New survey says real estate prices continuing to rise

Real estate prices continue to edge upward in Hamilton even though the number of sales has been declining.

The Royal LePage House Price Survey released Friday said prices rose by 3.9 per cent in the fourth quarter in Hamilton when compared to the same quarter in 2017. National figures increased by a four per cent increase over the same period.

The average price for a house in Hamilton is $577,654 compared to the Canadian average of $631,223.

The survey also found that in Hamilton:

• The median price of a twostorey home increased 3.2 per cent to $610,595.

• The median price of a bungalow increased 2.9 per cent to $510,325. • The median price of a condominium increased 9.1 per cent to $361,624.

“We’ve seen increased demand for condominiums among both retirees looking to downsize, as well as first-time buyers who are unable to find affordable housing prices in the Greater Toronto Area,” said Martin Mazza, sales representative, Royal LePage State Realty. “This is causing a notable upswing in prices in the condominium segment.”

The survey did not report numbers of sales, only prices.

However, the Realtors Association of Hamilton-Burlington announced in early January that sales had dropped 26 per cent last month compared to the same month in 2017.

The RAHB figures also showed the average price increased by 2.6 per cent in December to $543,210.