Hamilton home sales off to slowest start in 12 years: report

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Home sales in Hamilton have gotten off to their slowest start since 2011, but a surge in new listings is supporting inventory growth.

The housing market in Hamilton has not only cooled, but appears to have slowed to levels not seen in the last 12 years.

According to the latest report from the Realtors Association of Hamilton-Burlington (RAHB), 349 homes were sold in January – the lowest since January 2011.

In addition, there was an increase in new registrations, which supported inventory growth in the Hamilton market. While inventories are much higher than they have been for the past two years, they are still low compared to pre-pandemic levels, according to the RAHB.

“Low lending rates and the pandemic have contributed (over the past year) to an increase in demand,” said Lou Piriano, RAHB President. “Supply couldn’t keep up and prices rose faster than expected.”

“Higher borrowing rates and prices have impacted affordability, allowing the market to bring supply back to pre-pandemic levels.”

The RAHB report adds that market conditions for homes priced below $800,000 remain relatively balanced, while higher priced homes are seeing a shift towards buyer market conditions.

Last month, the benchmark home price in Hamilton was $754,100 — 21 percent below January 2022 prices but slightly higher than December.

RAHB says it’s “too early to say if this trend will continue, but it may indicate a more stable pricing environment.”

Prices in Hamilton are still above pre-pandemic levels.

Listed homes spent an average of 37.8 days on the market, nearly three times longer than last year.

January sales fell in most areas in Hamilton, but the pace of the decline varied from area to area. Flamborough saw the largest decline, partly related to the significant drop in new registrations. Meanwhile, Glanbrook was the only area to report revenue growth.

Both Glanbrook and Hamilton Mountain reported January sales that were relatively consistent with long-term trends for the area.

According to the report, there has been an overall shift away from the tight conditions reported last year. The ratio of sales to new listings ranged from a high of 68 percent in Hamilton Mountain to a low of 38 percent in the Dundas area.

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