Home sales in Hamilton region on the decline
Published July 3, 2024 at 3:22 pm
Hamilton home sales continued declining in June compared to the previous month as well as the same period last year, according to stats released by the Cornerstone Association of Realtors.
The slowdown is evident across all property types and in every area within the region, with the 835 home sales last month below long-term averages. Year-to-date declines in sales were especially evident for semi-detached homes, which saw a 13 per cent drop from this time last year. The steeper decline is likely due to the limited growth in new listings compared to other property types
“Higher interest rates and rising cost of living have impacted the housing market. Despite a recent rate reduction by the Bank of Canada, mortgage rates remain high, and potential buyers are likely waiting for further cuts or a shift in market conditions,” said Cornerstone spokesperson Nicolas von Bredow. “Rising supply levels have reduced the sense of urgency experienced during the periods of low inventory, taking the pressure off home prices.”
New listings in June reached 2,048 units, a gain over last year and high enough relative to sales to contribute to further inventory gains, which caused the months of supply levels to rise to nearly four months.
Supply levels have been on the rise across all property types but apartment condominiums saw the biggest rise to nearly seven months.
June inventory levels trended up over last month and were 54 per cent higher than last year’s levels, which is well above long-term trends. The higher supply levels relative to sales did take scale back home prices, which was good news for prospective home buyers. In June, the unadjusted benchmark price was $849,900 – a year-over-year decline of more than two per cent.
Despite the decline, year-to-date the average benchmark price has remained relatively flat compared to last year.
The benchmark price for detached homes in June was $844,400 (down three per cent). For semi-detached it was $754,500 (down two per cent); for row houses $662,000 (down one per cent); and for apartments, $469,600 (down three per cent).
Year-to-date sales improved in Flamborough and Dundas but it wasn’t enough to offset declines in the rest of Hamilton, with Hamilton West and Hamilton Centre reporting the largest sales drops.
Hamilton Mountain and Stoney Creek had the biggest share of sales in the Hamilton region at 27 per cent and 17 per cent, respectively.
Other real estate districts in Hamilton include Glanbrook, Waterdown, Ancaster and Hamilton East.
