The REALTORS® Association of Hamilton-Burlington (RAHB) reports that 648 residential sales were processed through MLS® for April 2018 in the Hamilton region — that’s 28.6% fewer sales than April of last year.
The average price of all residential listings in Hamilton went from $541,574 a year ago to $500,737 which is a 7.5% drop in just a year’s time.
The median sale price, which minimizes the impact of outliers such as 8-figure mansions, also dropped from $509,400 in 2017 to $467,500 in 2018. That translates to an 8.2% drop in price.
Opposed to last month’s report where the drop in price was almost entirely in the freehold market, April 2018 had both residential and condominium homes take a hit. Compared to a year ago, the average sale price for a residential property went down 6.7% and the average sale price for a condominium went down 4.5%
Here’s the breakdown of residential market activity by region.
Nearly every region has seen a decrease this April when compared to last, with the exception of Grimsby, Glanbrook and Dunnville. Areas that carry more luxury properties such as Flamborough, Waterdown, Dundas, Burlington and Stoney Creek saw the biggest hits.
This can be explained, in part, as a culmination of mortgage rate stress-testing, rising interest rates and foreign buyer tax that has reduced the overall home buyer budget and provided less leverage with loans.
April 2017 was the month the Ontario government implemented their 16 point Fair Housing Plan so it will be interesting to see next month’s figures stacked against the first full month the provincial measures applied toward.
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