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Hamilton Real Estate News

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

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.

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