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Sales up 10 per cent, prices up five: 2019 Hamilton-Burlington real estate market tipped in favour of sellers

Posted: January 27, 2020

Ancaster had highest average residential property sale price in region at $772K

“Modest sellers’ market” is how the Realtors Association of Hamilton-Burlington (RAHB) described 2019 home sales in the area, which was up 10 per cent from 2018.A more hyperbolic description might have been: “Higher than the Gross Domestic Product of a small country.”

And it’s true, at least when adding together all residential and commercial sales in the area, which totalled more than $7.8 billion last year — up $1 billion from 2018.

The seemingly permanent surge in home prices showed no signs of abating; In its year-end news release, RAHB reports average prices were up five per cent in 2019 compared to 2018, and a whopping 95 per cent higher compared to 10 years ago.

RAHB’s jurisdiction covers about 2,500 square kilometres and is divided into four districts: Hamilton, Burlington, Haldimand County, and Niagara North.

Of these four, Hamilton experienced the highest increase in home sales year-over-year, at 13 per cent.

When broken down further, Stoney Creek and Ancaster had the highest sales jump, at 17 per cent, while Hamilton Mountain had the highest number of total sales in 2019, with 2,043.

The highest average residential sale price area was Ancaster, at $772,811 for its 651 total sales in 2019. Burlington’s was $755,639 on 3,086 sales.

The lowest average home price in the immediate area was in Hamilton Centre, at $391,084 for 1,157 sales.

Single-family homes showed the greatest gains in Hamilton, with a 15.5 per cent increase in sales over 2018, but the most eye-popping increases were in apartment and townhouse sales — jumping more than 61 per cent in the Niagara-North area.

RAHB president Kathy Della-Nebbia said in a news release that the “clear trend” in sales is tilting toward apartments and townhouses “outperforming detached properties.”

“However, buyers choosing detached homes are trending upward yet again,” she said.

The highest average apartment-style home price was found in Burlington, at $458,787.

In terms of turnover, homes sell fastest in Burlington, with listings lasting an average of 29 days on the market in 2019, with Hamilton next at 30 days.

Jan 20, 2020 by Jon Wells,  The Hamilton Spectator