Discover the evolution of Hamilton, Ontario’s Real Estate Market with a comprehensive look at average home prices since 1990. This page breaks down historical data year by year, highlighting key market trends, economic factors, and external influences such as interest rates, government policies, and supply and demand shifts. You'll also find insights into how Hamilton’s housing market compares to other regions, as well as valuable resources for home buyers, sellers, and investors looking to understand long-term real estate trends. Stay informed and see how past market performance can help predict future opportunities in Hamilton’s dynamic real estate landscape.
Sellers Market Over 60% |
Balance Market 40% - 60% |
Buyer's Market Under 40% |
Year |
Market |
Listed |
Sold |
Average |
2024 |
48.0% |
20,615 |
9,996 |
$876,359 |
2023 |
54.0% |
18,772 |
10,065 |
$862,271 |
2022 |
52.0% |
22,893 |
11,981 |
$975,838 |
2021 |
80.0% |
21,355 |
17,083 |
$879,466 |
2020 |
77.4% |
19,648 |
15,214 |
$694,348 |
2019 |
65.6% |
20,210 |
13,256 |
$595,769 |
2018 |
60.0% |
20,209 |
12,124 |
$569,100 |
2017 |
65.7% |
22,182 |
14,563 |
$576,085 |
2016 |
81.2% |
19,920 |
16,175 |
$508,275 |
2015 |
74.6% |
23,504 |
17,533 |
$470,272 |
2014 |
71.8% |
22,378 |
16,072 |
$431,843 |
2013 |
69.5% |
22,147 |
15,394 |
$406,668 |
2012 |
68.1% |
22,030 |
15,001 |
$381,671 |
2011 |
63.7% |
24,488 |
15,606 |
$350,720 |
2010 |
61.9% |
24,026 |
14,870 |
$324,993 |
2009 |
67.6% |
21,456 |
14,581 |
$302,710 |
2008 |
55.8% |
22,287 |
12,444 |
$287,512 |
2007 |
67.1% |
21,297 |
14,297 |
$274,798 |
2006 |
65.3% |
20,754 |
13,549 |
$253,887 |
2005 |
69.1% |
19,991 |
13,816 |
$237,672 |
2004 |
71.1% |
19,277 |
13,712 |
$220,219 |
2003 |
71.5% |
18,681 |
13,351 |
$203,280 |
2002 |
65.3% |
17,952 |
11,656 |
$186,687 |
2001 |
55.7% |
21,366 |
11,896 |
$172,831 |
2000 |
48.5% |
22,550 |
10,941 |
$164,993 |
1999 |
58.6% |
19,135 |
11,206 |
$159,322 |
1998 |
50.1% |
21,273 |
10,654 |
$156,021 |
1997 |
49.3% |
21,518 |
10,612 |
$155,387 |
1996 |
46.9% |
22,999 |
10,784 |
$144,149 |
1995 |
31.6% |
25,887 |
8,185 |
$143,322 |
1994 |
31.8% |
27,716 |
8,817 |
$147,705 |
1993 |
27.5% |
29,835 |
8,199 |
$144,545 |
1992 |
27.6% |
32,767 |
9,049 |
$151,453 |
1991 |
23.1% |
36,187 |
8,350 |
$162,512 |
1990 |
21.4% |
36,238 |
7,745 |
$167,765 |
The 1990s were predominately a Buyer's Market, with sales-to-new-listings ratios often below 40%. Average Sales Prices declined from a low of $167,765 in 1990 to $144,149 in 1996, before starting a slow recovery in the latter half of the 90s to a Balanced Market. A deep recession in the early 90s caused high unemployment throughout Hamilton and the surrounding areas leading to high unemployment and reduced housing demand. Buyers faced high interest rates which made borrowing expensive. Home listings surged while sales remained low causing house prices to stagnate or decline.
From 2002 to 2021, except 2008, the Hamilton Real Estate Market enjoyed a Seller's Market with sales-to-new-listings ratios above 60%. Lower interest rates, economic recovery, and steady population growth contributed to prices increasing. Hamilton's affordability compared to the GTA (Greater Toronto Area) attracted more buyers and with Toronto less than an hour's commute away, many homebuyers saw Hamilton as an appealing alternative. This surge in demand put upward pressure on prices, particularly in sought-after neighbourhoods and newly developed areas. Additionally, ongoing infrastructure projects and revitalization efforts in the downtown core further boosted property values, making Hamilton an increasingly desirable market for investors and homebuyers alike. Limited housing supply contributed to the rapid price appreciation.
Hamilton diversified its economy beyond its traditional steel and manufacturing base by expanding into sectors like healthcare, education, technology, and film production. The city became a hub for medical research with institutions like McMaster University and Hamilton Health Sciences driving innovation. The tech sector grew with startups and businesses drawn to lower costs compared to Toronto. Additionally, the arts and culture scene flourished, with film and television production increasing due to Hamilton’s historic architecture and diverse landscapes. These shifts helped create a more resilient economy, reducing dependence on manufacturing while attracting new residents and investors.
Since 2020 the Hamilton Real Estate Market experienced a Pandemic Boom and a Market Correction, going from an extreme Seller's Market to a Balanced Market. The COVID-19 pandemic led to historically low interest rates and remote work trends, increasing housing demand. 2021 and early 2022 saw record sales and price jumps, with a peak Average Sale Price of over a million dollars in February 2022. Rising interest rates in 2022 cooled the market, leading to price declines in 2023-2024.
Here's a visual representation of the Average Home Prices in Hamilton from 1990 to 2024. You can see the steady growth, with significant increases in the 2010s and a peak in 2022.
Conclusion & Future Outlook
Hamilton’s real estate market has undergone significant shifts over the past three decades, shaped by economic conditions, interest rates, and regional demand. As we move forward, factors such as housing supply, government regulations, and affordability will continue to play a crucial role in shaping market trends.
For Monthly Real Estate Statistics go to HamiltonRealEstateStatistics.com