The real estate landscape around the Golden Horseshoe continues to feel the affects of measures implemented to cool the market, with Hamilton seeing an over 37% drop in sales and Toronto getting hit even harder.
The Realtors Association of Hamilton and Burlington say that only 592 homes, including detached and condos, were sold in March, that’s a 37.8% drop from the year before. Further, the average price of homes dipped by 7.5%.
“Last year in March we noticed that the average days on market was 17 days, this year in March it went up 27 days so inventory is sitting for a longer time and price reductions are going to happen when inventory sits on the market.” Phil Golfi.
Toronto’s market fared worse, sales of detached homes fell over 41%, a 30 year low. But the average price is still $1.3 million in Toronto and around $700 000 in the GTA, which has kept Hamilton’s market moving.