 | $801,560 |
East Hamilton
Neighbourhood Features - Home to the famous Hutches and Barangas on the Beach Restaurants at Confederation Park on the lake, Waterfront Trail (all the way to Burlington), Eastgate Mall, Brock University Campus, Kings Forest Golf Course and very easy access to QEW Niagara and Toronto, Red Hill Valley Parkway and the Skyway Bridge.
2022 East Hamilton Overview
- $701,685 - Average Selling Price
- 752 - Total # of Sales
- 17 - Average Days on Market
- 110% - Sold Price vs Listing Price
Compared to Past Years…
- $621,563 in 2021 (1 year ago)
- $356,312 in 2017 (5 years ago)
- $198,856 in 2012 (10 years ago)
District | Neighbourhoods | Average Prices in 2012 | Average Prices in 2017 | Average Prices in 2022 |
---|---|---|---|---|
23 | Homeside, Normanhurst, McQuesten, Parkview | $158,706 | $305,612 | $619,738 |
24 | Rosedale, Bartonville, Glenview | $218,289 | $377,294 | $721,949 |
27 | Riverdale, Kenley | $218,683 | $396,778 | $735,993 |
28 | Greenford, Vincent, Gershome | $214,540 | $371,737 | $742,704 |
29 | Hamilton Beach | $316,864 | $545,060 | $962,422 |
Hamilton Mountain
Neighbourhood Features - Limeridge Mall Shopping Centre, Mohawk College, Hillfield Strathallan Private College, Westmount School and Recreation Centre, Huntington Park Rec Centre, Bernie Arbour Moahawk Sports Park, Chedoke Twin Pad Arena, LINC (Lincoln Alexander Expressway) Escarpment Rail Trail and Chedoke Radial Trail, Numerous Waterfalls.
2022 Hamilton Mountain Overview
- $837,010 - Average Selling Price
- 1361 - Total # of Sales
- 15 - Average Days on Market
- 109% - Sold Price vs Listing Price
Compared to Past Years…
- $755,188 in 2021 (1 year ago)
- $464,258 in 2017 (5 years ago)
- $264,599 in 2012 (10 years ago)
District | Neighbourhoods | Average Prices in 2012 | Average Prices in 2017 | Average Prices in 2022 |
---|---|---|---|---|
15 | Mountview, Westcliffe, Buchanan, Southam, Bonnington, Mohawk | $302,605 | $524,222 | $921,402 |
16 | Fessenden, Gilbert, Rolston, Yeoville, Gurnett, Gilkson, Gourley, Kernighan, Falkirk East, Falkirk West, Kennedy, Carpenter | $278,004 | $488,873 | $847,668 |
17 | Centremount, Inch Park, Eastmount, Raleigh, Balfour, Hill Park, Burkhome, Macassa | $217,767 | $391,007 | $739,023 |
18 | Greeningdon, Bruleville, Thorner, Lawfield, Jerome, Crerar, Barnstown, Rushdale, Butler, Randall, Eleanor, Allison, Ryckmans Corners | $295,391 | $509,591 | $917,776 |
25 | Sunninghill, Sherwood, Hampton Heights, Huntington | $254,888 | $449,625 | $801,309 |
26 | Berrisfield, Lisgar, Trenholme, Quinndale, Templemead, Broughton | $251,709 | $440,011 | $810,125 |
Stoney Creek
Neighbourhood Features - Battlefield Park, Eramosa Karst Conservation Area and Caves, Devils Punchbolw Waterfalls and Conservation Area, Felkers Falls, Valley Park Community Centre, Winona, 50 Point Conservation Area and Marina.
2022 Stoney Creek Overview
- $927,548 - Average Selling Price
- 910 - Total # of Sales
- 17 - Average Days on Market
- 106% - Sold Price vs Listing Price
Compared to Past Years…
- $845,429 in 2021 (1 year ago)
- $546,121 in 2017 (5 years ago)
- $313,166 in 2012 (10 years ago)
District | Neighbourhoods | Average Prices in 2012 | Average Prices in 2017 | Average Prices in 2022 |
---|---|---|---|---|
50 | Heritage Green, Valley Park, Felker, Trinity, Highland, Leckie Park | $312,568 | $550,575 | $970,720 |
51 | Battlefield, Corman, South Meadow, Highway Valley, Dewitt, Eastdale, Polar Park, Guernsey, Westmeria, Fruitland, Community Beach, Winona Park | $310,294 | $539,381 | $890,223 |
52 | Rural Stoney Creek | $420,026 | $647,600 | $1,179,880 |
Dundas
Neighbourhood Features - Home of the fun filled Buskerfest and Cactus Festivals, Dundas Driving Park, Dundas Valley Golf and Curling Club, Dundas Valley Conservation Area, Downtown Dundas Shops and Restaurants in a small town setting.
2022 Stoney Creek Overview
- $1,035,109 - Average Selling Price
- 254 - Total # of Sales
- 18 - Average Days on Market
- 107% - Sold Price vs Listing Price
Compared to Past Years…
- $930,698 in 2021 (1 year ago)
- $603,481 in 2017 (5 years ago)
- $335,891 in 2012 (10 years ago)
District | Neighbourhoods | Average Prices in 2012 | Average Prices in 2017 | Average Prices in 2022 |
---|---|---|---|---|
41 | Pleasant View, Hopkins Corner, Cootes Paradise, University Gardens, Dundana, Grosvenor's Estate, Highland Park, Pleasant Valley | $335,891 | $603,481 | $1,035,109 |
Ancaster
Neighbourhood Features - Home of best brunch at Ancaster Old Mill Restaurant, Tiffany and Sherman Waterfalls, Hamilton Golf and Country Club, Gables Golf Club, Meadowlands Power Centre (Costco), Redeemer University College, Ancaster Fairgrounds, Spring Valley Arena.
2022 Ancaster Overview
- $1,282,615 - Average Selling Price
- 451 - Total # of Sales
- 20 - Average Days on Market
- 105% - Sold Price vs Listing Price
Compared to Past Years…
- $1,154,404 in 2021 (1 year ago)
- $770,255 in 2017 (5 years ago)
- $462,401 in 2012 (10 years ago)
District | Neighbourhoods | Average Prices in 2012 | Average Prices in 2017 | Average Prices in 2022 |
---|---|---|---|---|
42 | Sulphur Spring, Ancaster Heights, Oakhill, Meadowlands, Parkview Heights, Nakoma, Harmony Hall, Shaver, Southcote | $462,401 | $770,255 | $1,282,615 |
Glanbrook
Neighbourhood Features - John C. Munro Intermational Airport, Canadian Warplane Heritage Museum, Garth Trails & Twenty Place Adult Senior Living Condominiums, Southern Pines Golf and Country Club, Glanbrook Sports Complex, Binbrook Fairground Community Park.
2022 Glanbrook Overview
- $998,053 - Average Selling Price
- 348 - Total # of Sales
- 18 - Average Days on Market
- 107% - Sold Price vs Listing Price
Compared to Past Years…
- $926,758 in 2021 (1 year ago)
- $538,974 in 2016 (5 years ago)
- $342,416 in 2012 (10 years ago)
District | Neighbourhoods | Average Prices in 2012 | Average Prices in 2017 | Average Prices in 2022 |
---|---|---|---|---|
53 | Glanbrook, Binbrook, Mount Hope | $342,216 | $538,974 | $998,053 |
Grimsby
Neighbourhood Features - Niagara Peninsula Town, On The QEW Between Niagara and Toronto, Nelles Manor (1798 Loyalist Residence), Lake Views, Lake Access Point At Nelles Park Beach & Grimsby Beach Park, Lookout Trail, Conservation, Happening On The Forty Festival, Centennial Park, Forty Creek Distillery, Beamer Falls.
2022 Grimsby Overview
- $959,363 - Average Selling Price
- 381 - Total # of Sales
- 21 - Average Days on Market
- 103% - Sold Price vs Listing Price
Compared to Past Years…
- $872,046 in 2021 (1 year ago)
- $572,499 in 2017 (5 years ago)
- $348,747 in 2012 (10 years ago)
District | Neighbourhoods | Average Prices in 2012 | Average Prices in 2017 | Average Prices in 2022 |
---|---|---|---|---|
54 | Grimsby South & North | $348,747 | $592,499 | $959,363 |
Waterdown
Neighbourhood Features - Clappison's Corners, Royal Botanical Gardens, Waterdown Memorial Park, Smokey Hollow Waterfalls, Joe Sam's Leisure Park, Waterdown Supercentre Shopping.
2022 Waterdown Overview
- $1,069,461 - Average Selling Price
- 289 - Total # of Sales
- 17 - Average Days on Market
- 104% - Sold Price vs Listing Price
Compared to Past Years…
- $985,886 in 2021 (1 year ago)
- $676,613 in 2017 (5 years ago)
- $399,007 in 2012 (10 years ago)
District | Neighbourhoods | Average Prices in 2012 | Average Prices in 2017 | Average Prices in 2022 |
---|---|---|---|---|
46 | Waterdown East & West | $399,007 | $676,613 | $1,069,461 |
Burlington
Neighbourhood Features - Millcroft Shopping Centre, Millcroft Golf Club, Tansley Woods Community Centre, Spencer Smith Park, Burlington Beach, Burlington Golf and Country Club, Tyandaga Golf Course, Ikea, LaSalle Park, LaSalle Marina, Royal Botanical Gardens.
2022 Burlington Overview
- $1,208,840 - Average Selling Price
- 1729 - Total # of Sales
- 17 - Average Days on Market
- 104% - Sold Price vs Listing Price
Compared to Past Years…
- $1,073,880 in 2021 (1 year ago)
- $756,720 in 2017 (5 years ago)
- $452,983 in 2012 (10 years ago)
District | Neighbourhoods | Average Prices in 2012 | Average Prices in 2017 | Average Prices in 2022 |
---|---|---|---|---|
30 | Aldershot | $518,985 | $850,126 | $1,179,421 |
31 | Plains, Maple, Central | $429,939 | $706,404 | $1,099,458 |
32 | Dynes, Longmoor, Pinedale | $371,600 | $654,145 | $1,052,923 |
33 | Roseland, Shoreacres, Elizabeth Gardens | $570,439 | $1,015,235 | $1,514,262 |
34 | Tyandaga, Mountainside, Brant Hills | $418,631 | $680,371 | $1,140,236 |
35 | Headon Forest, Palmer, Tansley, Millcroft, Orchard, Corporate | $429,958 | $685,203 | $1,194,139 |
36 | Alton West, Alton East | $505,652 | $824,708 | $1,315,494 |
38 | North Burlington Rural | $732,468 | $1,386,340 | $2,271,822 |
Monthly Report For December 2022
December 2022 had only 584 Total Residential Listings come through the Hamilton Real Estate Board which was down over 50% from 1248 New Listings in November, and also down 3.9% from December 2021 (590) as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 350 of those (down from 406 in 2021) and Burlington had 117 (down from 109 in 2021).
Residential Sales located throughout the RAHB market area (including Burlington and all outlying areas covered by RAHB) of 458 Properties were down from 672 in November, and down from December 2021 by 37.8%. Residential Sales in Hamilton (which includes Hamilton plus Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 284 of that total and the Average Hamilton Residential Sales Price of those 284 in December 2022 was $750,601 down 14.6% from December 2021 ($861,695). Burlington had 98 Sales (down from 136 in 2021) with an Average Price of $1,039,940 (down 14% from the $1,221,327 Average Price in December 2021). The Overall Average Price for Residential Properties including all areas was $808,295 which is a slight increase from last month's $808,928 and a decrease of 13.3% from December 2021.
The end-of-month listing inventory shows 960 Active Residential Listings, giving Hamilton 3.38 months of inventory, which is up 430.4% compared to 154 Properties still available for sale at the end of December last year which was 0.3 months of inventory. Burlington has 2.62 months of inventory (up 446.8%) with 257 active listings for sale. Average Days on the market increased from 14.7 last year to 34.3 days this December for Hamilton and also increased in Burlington from 13.9 one year ago, to 33.9 days this December.
The Hamilton - Burlington Area is currently experiencing a Sellers Market, where the ratio of Homes Sold to Homes Listed is above 60%, currently sitting at 78% for Residential, (in other words, 7.8 homes are sold for every 10 new listings).
Buyers Market Below 40%
Balanced Market Between 40% and 60%
Sellers Market Above 60%
(Ratio of homes sold to homes listed)
MLS® Properties SOLD in December 2022
RAHB Market Activity | Number Of Sales Dec 2022 | Number of Sales Dec 2021 | Average Sale Price Dec 2022 | Average Sale Price Dec 2021 |
---|---|---|---|---|
West Hamilton | 18 | 48 | $538,378 | $658,813 |
East Hamilton | 33 | 62 | $573,127 | $730,655 |
Central Hamilton | 40 | 107 | $559,453 | $629,206 |
Hamilton Mountain | 65 | 127 | $733,545 | $883,826 |
Flamborough | 8 | 10 | $1,213,063 | $1,326,038 |
Dundas | 12 | 23 | $780,250 | $1,041,800 |
Ancaster | 25 | 28 | $1,110,804 | $1,353,962 |
Waterdown | 19 | 21 | $885,666 | $1,096,215 |
Stoney Creek | 48 | 77 | $787,121 | $964,517 |
Glanbrook | 16 | 29 | $816,313 | $1,017,459 |
Burlington | 98 | 136 | $1,039,940 | $1,221,327 |
Dunnville | 10 | 12 | $751,450 | $762,991 |
Cayuga | 0 | 6 | $000,000 | $668,683 |
Caledonia | 12 | 10 | $714,732 | $765,480 |
Hagersville | 5 | 4 | $479,860 | $885,250 |
Seneca | 0 | 1 | $000,000 | $1,175,000 |
Rainham | 2 | 3 | $577,500 | $746,667 |
Grimsby | 17 | 44 | $796,000 | $876,227 |
West Lincoln | 5 | 2 | $776,400 | $1,227,500 |
Note: Numbers of sales represents sales reported on properties listed on the Multiple Listing Service (MLS®) of the REALTORS Association of Hamilton-Burlington. Average sale price is calculated by dividing the total dollar volume of sales (not shown) by the number of sales in that month.