The Hamilton Spectator

High interest rates keeping home sales slow in Hamilton

Average property in the city had been on the market for 49 days in January

- FALLON HEWITT REPORTER FALLON HEWITT IS A GENERAL ASSIGNMENT REPORTER WITH THE HAMILTON SPECTATOR, SPECIALIZI­NG IN BUSINESS COVERAGE. REACH HER AT FHEWITT@TORSTAR.CA.

The Hamilton housing market saw another sluggish start to the new year, the Realtors Associatio­n of Hamilton-Burlington reported this month.

Just 383 residentia­l properties sold in the city last month, representi­ng a small increase of five per cent — or 34 more transactio­ns — compared to January 2023, which saw the lowest number of sales for the first month of the year since 2011.

“It is not a surprise that sales remained below long-term trends, given higher interest rates,” RAHB president Nicolas von Bredow said in a media release.

Listings in the city fell by less than one per cent from last January, with 671 residentia­l properties hitting the market — however, that’s more than double the homes that were listed in December.

While the city’s inventory levels grew by nearly 11 per cent — or to 1,102 homes — from the same time last year, von Bredow said they are “still considered low” when compared to the “past decade that struggled with low inventory.”

The average home price in the city in January was $794,982 — an increase of nearly $35,000 from December and a more than five per cent jump from last January.

And the average home in Hamilton had been on the market for 49 days in January, up from 39 in December.

By the numbers

Year over year, semi-detached properties in the city saw the largest sale price increase, growing by more than nine per cent to $746,923, while apartment-style properties saw their prices drop by 11 per cent to $468,367.

Home sales around the city grew in most areas, with Flamboroug­h seeing its number of sales double from last January. Meanwhile, Glanbrook saw 19 per cent fewer sales than the same time last year.

Hamilton Mountain was the most popular place to buy, with 95 homes sold, followed by a tie for second with 54 residentia­l properties sold in both central Hamilton and Stoney Creek. Dundas saw the slowest month with just 10 transactio­ns, which was a drop of more than 16 per cent from last January.

The most expensive area of the city to buy was Flamboroug­h, with the average property selling at roughly $1.2 million, while the least expensive spot to purchase a home was east Hamilton, with an average sale price of around $522,750.

Homes in Flamboroug­h spent the most time on market, with the average property listed for 56 days in January.

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