Hamilton Housing Market: October 2020 Update

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Hamilton's housing market started winter early with a cooldown from the rapidly increasing prices of the past few months. Average sold prices for all property types was $662,511, a slight decline from September but still a 22% increase compared to 2019. Total sales volume fell by 8% compared to the previous month with 983 buy and sell transactions. Surprisingly, growth in condo prices outpaced those of detached and semi-detached homes as average sold prices for condos rose 4% month over month compared to a 1% decline for detached homes.

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New listings in Hamilton continue to fall as inventory declines. New listings for detached homes fell to 17% below 2019 levels while semi-detached and condo apartments fell by over 9% and 3% month over month respectively.

Home prices in Hamilton, despite their growth, are still much lower than those in other markets in Canada. For comparison, average sold prices in the Greater Toronto Area for all property types in September 2020 was $960,772. Benchmark home prices in Vancouver are even higher at over $1M. Similar to Hamilton, Ottawa has average sold prices at below $600K and is also experiencing a rapid real estate boom with average sold prices up 28% yoy. The relatively lower prices in Hamilton and Ottawa are bringing buyers across Canada who are looking to maximize their home budgets.

Hamilton Housing Market Statistics for All Property Types in September 2020

Average Sold Price and MLS HPI Benchmark Price

Total Transactions

Top Real Estate Agents in

Top Real Estate Agents in

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Market Overview for Detached Homes in October 2020

Average Sold Price

New Listings

Market Overview for Semi-Detached/Townhouses/Row in October 2020

Average Sold Price

New Listings

Market Overview for Condo Apartments in October 2020

Average Sold Price

New Listings

Top 1% Commission Agents in

Top 1% Commission Agents in

Glossary and Definitions

MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.

MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.

Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:

  • Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
  • Liability for any property damage or bodily injury suffered on strata property
  • Any fixtures that are part of the "standard unit" or original construction of each unit

Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.

Property types

Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.

Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.

Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.

Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.

Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.

Property Classes

Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.

Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.

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Data sourced from the REALTORS® Association of Hamilton-Burlington (RAHB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA.