Hamilton ranked among the ‘most competitive’ real estate markets in Ontario

The real estate market in Hamilton is standing strong despite the recent slowdown experienced by several large markets in the province.

Hamilton secured the 10th spot on the list of the most competitive cities to buy a home, according to a detailed list compiled by a real estate website, Zoocasa.

In June 2023, homes are now selling twice as fast compared to six months ago.

Even though the Bank of Canada’s interest rates hikes brought uncertainty, sales in multiple major markets, including Hamilton-Burlington, Greater Toronto Area, and Niagara Region, experienced housing price drops ranging from 12.4 per cent to 18.1 per cent.

“Interest rate hikes had paused until June,  giving buyers encouragement to step into a more certain market.”

“Last year when interest rates were increasing rapidly, many buyers took to the sidelines to wait out the market until they had some clarity on its direction. This spring, many sideline buyers finally felt they had waited long enough,” Zoocasa said in their report.

The average time properties spend on the market last month was reduced to 19 days and despite the fast pace of sales, the city’s real estate market remains competitive, with the average house price reaching $831,540.

Hamilton saw 1,173 new listings, while 649 houses/properties were sold, indicating continued interest in the city’s real estate offerings.

However, REALTORS® Association of Hamilton-Burlington (RAHB) reported a 19 per cent decrease in sales compared to the previous year.

“While new listings supported modest inventory gains, the overall inventory levels remain over 20 per cent lower than long-term trends for June,” according to RAHB’s report.

Nicolas von Bredow, President of RAHB, highlighted that the persistent challenge throughout recent months has been low inventory. As buyers take time to assess the implications of recent interest rate adjustments, inventory levels are expected to slowly increase.