“Steeltown” housing sales cooled fast
January 31, 2019
Two years ago Hamilton was a surprisingly hot housing market in southern Ontario. While prices stayed firm, “Steeltown” sales cooled quickly in 2018 according to the Realtors Association of Hamilton-Burlington (RAHB).
Home sales in the area fell 17.8 per cent last year, compared to 2017 and listings fell nearly 10 per cent.
The overall average sales price across the market also dropped by approximately 1 per cent to $566,328.
George O'Neill, RAHB CEO, said the dip was not surprising given that 2016 and 2017 were peak years in the housing market.
According to RAHB, condominiums had the biggest increases in price as did new listings within the Hamilton-Burlington area. While detached and townhouse prices went up in Hamilton and Haldimand, they went down in Burlington and Niagara North. Overall housing prices rose modestly in the City of Hamilton, up 0.6 per cent to an average price of $504,323.