Here's What Happened This Month!

Year To Date Average Prices for Hamilton

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 it is probably already SOLD!

MLS® Property Listings in February 2023

Note: Numbers of sales represent sales reported on properties listed on the Multiple Listing Service (MLS®) of the REALTORS Association of Hamilton-Burlington. The average sale price is calculated by dividing the total dollar volume of sales (not shown) by the number of sales in that month.

Hamilton Area Statistics for January 2023

Here's What Happened This Month!

January 2023 Sales have dropped almost 26% since a year ago. New Listings are continuing to rise. Average prices continued to decrease since the peak in February of 2022, and have dropped 25% from where they were a year ago. The current inventory levels throughout the REALTORS® Association of Hamilton-Burlington (RAHB) market area are comparable to what we saw pre-pandemic, which is due to the higher interest rates and the rise in new listings. Higher supply is allowing for more choices for Buyers and we are continuing to see sales conditional on financing and home inspection.

January 2023 had 1116 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 666 of those (up from 536 in 2022) and Burlington’s share was 239, up from 187 in January last year. Overall New Listings have increased by 92% since last month and have increased 29% over January 2022.

Residential Sales located throughout the RAHB market area (including Burlington and all the outlying areas covered by The REALTORS ® Association of Hamilton-Burlington) of 540 Properties are down 25.6% from January 2022, and are up 15% over last month, December 2022. The overall average price for residential properties decreased from last month ($805,162) to $791,551, and is down 25% from January 2022. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 349, down 22% from 292 in December 2022, with an average price of $750,529 down 22% from the same month last year, and remained close to the same from last month. Burlington had 112 Sales which is down 27% from 154 last year, with an average price of $908,321 which is down 34% from January 2022, and decreased 11% over last month.

The end-of-month listing inventory which is a good indication of the type of market currently being experienced has dropped a bit from last month and now sits at 939 Active Residential Listings giving Hamilton just over two and half months of supply, which is up 283% over January 2022. Burlington increased from last month and now has 280 Active Residential Listings which gives it 2.5 months of supply, up 300% from the same time last year. Overall, the number of Active Listings Available at the end of the month now sits at 1589 properties for sale, which is 2.88 months supply, compared to only 877 properties and just over one-half months of supply in January 2022, and down slightly month over month from 1611 and 3.37 in December 2022. The average days on the market also shows that it is taking longer to sell a home. It went from 13 to 37 days in Hamilton year over year, and in Burlington from 9 to 30 days.

The Hamilton-Burlington Area continues experiencing a Balanced Market, where the ratio of Homes Sold to Homes Listed is between 40% and 60%, currently sitting at 48% (about 5 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!

Year To Date Average Prices for Hamilton

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!

MLS® Property Listings in January 2023

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.

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.

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).

MLS® Properties SOLD in December 2022

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.

Hamilton Area Statistics for November 2022

Here's What Happened This Month!

As is typical for this time of year, November Sales are lower. New Listings are also lower than in October, however, they are up a bit from last November. Average prices continued to decrease since the peak in February of this year, and have dropped 11% from where they were a year ago. Higher supply is allowing for more choices for Buyers and we are back to seeing sales conditional on financing and home inspection, which is always a good thing!

November 2022 had 1248 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 791 of those (down slightly from 810 in 2021) and Burlington’s share was 221, down from 239 in November last year. Overall New Listings decreased by 21% since last month and have increased almost 2% over November 2021.

Residential Sales located throughout the RAHB market area (including Burlington and all the outlying areas covered by The REALTORS ® Association of Hamilton-Burlington) of 672 Properties are down 41.7% from November 2021, and are also down 13% over last month, October 2022. The overall average price for residential properties decreased from last month ($854,241) to $808,928, and is down 11.2% from November 2021. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 425, down 44% from 755 in November 2021, with an average price of $761,244 down 9% from the same month last year, and down 4% from last month. Burlington had 143 Sales which is down 37.3% from 243 last year, with an average price of $973,744 which is down 18% from November 2021, and decreased 11% over last month.

The end-of-month listing inventory which is a good indication of the type of market currently being experienced has dropped a bit from last month and now sits at 1278 Active Residential Listings giving Hamilton 3 months of supply, which is up 221% over November 2021. Burlington also dropped from last month and now has 385 Active Residential Listings which gives it 2.7 months of supply, which is up 328% from the same time last year. Overall, the number of Active Listings Available at the end of the month now sits at 3.16 months supply, compared to only .5 months in November 2021, and up slightly month over month from 3.11 in October 2022. The average days on the market also show that it is taking longer to sell a home. It went from 13.5 to 28.4 in Hamilton year over year, and in Burlington from 12.6 to 30.7.

The Hamilton-Burlington Area continues experiencing a Balanced Market, where the ratio of Homes Sold to Homes Listed is between 40% and 60%, currently sitting at 53.4% (about 5 homes sold for every 10 listed). So far this year, this has gone from 86.8% in January to 79% in February, to 69% in March, to 57% in April, 50.3% in May, to a low of 42% in June, then up to 50% in July, up again in August to 59%, then a big drop in September to 43%, then up to 48.6% in October and now up to 53.4%. This is trending away from a Buyer’s Market. Important Note: If you are currently looking for a property, ask your REALTORS® to show you the history of any property you are interested in. This will give you valuable information about how long the property has been for sale, and when/if the price was adjusted, and possibly how much it sold for previously!

Year To Date Average Prices for Hamilton

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!

MLS® Property Listings in November 2022

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.

Hamilton Area Statistics for October 2022

Here's What Happened This Month!

October Sales remain similar to last month and continue to be below the ten-year average. A huge factor affecting the current Real Estate Market Sales is higher interest rates, especially after the 6th rate hike this year to help try to combat inflation. Average prices continued to decrease since the peak in February of this year, and have dropped almost 7% from where they were a year ago at this time.

October 2022 had 1557 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 956 of those (up from 879 in 2021) and Burlington’s share was 307, up from 265 in October last year. Overall New Listings increased by 11% since last month and have increased 13% over October 2021.

Residential Sales located throughout the RAHB market area (including Burlington and all the outlying areas covered by The REALTORS ® Association of Hamilton-Burlington) of 756 Properties are down 40.8% from October 2021, and are up a slight 2% over last month, September 2022. The overall average price for residential properties increased less than 1% from last month to $854,241, and is down 7% from October 2021. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 455, down 43.5% from 807 in October 2021, with an average price of $790,130 down 7.8% from the same month last year, and up slightly from last month. Burlington had 168 Sales which is down 33.3% from 246 last year, with an average price of $1,098,493 which is down 5.2% from October 2021, but up 4% month over month.

The end-of-month listing inventory which is a good indication of the type of market currently being experienced has continued to climb from last month and now sits at 1321 Active Residential Listings giving Hamilton 3.6 months of supply, which is up 191% over September 2021. Burlington also went up from last month and now has 450 Active Residential Listings which gives it 2.68 months of supply, also up 275% from the same time last year. Overall, the number of Active Listings Available at the end of the month now sits at 3.11 months, compared to only .8 months in September 2021, however, slightly down month over month from 3.24 in September 2022. The average days on the market also show that it is taking longer to sell a home. It went from 16.8 to 29.1 in Hamilton year over year, and in Burlington from 12.7 to 28.9.

The Hamilton-Burlington Area continues experiencing a Balanced Market, where the ratio of Homes Sold to Homes Listed is between 40% and 60%, currently sitting at 48.6% (about 5 homes sold for every 10 listed). So far this year, this has gone from 86.8% in January to 79% in February, to 69% in March, to 57% in April, 50.3% in May, to a low of 42% in June, then up to 50% in July, up again in August to 59%, then a big drop in September to 43% and now up to 48.6%. Many Sellers are struggling with how much the prices have dropped so we are still seeing lots of properties cancel their listing and come back on the market with an improved (lower) asking price. If you are currently looking for a property, ask your REALTORS ® to show you the history of any property you are interested in. This will give you valuable information about how low the property has been for sale, and when/if the price was adjusted.

Year To Date Average Prices for Hamilton

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!

MLS® Property Listings in October 2022

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.

Hamilton Area Statistics for September 2022

Here's What Happened This Month!

September Sales are the lowest in over a decade, mostly due to higher interest rates and widespread concern over a housing market correction. Average prices continued to decrease since the peak in February of this year and actually dipped below what they were a year ago at this time. If you are trying to sell your property the most important thing you can do is Price It Right! Low Sales + Increased Supply means Buyers have LOTS to choose from!

September 2022 had 1747 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 1061 of those (up from 958 in 2021) and Burlington’s share was 409, up from 317 in September last year. Overall New Listings increased by 9% since last month and have increased by 14% over September 2021.

Residential Sales located throughout the RAHB market area (including Burlington and all the outlying areas covered by The REALTORS ® Association of Hamilton-Burlington) of 751 Properties are down 36% from last September 2021, and are down 14% over last month, August 2022. The overall average price for residential properties increased by 1% from last month to $851,002 and is down 3% from September 2021. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek, and Glanbrook) were 446, down 38% from 724 in September 2021, with an average price of $784,302 down 2% from the same month last year, and basically stayed the same as last month. Burlington had 186 Sales which is down 33% from 278 last year, with an average price of $1,054,582 which is down 1% from September 2021, but up 2% month over month.

The end-of-month listing inventory which is a good indication of the type of market currently being experienced has continued to climb from last month and now sits at 1452 Active Residential Listings giving Hamilton 3.26 months of supply, which is up 146% over September 2021. Burlington also went up from last month and now has 475 Active Residential Listings which gives it 2.55 months of supply, also up 219% from the same time last year. Overall, the number of Active Listings Available at the end of the month has more than doubled and now sits at 3.24 months, compared to .82 months in September 2021, and is also up month over month from 2.68 in August 2022. The average days on the market also shows that it is still taking longer to sell a home. It went from 14 to 27 in Hamilton year over year, and in Burlington from 11 to 23.

The Hamilton-Burlington Area continues to be experiencing a Balanced Market, where the ratio of Homes Sold to Homes Listed is between 40% and 60%, currently sitting at 43% (about 4 homes sold for every 10 listed) which has dropped month over month and is close to a Buyers Market! So far this year, this has gone from 86.8% in January to 79% in February, to 69% in March, to 57% in April, 50.3% in May, to a low of 42% in June, then up to 50% in July, up again in August to 59%, then a big drop this month to 43%. Many Sellers are struggling with how much the prices have dropped so we are still seeing lots of properties cancel their listing and come back on the market with an improved (lower) asking price. Unfortunately, the market seems to be dropping faster than many sellers are adjusting to it, so this pattern could continue for a while.

Year To Date Average Prices for Hamilton

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!

MLS® Property Listings in September 2022

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.

Hamilton Area Statistics for August 2022

Here's What Happened This Month!

Like last month, the August 2022 Real Estate Market has continued with the trend of correcting itself post-pandemic. Average prices continued to decrease since the peak in February of this year. July and August are typically slower months so it is not a surprise to see lower sales and a decrease in new listings coming on the market. There is also uncertainty about where the Market is headed, and with the increase in interest rates, affordability has decreased, especially with another rate increase in September. Basically, prices seem to be very close to what they were 1 year ago. Generally speaking, September and October are much busier than the summer. Many Canadians have returned from long-awaited vacations and once they adjust the decreasing prices along with the increasing interest rates, we can anticipate a strong Fall Market. The frenzied buying of the first couple of months this year will not return, however, volume and prices are expected to begin trending upwards.

August 2022 had 1641 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS® Association of Hamilton-Burlington (RAHB). Hamilton had 963 of those (up from 864 in 2021) and Burlington’s share was 362, up from 254 in August last year. Overall New Listings decreased by 8% since last month and have increased by 20% over August 2021.

Residential Sales located throughout the RAHB market area (including Burlington and all the outlying areas covered by The REALTORS® Association of Hamilton-Burlington) of 906 Properties are down 24.2% from last August 2021, however, rose 11.7% over last month, July 2022. The overall average price for residential properties decreased by 7.1% from last month to $878,816, and is up 3.9% from July 2021. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek, and Glanbrook) were 537, down 29.6% from 763 in August 2021, with an average price of $792,767 up 1.7% from the same month last year, and only slightly lower than last month. Burlington had 209 Sales which is down 10.3% from 233 last year, with an average price of $1,038,930 which is down 1.5% from August 2021 and also down month over month.

The end-of-month listing inventory which is a good indication of the type of market currently being experienced has continued to climb from last month and now sits at 1337 Active Residential Listings giving Hamilton 2.5 months of inventory, which is up 1.7% over August 2021. Burlington also went up from last month and now has 425 Active Residential Listings which gives it 2 months of inventory, also up 1.4% from the same time last year. Overall, the number of Active Listings Available at the end of the month is lowering due to the increased sales and now sits at 2.6 months, compared to 3.1 months in July 2022. The average days on the market also shows that it is still taking longer to sell a home. It went from 17.2 to 28 in Hamilton year over year, and in Burlington from 15.2 to 26.4.

For the fifth month in a row, the Hamilton-Burlington Area is experiencing a Balanced Market, where the ratio of Homes Sold to Homes Listed is between 40% and 60%, currently sitting at 59% (almost 6 homes sold for every 10 listed) which has gone up month over month for the 2nd month in a row and could be trending back towards a Sellers Market! So far this year, this has gone from 86.8% in January to 79% in February, to 69% in March, to 57% in April, 50.3% in May, to a low of 42% in June, then up to 50% in July and now sits at 59%, which is very close to a Sellers Market. Many Sellers are struggling with how much the prices have dropped so we are still seeing lots of properties cancel their listing and come back on the market with an improved (lower) asking price. Unfortunately, the market seems to be dropping faster than many sellers are adjusting to it, so this pattern could continue for a while.

Year To Date Average Prices for Hamilton

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!

MLS® Property Listings in August 2022

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.

Hamilton Area Statistics for July 2022

Here's What Happened This Month!

The July 2022 Real Estate Market has continued with the trend of correcting itself post pandemic. Average prices have continued to decrease since the peak in February of this year. July and August are typically slower months so it is not a surprise to see lower sales and a decrease in new listings coming on the market. There is also uncertainty about where the Market is headed, and with the increase in interest rates, affordabilty has decreased.

July 2022 had 1783 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 1032 of those (up from 918 in 2021) and Burlington’s share was 364, up from 303 in July last year. Overall New Listings decreased by 29.9% since last month and have increased 18.6% over July 2021.

Residential Sales located throughout the RAHB market area (including Burlington and all the outlying areas covered by The REALTORS ® Association of Hamilton-Burlington) of 811 Properties are down 35.6% from last July 2021 and also down 18.5% over last month, June 2022. The overall average price for residential properties decreased by 7.1% from last month to $878,816, and is up 3.9% from July 2021. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 465, down 39.8% from 773 in July 2021, with an average price of $793,062 up 2.0% from the same month last year. Burlington had 182 Sales which is down 29.5% from 258 last year, with an average price of $1,142,997 which is up 10.3% from July 2021. The Average prices went down month over month in both Hamilton and Burlington.

The end-of-month listing inventory which is a good indication of the type of market currently being experienced has continued to climb from last month and now sits at 914 Active Residential Listings giving Hamilton 1.2 months of inventory, which is up 0.4% April 2021. Burlington also went up from last month and now has 328 Active Residential Listings which gives it 1.2 months of inventory, also up 0.6% from the same time last year. Overall, the number of Active Listings Available at the end of the month is raising and now sits at 1.2 months, compared to 0.7 months in March 2022. The average days on the market is also showing a change, going up from 10.8 to 10.9 in Hamilton,however, it continued to go down in Burlington year over year from 12.2 to 9.6.

For the fourth month in a row, the Hamilton-Burlington Area is experiencing a Balanced Market, where the ratio of Homes Sold to Homes Listed is between 40% and 60%, currently sitting at 50% (5 homes sold for every 10 listed) which has gone up month over month for the first time this year! So far this year, this has gone from 86.8% in January to 79% in February, to 69% in March, to 57% in April, 50.3% in May and 42% in June. Many Sellers are struggling with how much the prices have dropped so we are seeing lots of properties cancel their listing and come back on the market with an improved (lower) asking price. Unfortunatley, the market seems to be dropping faster than many sellers are adjusting to it, so this pattern could continue for awhile.

Year To Date Average Prices for Hamilton

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!

MLS® Property Listings in July 2022

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.

Interest Rates Up & Buyer Interest Down?

One year ago in my Jan-June 2021 Report, I said “We can feel a shift happening as the third wave of Covid-19 lessens its grip and the promise of Ontario entering Step 3 Economic Reopening is just days away. It will be interesting to see what effect this will have in the coming months on the Real Estate Market, especially since we are still seeing historic low-Interest Rates for Mortgages.” Looking back over this period we can see that the interest rates and the Real Estate inventory remained low while Buyer Interest and Average Prices continued to rise. That is, until early this year. This area started the year in a strong Sellers 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. Both numbers have continued to fall since then, due in part to interest rates rising, and part to Buyer fatigue. Right now the overall Greater Hamilton area is sitting in a Balanced Market, on the verge of a Buyers Market, with a 42% Sales to Listings Ratio. The Average Sales Price in the Greater Hamilton Area is sitting at $865,339 ($863,000 in Hamilton). We have gone from most homes and condos selling very quickly with Multiple Offers, to more and more properties sitting longer on the market, not getting any offers and having to do price improvements to attract the Buyers.

When comparing the first 6 months of this year to the first six months of 2021 we see that although the number of Listings remained fairly equal (Freehold listings in 2021 were 9713 compared to 9886 in the first half of this year and Condo Listings decreased a bit from 2419 in 2021 to 2387 so far this year) the Sales dropped significantly. In the first 6 months of 2021, there were 7317 total Freehold sales compared to only 5374 in the first six months of 2022. For the same period, Condo sales went down from 1898 to 1458. As for prices, we are still seeing much higher than last year at this time even though they are dropping month to month. Year over year for the first six months the Average Freehold Price increased from $885,236 in 2021 to $1,074,315 in 2021. Days on the market only dropped from an average of 12 to 11. The Average Condominium Price increased from $581,700 to $718,266. Average Days on the market dropped from 16 to 12. Opposite to this time last year, we are sitting in a Balanced Market, very close to a Buyers Market. This time last year we were at 87.4% Sellers Market and right now we are at a 42% Balanced Market. 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 Sellers Market. (See definitions in the chart below).

**See below for Average Price charts and maps for districts and neighbourhoods throughout Hamilton !**

June 2022 Statistics

As discussed, inventory is a huge factor when looking at the house price statistics. June 2022 had 2543 Total Residential Property Listings come through the Hamilton Real Estate Board, which is down 3.3% month over month, however, it is up 27.1% compared to June 2021 as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 1509 of those (up from 1198 in June 2021) and Burlington’s share was 519, up from 425 in June 2022. The bottom line is that we are seeing high inventory and low sales (fewer buyers looking). This can be a great opportunity for Buyers that have been looking for a while and were continually being beaten out on multiple offers.

Residential Sales located throughout the RAHB market area (including Burlington and all the outlying areas covered by The REALTORS ® Association of Hamilton-Burlington) of 995 Properties are down 37.8% from June 2021, and also down 19.2% over last month, May 2021. The overall average price for residential properties decreased by 5% from last month to $946,026, and up by 9% from June 2021. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 626, which is a 35.2% decrease from 966 in June 2021, with an average price of $863,016 up 9.6% from the same month last year. Burlington had 198 Sales which is down 39.1% from 325 last year, with an average price of $1,250,673 which is up 9.9% from June 2021. The end-of-month inventory shows 1485 Active Residential Listings giving Hamilton 2.4 months of inventory, up 1.6% from June 2021. Burlington has 467 Active Residential Listings which also gives it 2.4 months worth of inventory, which is down 1.7% from June 2021. Overall, the number of Active Listings Available at the end of the month shows 2.6 months of inventory compared to 1.7 months in May. The average days on the market have risen from a few days from last month and up from last year to 17.7 from 13.6 in Hamilton. It is also taking longer to sell a home in Burlington where the days on market went from 13.7 last year to 16.2 this year, up slightly from last month. For the third month in a row, the Hamilton-Burlington Area is experiencing a Balanced Market, where the ratio of Homes Sold to Homes Listed is between 40% and 60%, currently sitting at 42% (4.2 homes sold for every 10 listed). So far this year, this has gone from 86.8% in January to 79% in February, to 69% in March, to 57% in April and 50.3% in May. Sellers may want to get ahead of this trend and price accordingly when we are this close to experiencing a Buyers Market.

Hamilton’s Average Year to Date Prices

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!

MLS® Property Listings in June 2022

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.

10 Years Ago vs. Now in 2022

Other Areas Around Hamilton

Hamilton Area Statistics for May 2022

Here's What Happened This Month!

The May 2022 Real Estate Market is continuing to shift. Interest rates rose again and increased inventory seems to be leading the way for decreased prices. There were only 2 of the 10 areas tracked where the Average Price went up year to date and they were West Hamilton and Ancaster, and only slightly. This is a confusing time for Buyers and Sellers so please make sure you are getting insightful timely advice from your LOCAL REALTOR®. Ask your REALTOR® for a chart of very recent sales comparing the List Price to the Selling Price AND find out how many days the property has been on the market! An experienced REALTOR® will give you great insight on how best to move forward.

May 2022 had 2631 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 1617 of those (up from 1438 in 2021) and Burlington’s share was 540, up from 437 in May last year. Overall New Listings increased by 7.3% since last month and were also up 16% over May 2021.

Residential Sales located throughout the RAHB market area (including Burlington and all the outlying areas covered by The REALTORS ® Association of Hamilton-Burlington) of 1232 Properties are down 31.9% from May 2021 and also down 5.1% over last month, April 2022. The overall average price for residential properties decreased by 1.7% from last month to $995,408, and is up 17.6% from May 2021. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 732, down 35.3% from 1132 in May 2021, with an average price of $901,535 up 13.5% from the same month last year. Burlington had 291 Sales which is down 23.0% from 378 last year, with an average price of $1,231,174 which is up 23.3% from May 2021. The Average prices went down month over month in both Hamilton and Burlington.

The end-of-month listing inventory which is a good indication of the type of market currently being experienced has continued to climb from last month and now sits at 1259 Active Residential Listings giving Hamilton 1.7 months of inventory, which is up 43.7% from May 2021. Burlington also went up from last month and now has 376 Active Residential Listings which gives it 1.3 months of inventory, also up 69.4% from the same time last year. Overall, the number of Active Listings Available at the end of the month is raising and now sits at 1.7 months, compared to 1.2 months in April 2022. The average days on the market is also showing a change, going up from 12.5 to 14.4 in Hamilton and also up in Burlington year over year from 10.8 to 13.5.

For the second month in a row, the Hamilton-Burlington Area is experiencing a Balanced Market, where the ratio of Homes Sold to Homes Listed is between 40% and 60%, currently sitting at 50.3%. In other words, only 5 homes are sold for every 10 new listings. Take note: so far this year this has gone from 86.8% in January to 79% in February, to 69% in March and to 57% in April.

Year To Date Average Prices for Hamilton

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!

MLS® Property Listings in May 2022

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.

Hamilton Area Statistics for April 2022

Here's What Happened This Month!

The April 2022 Real Estate Market is definately showing a shift. Like the weather, homes prices were in a cooling trend. Interest rates on the rise and increased inventory seems to be leading the way for decreased prices. There were only 3 areas that the Average Price went up year to date and they were West Hamilton, Grimsby and Waterdown. This is a confusing time for Buyers and Sellers so please make sure you are getting insightful timely advice from your LOCAL REALTOR®. Ask your REALTOR® for a chart of very recent sales comparing the List Price to the Selling Price AND find out how many days the property has been on the market! An experienced REALTOR® will give you great insight on how best to move forward.

April 2022 had 2451 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 1471 of those (down from 1707 in 2021) and Burlington’s share was 520, up from 494 in April last year. Overall New Listings decreased by 3.6% since last month and were down 7% over April 2021.

Residential Sales located throughout the RAHB market area (including Burlington and all the outlying areas covered by The REALTORS ® Association of Hamilton-Burlington) of 1298 Properties are down 231.73% from April 2021 and also down 20.7% over last month, March 2022. The overall average price for residential properties is still over a million dollars, however it decreased by 5.6% from last month to $1,013,081, and is up 18.2% from April 2021. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 783, down 33.9% from 1185 in April 2021, with an average price of $949,149 up 20.9% from the same month last year. Burlington had 276 Sales which is down 31.2% from 401 last year, with an average price of $1,228,723 which is up 15.7% from April 2021. The Average prices went down month over month in both Hamilton and Burlington.

The end-of-month listing inventory which is a good indication of the type of market currently being experienced has continued to climb from last month and now sits at 914 Active Residential Listings giving Hamilton 1.2 months of inventory, which is up 0.4% April 2021. Burlington also went up from last month and now has 328 Active Residential Listings which gives it 1.2 months of inventory, also up 0.6% from the same time last year. Overall, the number of Active Listings Available at the end of the month is raising and now sits at 1.2 months, compared to 0.7 months in March 2022. The average days on the market is also showing a change, going up from 10.8 to 10.9 in Hamilton,however, it continued to go down in Burlington year over year from 12.2 to 9.6.

For the first time since April 2020, which was at the very start of the pandemic, the Hamilton-Burlington Area is experiencing a Balanced Market, where the ratio of Homes Sold to Homes Listed is between 40% and 60%, currently sitting at 57% (it dropped to 58.5% in April 2020). In other words, only 5.7 homes are sold for every 10 new listings. Take note: so far this year this has gone from 86.8% in January to 79% in February, and to 69% in March.

Year To Date Average Prices for Hamilton

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!

MLS® Property Listings in April 2022

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.

Hamilton Area Statistics for Marc 2022

Here's What Happened This Month!

The March 2022 Real Estate Market Selling strategies remain the same as the last few months month in most part, however, with more and more inventory coming on the market, as is usual for the Spring Market, this is changing. Some Sellers are still putting their homes on the market at a listing price well below Market Value and “holding” offers for up to a week in order to get multiple offers and sell for much higher than their List Price. If they do not get the expected price they were hoping for, they are re-listing at price point much higher, and closer to what they are hoping to sell for. Others are putting their property up for sale at or near Market Value, and not holding offers till a specified date. This can be extremely confusing for Buyers so please make sure you are getting insightful timely advice from your LOCAL REALTOR®. Ask your REALTOR® for a chart of very recent sales comparing the List Price to the Selling Price AND find out how many days the property has been on the market!

March 2022 had 2369 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS ® Association of Hamilton-Burlington (RAHB). Hamilton had 1525 of those (down from 1706 in 2021) and Burlington’s share was 563, down slightly from 597 in March last year. Overall New Listings increased by 51.7% since last month but were down 6.2% over March 2021.

Residential Sales located throughout the RAHB market area (including Burlington and all the outlying areas covered by The REALTORS ® Association of Hamilton-Burlington) of 1637 Properties are down 21.1% from March 2021 and up 33.3% over last month, February 2022. The overall average price for residential properties is still over a million dollars, however, it decreased by 2.7% from last month to $1,073,342, and is up 22.8% from March 2021. Hamilton’s Residential Sales (including Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 984, down 24.5% from 1303 in March 2021, with an average price of $1,003,193 up 24.6% from the same month last year. Burlington had 359 Sales which is down 20% from 449 last year, with an average price of $1,305,593 which is up 19.8% from March 2021.

The end-of-month listing inventory which is a good indication of the type of market currently being experienced has continued to climb from last month and sits at 674 Active Residential Listings giving Hamilton still a limited 0.7 months (half a month) of inventory, down 2.7% from March 2021. Burlington also went up from last month and now has 226 Active Residential Listings which still only gives it 0.6 months of inventory, which is down 6.2% from the same time last year. Overall, the number of Active Listings Available at the end of the month is still very low at 0.7 months. The average days on the market continue to drop and went from 11.9 to 9.1 in Hamilton and also went down in Burlington year over year from 9.1 to 8.3. This is still largely due to the List Below Market Value Strategy being used by many Sellers and their Real Estate Agents, so don’t be fooled by a price that looks too good to be true! Sellers are listing less than market value, and holding off taking offers for up to a week, therefore creating a bidding war atmosphere and hopefully getting many offers and selling for much higher than the asking price. This can be hundreds of thousands over the List Price, so make sure you talk to your REALTOR® and try to get a better idea of what the Actual Market Value currently is.

Right now the Hamilton-Burlington Area is still experiencing a Sellers Market, where the ratio of Homes Sold to Homes Listed is above 60%, currently sitting at 69%. In other words, 7.9 homes are sold for every 10 new listings. Take note this has gone from 86.8% in January to 79% in February and is now 69%. This is indicative of a change toward a more Balanced Market, and other than the last couple of years, this is generally what happens at this time of year.

Year To Date Average Prices for Hamilton

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!

MLS® Property Listings in March 2022

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.