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...

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...

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...

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...

Lower Sales, Higher Housing Inventory, High Mortgage Interest Rates - January to June 2023

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...

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...

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...

Residential Real Estate Market Report March 2024

Overall Sales in March reached 996 units, almost 6% lower than last year.  This decline in March Sales was not enough to offset the gains reported earlier this year, however, the year-to-date sales are still below long-term trends. New Listings have continued to rise, up over 7% year over year. These recent gains in inventory are helping the real estate market stay in a fairly balanced condition for now, which is a great opportunity for Buyers looking to get into the market! This is the first time in many years we are not entering the...

Residential Real Estate Market Report February 2024

Sales in February saw a slight gain year over year. Leap year helped a little with that extra day. Year-to-date sales are 9% higher than last year, however they are 16% lower than long-term trends. New Listings jumped almost 23% year over year., which improved supply across almost every price range in the total region. The Bank of Canada held its key interest rate to 5% again in early March stating they are still concerned about underlying inflation. There has been no change since July last year. Buyer confidence seems to be increasing...

Residential Real Estate Market Report January 2024

Is Buyer Confidence improving? There was no rate change by the Bank of Canada so far this year, which seems to have helped buyers in their decision to move ahead with a purchase. Sales were slightly higher than last year. Inventory slowed somewhat but are still 11% higher than reported a year ago. Sales are still below long-term trends and will probably stay that way until interest rates start coming down. 

January 2024 had 1,132 Total Residential Listings come through the Hamilton Real Estate Board as reported by The REALTORS®...