Housing market in Hamilton, Burlington sees price increase: RAHB

The Realtors Association of Hamilton-Burlington (RAHB) says the benchmark price in the housing market has trended up for the third consecutive month.

In a release, the agency says the area sold 1,031 houses in March, even though it’s a 33 per cent decline over last year’s levels, the market is just slightly slower than what it used to be prior to the pandemic.

Higher lending rates continue to influence sales and new listings remain lower than what it was pre-pandemic.

On the other hand, RHAB says sales and new listings have gradually increased over the past several months and the market is returning to more typical levels of activity.

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The agency says buying conditions are not as tight as they were in 2022. The shift in the market resulted in more price stability, which is more comparable to the pre-pandemic market.

“We are seeing our housing market shift back to activity more consistent with pre-pandemic levels and more stable pricing,” said Lou Piriano, RAHB President.

“While prices are lower than the highs reported in 2022, it is important to note that last year’s year-over-year growth was over 24 per cent. Our market has experienced significant price growth since 2019 when home prices were still below $600,000.”

The unadjusted benchmark price reached just over $835,000 in March.

Prices in the region are still 21 per cent below levels reported last year but remain higher than levels in March 2021.

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