Laura Doucette's blog

08 Feb 2025

Hamilton ON Real Estate Statistics January 2025

Residential Real Estate Market Report January 2025

The Hamilton Real Estate Market in January 2025 trended down in sales, new listings, and inventory levels, showing a cautious start to the year, with figures remaining below long-term trends. Heightened economic risks are playing a factor in reducing buyer confidence, despite another interest rate cut by the Bank of Canada. The overall year-to-date Average Residential Price (including all property types throughout the Hamilton-Burlington areas) has gone up very slightly, by 1.5% since this time last year. (For specific area average...

20 Jan 2025

Hamilton ON Real Estate Statistics Jan-Dec 2024

2024 Year in Review Statistics & Property Values Report

Economic uncertainty and higher interest rates weighed on the housing market this year. The Bank of Canada Rate remained at 5% since the last increase in July 2023 until June of 2024 when it started to come down. This led to a sluggish Spring Real Estate Market, with lower sales and increased listings. The Bank of Canada Rate dropped five times since then and now sits at 3.25% with the next announcement coming at the end of January 2025. It is important to note that the Bank of Canada Rate only affects Variable Mortgages. Fixed...

08 Dec 2024

Hamilton ON Real Estate Statistics November 2024

Residential Real Estate Market Report November 2024

The Hamilton Real Estate Market in November 2024 trended down in sales, new listings, and inventory levels over the last month. Sales did see a slight gain over November last year though. With one more Bank of Canada Rate Announcement left this year on December 11th, and after the larger cut in the most recent announcement, Buyers are more optimistic that Mortgage Rates will continue to decline. It is important to remember that the Bank of Canada cuts only affects the Variable Rate Mortgage. It is the Bond Rates that affect the Fixed...

08 Nov 2024

Hamilton ON Real Estate Statistics October 2024

Residential Real Estate Market Report October 2024

The Hamilton Real Estate Market in October 2024 improved over last month and last year's levels for the second consecutive month. Even though October Sales are still slower than long-term trends for the month, this respresents a significant improvement. With one more Bank of Canada Rate Announcement left this year on December 11th, and after the larger cut in the most recent announcment, Buyers seem to be much more optomistic that Mortgage Rates will continue to decline. The overall year-to-date average price (including all property types...

10 Oct 2024

Hamilton ON Real Estate Statistics September 2024

Residential Real Estate Market Report September 2024

The Hamilton Real Estate Market in September 2024 showed a shift in activity with an increase in sales after a few months reporting slower sales. Despite this increase, year-to-date sales are 4% lower than last year, and almost 28% below long-term trends. With two more Bank of Canada Rate Announcements left this year (October and December) and Buyers hopeful the Mortgage Rates will continue to decline, buyer optimism appears to be slowly increasing. Year-to-date averages prices have gone up in some areas in and around Hamilton. (for...

06 Sep 2024

Hamilton ON Real Estate Statistics August 2024

Residential Real Estate Market Report August 2024

The Hamilton Real Estate Market in August 2024 shows a mix of trends, suggesting both challenges and opportunities for buyers and sellers in the coming months. With the third recent Bank Of Canada Rate drop and Mortgage interest rates decreasing, there will be a rise in buyer activity this fall, and that could lead to prices going up again. The opportunity for buyers right now is that there is more inventory to choose from. With new listings being met with slower sales, inventory levels are above both last year's (up 31.5%) and long-term...

08 Aug 2024

Hamilton ON Real Estate Statistics July 2024

Residential Real Estate Market Report July 2024

Many people are speculating that this could be the "bottom" of the market. If you are a first-time buyer, this is a great opportunity to get into the market and buy your first property. With two recent Bank Of Canada Rate drops and Mortgage interest rates decreasing, there will be a rise in buyer activity, and that could lead to prices going up again. Remember, the purchase price of your home is fixed, while interest rates are subject to change over time. Now is also an ideal time for those looking to upgrade to a larger or more luxurious...

06 Jul 2024

Hamilton ON Real Estate Statistics Jan-June 2024

Lower Sales, Higher Housing Inventory, High Mortgage Interest Rates - January to June 2024

Two years ago, in the Spring of 2022, we experienced an extended Sellers Market in Hamilton, Ontario with historically low mortgage interest rates and historically high home purchase prices. Currently, we are on the verge of a Buyer's Market in Hamilton with high mortgage rates, an increased inventory of houses for sale, and a significant drop in real estate values. The Bank of Canada rate was .5% in March 2022 and then continued to raise the rates until it reached 5% in July 2023 to combat the...

04 Jun 2024

Hamilton ON Real Estate Statistics May 2024

Residential Real Estate Market Report May 2024

Sales in May throughout the Hamilton-Burlington Real Estate Board reached 1,032 units, which is 20% lower than last year, and 31% below long-term trends for this time of year. All property types experienced this decline in sales and it was significant enough to wipe out the gains made earlier this year, resulting in a 3% decrease in year-to-date sales. New Listings have continued to rise, up over 10% year over year. With the decrease in sales and the increase in new listings, the current inventory sits at the highest level reported since...

29 May 2024

Hamilton ON Real Estate Statistics April 2024

Residential Real Estate Market Report April 2024

Sales in April throughout the Hamilton-Burlington Real Estate Board reached 1,041 units, which is 7% lower than last year, and well below long-term trends for the month of April. Despite the decrease in sales over the last 2 months, year-to-date sales are comparable to those in 2023. New Listings have continued to rise, up over 34% year over year. These recent gains in inventory are helping the real estate market remain in a balanced condition for now. Inventory levels have been exceptionally low for most of the past decade, so this can be...

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