Laura  Doucette

Laura Doucette

Sales Representative

Sutton Group Innovative Realty Inc., Brokerage*

Office:
905-575-7070
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Hamilton ON Real Estate Statistics Jan-June 2024

Hamilton Residential Market Report Houses January to June 2024

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 ever-increasing inflation rate. It remained at this level until the first rate cut of 0.25% in June this year when inflation reached a more acceptable level. Fixed mortgage rates have not been impacted by this cut, as most banks and lenders had anticipated it and adjusted their rates accordingly. The most interesting point about the differences between two years ago and today is that the monthly mortgage costs for someone buying a home in 2022 in Hamilton, with high prices and low interest rates, are relatively the same now for purchasers. This is because, even though interest rates are much higher, house prices in Hamilton are much lower.

The Average Sales Price in the Greater Hamilton Area (which includes Burlington, Dundas, Ancaster, Glanbrook, Haldimand, and Grimsby) is sitting at $912,124 which is only 0.1% lower than last year at this time (it is $831,190 in Hamilton). "Rising supply levels have reduced the sense of urgency experienced during the periods of low inventory, taking the pressure off home prices," says Cornerstone Association of REALTORS® Spokesperson Nicolas von Bredow. So far this year there have been 10,794 New Listings (including Burlington and all the outlying areas covered by the Hamilton-Burlington Real Estate Board (formerly RAHB, and now part of Cornerstone Association of REALTORS®), compared to 9,461 for the same time last year. Sales have decreased for the same period from 5,943 in 2023 to 5,576 so far this year.  Higher Listings with Lower Sales mean it is much easier for Buyers to purchase a property, and more difficult for Sellers, which is why it is called a Buyers Market. Days on the market (the time it takes to sell a property on average) increased from 25 to 29 days.

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

 


 

Hamilton's Average Year-to-date Prices

Hamilton Real Estate Market

The map shows the current Year-To-Date Average Residential Prices and those areas not shown on the map are in the chart. When looking at the Average Prices in and around Hamilton, it is important to note how they have changed significantly over the last few years and from month to month. Looking to buy or sell real estate in Hamilton, Ontario? Stay updated with the latest trends and market conditions to make informed decisions. Whether you're searching for a new home or investment property, understanding the current Hamilton real estate market dynamics is crucial.



 

Burlington - $1,140,698 - Up

Flamborough - $1,313,466 - Up

Waterdown - $1,003,247 - Down

Grimsby - $886,486 - Up

Caledonia - $769,749 - Up

Cayuga - $816,711 - Down

Dunnville - $626,351 - Down

 

Hamilton Sold Statistics Year To Date Sales June 2024

Note that the “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, that 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!

 



10-Year Comparison For Districts & Neighbourhoods

(10 Years Ago vs. Now in 2024)


 

West Hamilton

Districts 10, 11, 12

-------------------------------------

10 years ago in 2014, the average price was $327,415.

So far this year it is $702,029 and up 0.2% from last year.

 

 

 

 

District

Neighbourhoods

Homes Listed

Homes Sold

Average Price

10 North West Bayfront, Strathcona, Central South

180

70

$597,713

11 Westdale, Ainslie Wood

156

93

$721,162

12 Durand, Kirkendall

234

119

$748,439


 

Central Hamilton

Districts 13, 14, 15, 20, 21, 22

-------------------------------------

10 years ago in 2014, the average price was $195,341.

So far this year it is $557,590 and down 4.3% from last year.

 

 

 

 

District

Neighbourhoods

Homes Listed

Homes Sold

Average Price

13

North End, Keith

88

45

$560,955

14

Beasley, Landsdale, Corktown, Stinson

340

119

$516,811

20

Gibson, Stipley, Crownpoint

256

122

$542,238

21

North Sherman, Crownpoint North

73

39

$453,136

22

St. Clair, Blakeley, Gage Park, Delta

129

83

$692,228


 

East Hamilton

Districts 23, 24, 27, 28, 29

-------------------------------------

10 years ago in 2014, the average price was $255,541.

So far this year it is $611,109 and down 4.1% from last year.

 

 

 

 

 

District

Neighbourhoods

Homes Listed

Homes Sold

Average Price

23

Parkview, Homeside, Normanhurst, McQuesten, Industrial

207

127

$534,619

24

Bartonville, Glenville, Rosedale

103

68

$658,787

27

Nashdale, Lakely, Grayside, Kentley, Riverdale

57

26

$674,942

28

Red Hill, Corman, Greenford, Gershome, Vincent

212

112

$639,092

29

Hamilton Beach

35

12

$764,867

 


 

Hamilton Mountain

Districts 15, 16, 17, 18, 25, 26

-------------------------------------

10 years ago in 2014, the average price was $300,313.

So far this year it is $754,250 and down 1.3% from last year.

 

 

District

Neighbourhoods

Homes Listed

Homes Sold

Average Price

15

Mountview, Westcliffe, Buchanan, Southam, Bonnington, Mohawk

174

92

$798,004

16

Fessenden, Gilbert, Rolston, Yoeville, Gurnett, Gilkson, Gourley, Kerninghan, Falkirk, Kennedy, Yeoville, St. Elizabeth Village, Carpenter, Mewburn, Sheldon

300

181

$793,771

17

Centremount, Inch Park, Eastmount, Raleigh, Balfour, Hill Park, Burkhome, Macassa, Concession

324

198

$664,154

18

Greeningdon, Bruleville, Thorner, Lawfield, Jerome, Crerar, Barnstown, Rushdale, Bulter, Randall, Eleanor, Allison, Ryckmans Corners

312

169

$823,956

25

Sunninghill, Sherwood, Hampton Heights, Huntington

115

76

$727,351

26

Berrisfield, Lisgar, Trenholme, Quinndale, Templemead, Rymal, Hannon, Broughton East

181

104

$730,844



 

Other Areas Around Hamilton

Ancaster - District 42

10 years ago in 2014, the average price was $493,691.

So far this year it is $1,198,254 and up 3% from last year.


Stoney Creek - District 50, 51, 52

10 years ago in 2014, the average price was $375,025.

So far this year it is $831,791 and down 0.2% from last year.


Glanbrook - District 53

10 years ago in 2014, the average price was $358,263.

So far this year it is $872,645 and down 0.9% from last year.


Waterdown - District 46

10 years ago in 2014, the average price was $465,505.

So far this year it is $1,003,247 and down 0.7% from last year.


Dundas - District 41

10 years ago in 2014, the average price was $403,150.

So far this year it is $925,694 and up 1.8% from last year.


Burlington - District 30, 31, 33, 34, 35, 36, 38

10 years ago in 2014, the average price was $500,769.

So far this year it is $1,140,536 and up 3.7% from last year.


Grimsby - District 54,55

10 years ago in 2014, the average price was $361,573.

So far this year it is $886,486 and down 0.5% from last year.


Flamborough - District 40, 43, 44, 45

10 years ago in 2014, the average price was $543,317.

So far this year it is $1,313,466 and up 23.6% from last year.

 

 



June 2024 Statistics

As previously mentioned, inventory levels and mortgage interest rates play a significant role in determining house values in Hamilton, Ontario and the surrounding towns. June 2024 had 2,048 Total Residential Property Listings come through the Local Hamilton Real Estate Board, which is down 10% month over month, however, it is up 4.5% compared to June 2023. Hamilton had 1264 of those (up from 1173 in June 2023) and Burlington’s share was 417, down from 431 in June 2023.

Residential Sales located throughout the Hamilton Real Estate Market area of 835 Properties are down 26.6% from June 2023, and also down by 17% from last month, May 2024. The overall average price for residential properties increased from last month ($899,811) to $912,124, which is down only 0.1% from the same time last year. Hamilton's Residential Sales (only including Hamilton, Flamborough, Dundas, Ancaster, Waterdown, Stoney Creek and Glanbrook) were 495 down 25.3% from June 2023, with an average price of $831,190 up by 0.4% from the same month last year, and also up since last month which was $817,283. Burlington had 199 Sales down 28.2% from last year, with an average price of $1,215,419 which is up 4.3% from June 2023, and also up from last month's average of $1,167,717.

The end-of-month listing inventory which is a good indication of the type of market currently being experienced now sits at 1952 Active Residential Listings giving Hamilton 3.94 months of supply, which is up 54.9% over June 2023, and up from last month (1830). Burlington is also higher than last month and now has 593 Active Residential Listings which gives it 2.98 months of supply, up 73.4% from last year. Overall, the number of Active Listings Available at the end of the month now sits at 3246 properties for sale, which is 3.69 months supply, compared to 2033 and 1.82 months of supply in June 2023, up month over month from 3003 and 2.88 months of supply in May 2024. The average days on the market is up from last year and up from last month to sell a home. It went from 25 to 29 days in Hamilton year over year, and in Burlington from 20 to 23 days.

The Hamilton-Burlington Area is barely hanging on in a Balanced Market Status, where the ratio of Homes Sold to Homes Listed falls between 40% and 60%, currently sitting at 40.1% (4 homes sold for every 10 listed).  We use a formula of Total Sales divided by Total Listings to determine whether we are experiencing a Buyer's Market, a Balanced Market, or a Seller's Market. (See definitions in the chart below). 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 been for sale, when/if the price was adjusted and possibly how much it sold for previously!

 

Buyers Market 

Below 40%

Balanced Market

Between 40% and 60%

Sellers Market

Above 60%

 
(Ratio of Homes Sold to Homes Listed)
 

 



MLS® Property Listings June 2024

RAHB Market Activity

Number of Sales June 2024

Number of Sales June 2023

Average Sale Prices in June 2024

Average Sale Price June 2023

West Hamilton
41
63
$662,078
$724,599
East Hamilton
46 79
$614,647
$624,468
Central Hamilton
42 68
$536,566
$607,583
Hamilton Mountain
136 134
$774,235
$768,660
Flamborough
20 34
$1,366,097
$1,233,968
Dundas
30 29
$902,617
$968,767
Ancaster
39 49
$1,299,920
$1,169,788
Waterdown
25 41
$968,200
$1,008,598
Stoney Creek
86 113
$817,345
$864,395
Glanbrook
30 46
$953,154
$906,867
Burlington
199 273
$1,215,419
$1,156,527
Dunnville
11 28
$550,500
$638,375
Cayuga
10 6
$717,790
$1,193,500
Caledonia
16 25
$814,375
$808,259
Hagersville
2 5
$627,500
$743,100
Seneca
2 3
$1,075,000
$975,657
Rainham
4 7
$740,000
$680,757
Grimsby
35 55
$930,814
$986,408
West Lincoln
7 40
$666,714
$829,333

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



 

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