Hamilton Housing Market Report

WOWA Trusted and Transparent

Report Updated: February 9th, 2021

Hamilton's housing market continued to climb in January 2021 despite slower sales activity. Average sold prices for all property types throughout the region reached $722,628, a 29% increase from January 2020. The biggest growth was seen in detached and semi-detached/townhouses with average sold prices of $798,431 and $607,516 - an increase of 32% and 20% yoy respectively. Condo apartments have lagged behind with only a 9% increase yoy to $413,664. Despite the growth, these prices remain significantly lower than those found in the rest of the Greater Toronto Area, where the average home price is just shy of $1 million.

Hamilton Housing Market Overview

Data for January 2021
Avg. Sold Price:$722,628
All Property Types:$722,628
Detached:$798,431
Semi-Detached/Townhouse:$607,516
Condo Apartment:$413,664

Transaction volume continued their recent trend downwards as lower inventory and further COVID-19 lockdowns hampered sales activity. Sales activity were down 9.6% compared to last year. New listings and inventory for all detached and semi-detached/townhouse property types remained lower as well with only listings for condo apartments remaining above Jan. 2020 levels. The low inventory combined with strong promises of stimulus from the Liberal government, including a revamped First-Time Home Buyer program and direct handout programs, promises of a continued low-interest environment by the Bank of Canada, and record low mortgage rates, there remains significant tailwinds for Hamilton's housing market. However, further growth may remain elusive until Spring 2021 as seasonal shifts and COVID-19 lockdowns dampen real estate demand.

Home prices in Hamilton, despite their growth, are still much lower than those in other markets in Canada. For comparison, the average sold price in the Greater Toronto Area for all property types in January 2021 was $967,885. 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 26% yoy. The relatively lower prices in Hamilton and Ottawa are bringing buyers across Canada who are looking to maximize their home budgets.

Home Prices in Hamilton

Single-Family Detached Home Prices in Hamilton

Statistics for January 2021
Average Price: $798,43132.3% from Jan. 2020
New Listings: 352-31.1% from Jan. 2020

Semi-Detached Home Prices in Hamilton

Statistics for January 2021
Average Price: $607,51619.8% from Jan. 2020
New Listings: 105-10.3% from Jan. 2020

Apartment Prices in Hamilton

Statistics for January 2021
Average Price: $413,6649.2% from Jan. 2020
New Listings: 747.2% from Jan. 2020

Hamilton Housing Market Statistics for All Property Types in February 2021

$722,628
Avg. Sold Price
9%
Monthly change
9%
Quarterly change
29%
Annual change
486
Transactions (Buy/Sell)
-16%
Monthly change
-51%
Quarterly change
0.21%
Annual change

Average Sold Price and MLS HPI Benchmark Price

Total Transactions

Housing Markets Across Canada

Market Overview for Detached Homes in February 2021

$798,431
Average Sold Price
10%
Monthly change
10%
Quarterly change
32%
Annual change
352
New Listings
34%
Monthly change
-47%
Quarterly change
-31%
Annual change

Average Sold Price

New Listings

Market Overview for Semi-Detached/Townhouses/Row in February 2021

$607,516
Average Sold Price
5%
Monthly change
9%
Quarterly change
20%
Annual change
105
New Listings
35%
Monthly change
-47%
Quarterly change
-10%
Annual change

Average Sold Price

New Listings

Market Overview for Condo Apartments in February 2021

$413,664
Average Sold Price
3%
Monthly change
5%
Quarterly change
9%
Annual change
74
New Listings
68%
Monthly change
-24%
Quarterly change
7%
Annual change

Average Sold Price

New Listings

Hamilton-Burlington Breakdown by Region for February 2021

City
Avg. Sold Price
Home Sales
#1Hamilton West$604,27869
#2Hamilton East$590,36452
#3Hamilton Centre$484,64781
#4Hamilton Mountain$701,03298
#5Flamborough$1,404,10010
#6Dundas$770,83922
#7Ancaster$1,107,46032
#8Waterdown$997,77927
#9Stoney Creek$812,05473
#10Glanbrook$826,70222
#11Burlington$982,519187
#12Dunnville$600,08412
#13Cayuga$824,9001
#14Caledonia$664,3009
#15Hagersville$480,3333
#16Seneca$942,6333
#17Rainham$00
#18Grimsby$744,91237
#19Smithville$719,1437

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.

Housing Markets Across Canada

Pages You May Like

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.