Mar 2, 2023 | Uncategorized |
Hamilton, ON (February 2, 2023) – Current inventory levels throughout the REALTORS® Association of Hamilton-Burlington (RAHB) market area are comparable to what we saw pre-pandemic. This is likely due to higher interest rates and a rise in new listings hitting the market. Inventory has increased across all price points, particularly the lower price ranges. The new year has shown an increase in sales of homes priced under $800,000 and supply options in that price range are better compared to last January. However, total home sales are down 26 per cent year over year.
“Low lending rates and the pandemic contributed to a surge in demand. Supply could not keep pace, and prices rose faster than expected. Higher lending rates and prices have impacted affordability and allowed the market to build supply levels back up to pre-pandemic levels,” says Lou Piriano, President of the REALTORS® Association of Hamilton-Burlington (RAHB).
Currently, we have a little less than a three-month supply of market inventory. While conditions are not as tight as they have been the past several years, we are also not dealing with the oversupply scenario we faced during the financial crisis. This will likely limit how much prices adjust from recent highs.
Across the RAHB market area, home prices are 20 per cent lower than they were at the start of 2022. However, after ten months of consecutive declines, benchmark prices increased over December. The unadjusted benchmark price was $809,800, below the $1,012,700 reported in January 2022, but well above the $602,700 reported at the beginning of the pandemic in 2020. This could potentially reflect a stabilization in prices.
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Feb 2, 2023 | Uncategorized |
Hamilton, ON (February 2, 2023) – Current inventory levels throughout the REALTORS® Association of Hamilton-Burlington (RAHB) market area are comparable to what we saw pre-pandemic. This is likely due to higher interest rates and a rise in new listings hitting the market. Inventory has increased across all price points, particularly the lower price ranges. The new year has shown an increase in sales of homes priced under $800,000 and supply options in that price range are better compared to last January. However, total home sales are down 26 per cent year over year.
“Low lending rates and the pandemic contributed to a surge in demand. Supply could not keep pace, and prices rose faster than expected. Higher lending rates and prices have impacted affordability and allowed the market to build supply levels back up to pre-pandemic levels,” says Lou Piriano, President of the REALTORS® Association of Hamilton-Burlington (RAHB).
Currently, we have a little less than a three-month supply of market inventory. While conditions are not as tight as they have been the past several years, we are also not dealing with the oversupply scenario we faced during the financial crisis. This will likely limit how much prices adjust from recent highs.
Across the RAHB market area, home prices are 20 per cent lower than they were at the start of 2022. However, after ten months of consecutive declines, benchmark prices increased over December. The unadjusted benchmark price was $809,800, below the $1,012,700 reported in January 2022, but well above the $602,700 reported at the beginning of the pandemic in 2020. This could potentially reflect a stabilization in prices.
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Jan 5, 2023 | MLS®, Stats & Technology |
Hamilton, ON (January 4, 2023) – 2022 marked a year of adjustment in housing demand across the REALTORS® Association of Hamilton-Burlington (RAHB) market area as sales activity eased by 30 per cent over the near-record highs achieved in 2021. Rising lending rates, previous price gains and limited supply options weighed on potential purchasers. At the same time, new listings continued to grow in the region, but only for homes priced above $800,000. The pullback in sales was enough to support inventory gains across all price ranges by December. While inventories have nearly doubled, levels reported in 2022 are still nearly 20 per cent below long-term averages for the region. Moreover, supply levels remained well below typical levels for homes priced below $600,000.
“The pandemic, combined with historically low interest rates, created an exponential surge in housing demand. Supply could not keep pace, resulting in price growth that far exceeded expectations over a two-year period,” said Lou Piriano, RAHB President. “2022 saw conditions start to shift back to a more balanced market. Improved supply is an important component to stabilizing both sales and home prices.”
Across the RAHB market area, easing sales and rising supply have shifted the market from the extreme sellers’ market conditions at the beginning of the year to one considered relatively balanced. The shift took some pressure off home prices, which hit a record high in February but declined 25 per cent by December. While the price adjustment within the year was significant, it is important to note that as of December, prices remain over 16 per cent higher than pre-pandemic levels. On an annual basis, prices are still nearly 10 per cent higher than in 2021.
“If higher lending rates continue, they will weigh on home sales in 2023, however; the dip in prices coupled with better supply choice could start to support a more stable market for the foreseeable future,” continued Piriano.
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Dec 16, 2022 | Uncategorized |
Hamilton, ON (December 2, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 672 sales of residential properties across the RAHB market area through the Multiple Listing Service® (MLS®) System in November 2022. The number of sales were down by 13 per cent from October 2022 and down by 42 per cent compared to November 2021. There were 1,248 new listings in November 2022, which was down 21 per cent from October 2022, and compared to November 2021, there was an increase in listings of nearly two per cent. The benchmark price* for residential properties across the RAHB market area was $830,900, down 0.7 per cent from October 2022, and down nine per cent compared to November 2021. There were 3.2 months of inventory** in November 2022, compared to 3.1 months in October 2022.
“The RAHB market area has seen some much-needed improvements in supply levels allowing for more choice and negotiation power for buyers and the levels are more consistent with long-term trends for November,” said Lou Piriano, RAHB President. “It is important to note that while shifting conditions have caused prices to trend down from the peak, the pace of monthly decline has eased over the past several months. Overall, residential prices are still significantly above levels reported prior to the pandemic.”
Piriano adds, “Buyers and sellers should be aware that neighbourhoods can differ even amongst property types. One neighbourhood’s results could also be very different to the RAHB market area average, so using a local RAHB REALTOR® will help buyers and sellers make informed decisions and avoid confusion and disappointment.”
*The benchmark price is the estimated value of a “typical” home within a community.
**Months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
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Nov 10, 2022 | Uncategorized |
Hamilton, ON (November 2, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 756 sales in October, similar to levels reported last month. While sales are below the ten-year average, new listings levels are higher than last year and support more balanced conditions when measured against sales. The adjustments in sales relative to new listings have caused inventory levels to rise from record lows, but inventories remain well below record highs.
“There is no question that we have seen a shift from the unsustainable activity that occurred throughout the pandemic as some of the supply challenges have eased,” says Lou Piriano, President of RAHB. “While fewer new properties are being listed below $800,000, there are more opportunities for buyers looking to move up in the market. The danger for both buyers and sellers can be trying to time the market. With conditions sometimes turning quickly or silently, it is important to talk to a professional RAHB REALTOR® who is plugged into the local market.”
For the moment, prices continue to trend down from the peak levels reported earlier this year, with the October benchmark price reaching $836,800, six per cent lower than in the same period last year. However, compared to home prices pre-pandemic, which were below $600,000, prices remain over 40 per cent higher than 2019 levels and 16 per cent higher than 2020 levels.
In the short term, varying price trends are likely to continue without action to combat inflation, higher interest rates and a lack of supply in lower priced homes. It remains imperative that all levels of government work together to tackle affordable and attainable housing supply challenges.
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Oct 11, 2022 | Uncategorized |
SUPPLY LEVELS RETURNING TO PRE-PANDEMIC LEVELS
Hamilton, ON (October 5, 2022) – Sales eased across all property types and regions in September, contributing to the lowest September sales since 2010.
“Significant gains in lending rates impacting affordability and concern regarding a housing correction has dampened consumer confidence. This is contributing to the decline in sales seen throughout our market,” says Lou Piriano, President of the REALTORS® Association of Hamilton-Burlington (RAHB).
The pullback in sales was also met with a gain in new listings supporting supply growth. While supply levels in September are significantly higher than the record lows seen last year, they have returned to levels similar to what was recorded in 2019 and remain well below historical highs.
“Adjustments in both supply and demand have shifted the market out of the extreme seller’s market conditions that persisted throughout most of 2020 and 2021 and into the first quarter of this year. With just over three months of supply, our market has not entirely shifted to favour the buyer, but it has cooled some of the consumer behaviour that contributed to last year’s price gain that pushed above 33 per cent.”
Shifting conditions have been weighing on home prices as the benchmark price for a typical home eased for the seventh consecutive month. Yet, despite the adjustments, prices still remain well above levels reported prior to the pandemic.
Sep 1, 2022 | Uncategorized |
Hamilton, ON (September 1, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 906 sales of residential properties within the RAHB market area through the Multiple Listing Service® (MLS®) System in August 2022. The number of sales were up by 11.7 per cent from July 2022 and down by 24.2 per cent compared to August 2021. There were 1,641 new listings in August 2022, which was down eight per cent from July 2022, and compared to August 2021, there was an increase in listings of 20 per cent. The average sale price for residential properties across the RAHB market area was $858,405, which was down 2.3 per cent from July 2022, and up two per cent compared to August 2021. There were 2.6 months of inventory in August 2022 compared to 3.1 months in July 2022.
*The news release will be posted to www.rahb.ca/market-stats/ on September 2, 2022.*
Follow the links below for:
Burlington
Haldimand
Hamilton
Niagara North
Aug 2, 2022 | Uncategorized |
Hamilton, ON (August 2, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 811 sales of residential properties within the RAHB market area through the Multiple Listing Service® (MLS®) System in July 2022. Sales were down by 18.5 per cent from June 2022 and down by 35.6 per cent compared to July 2021. There were 1,783 new listings in July 2022, which was down 29.9 per cent from June 2022, and compared to July 2021, there was an increase in listings of 18.6 per cent. The average sale price for residential properties across the RAHB market area was $878,816, which was down 7.1 per cent from June 2022, and up 3.9 per cent compared to July 2021. There were 3.1 months of inventory* in July 2022 compared to 2.6 months in June 2022.
*The news release will be posted to www.rahb.ca/market-stats/ on August 3, 2022.*
Follow the links below for:
Burlington
Haldimand
Hamilton
Niagara North
Jul 4, 2022 | Uncategorized |
Hamilton, ON (July 4, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 995 sales of residential properties within the RAHB market area through the Multiple Listing Service® (MLS®) System in June 2022. Sales were down by 19.2 per cent month over month and down by 37.8 per cent compared to June 2021. There were 2,543 new listings in June, which was down 3.3 per cent month over month, and compared to June 2021, there was an increase of 27.1 per cent. The average sale price for residential properties across the RAHB market area was $946,026, which was down 5 per cent over the previous month, and up 9 per cent compared to June 2021. There were 2.6 months of inventory in June compared to 1.7 months in May.
*The news release will be posted to www.rahb.ca/market-stats/ on July 5, 2022.*
Follow the links below for:
Burlington
Haldimand
Hamilton
Niagara North
Jun 9, 2022 | Uncategorized |
LOCAL SHELTER-BASED CHARITIES ARE ENCOURAGED TO APPLY FOR A 2022 GRANT
Hamilton, ON (June 9, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) issued a cheque to the Ontario REALTORS Care® Foundation (ORCF) for more than $200,000 in May – the largest single donation RAHB has made to the ORCF. The ORCF, funded by the Ontario Real Estate Association, has raised more than six million dollars for shelter-related organizations throughout the province on behalf of Ontario REALTORS® over the last 40 years. The donation from RAHB is earmarked for shelter-based charities in Hamilton, Burlington, Haldimand and Niagara North.
“The pandemic and skyrocketing housing prices in the RAHB market area highlighted the need for more support for shelter-based charities in our local communities. As a result, the RAHB board of directors decided last year to close out its scholarship program after reviewing its charitable giving policy and direct the remaining scholarship funds to the ORCF,” said 2022 RAHB President Lou Piriano. “RAHB has a long history of supporting and donating to charities in the RAHB market area – through direct contributions, the ORCF, or volunteering. RAHB members are thrilled to give back to our communities.”
Through monthly donations from members, RAHB was able to provide $41,676 to local charities through an ORCF grant in 2021. Charities that received funding last year include:
- Carpenter Hospice
- Good Shepherd Family Centre
- Hamilton Health Science Foundation
- Indwell Community Homes
- Joseph Brant Hospital
- March of Dimes Canada Non-Profit Housing Corporation
- Mark Preece Family House – Jason’s House
- Mission Services of Hamilton – Inasmuch House
- Neighbour to Neighbour
- Restoration Second Stage Homes
- The Salvation Army – Hamilton Booth Centre
- Shifra Home Inc.
- YWCA – Phoenix Place
In 2021, an additional $41,000 was raised by REALTOR® members to support local Habitat for Humanity builds through RAHB’s first-ever walk-a-thon. In addition, during REALTORS Care® Week in November, RAHB donated $5,000 to the Hagersville Food Bank, Burlington Food Bank and GBF Community Services and provided volunteer hours during a build for Habitat for Humanity Hamilton and the Good Shepherd.
RAHB has also responded to calls for help when it is needed. Most notably, in 2021, RAHB donated to the Red Cross for flood relief efforts in British Columbia and Newfoundland and this year, RAHB issued a $15,000 donation to the Red Cross Ukraine Humanitarian Crisis Appeal to help offset the hardships caused by the ongoing conflict in Ukraine.
For the remainder of this year, RAHB has over $44,000 available to distribute to shelter-related registered charities in the RAHB market area through an ORCF grant. The ORCF defines shelter as a refuge, haven or protection that provides or improves quality of life from hunger, the elements, physical/psychological abuse, disabilities, and illness. Organizations that fit that definition are encouraged to contact RAHB to obtain a grant application before September 1, 2022.
RAHB is committed to supporting causes and organizations in their communities as well as others facing shelter emergencies in Canada and abroad.
– 30 –
Jun 2, 2022 | Uncategorized |
Hamilton, ON (June 2, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,232 sales of residential properties within the RAHB market area through the Multiple Listing Service® (MLS®) System in May 2022. Sales were down by 5.1 per cent month over month and down by 31.9 per cent compared to May 2021. There were 2,631 new listings in May, which was up 7.3 per cent month over month, and compared to May 2021, there was an increase of 16 per cent. The average sale price for residential properties across the RAHB market area was $995,408, which was down 1.7 per cent over the previous month, and up 17.6 per cent compared to May 2021. There were 1.7 months of inventory in May compared to 1.2 months in April.
*The news release will be posted to www.rahb.ca/market-stats/ on June 3, 2022.*
Follow the links below for:
Burlington
Haldimand
Hamilton
Niagara North
May 2, 2022 | Uncategorized |
Hamilton, ON (May 2, 2022) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,298 sales of residential properties located within the RAHB market area through the Multiple Listing Service® (MLS®) System in April 2022. Sales were down by 20.7 per cent month over month, and down by 31.3 per cent compared to April 2021. There were 2,451 new listings in April, which was down 3.6 per cent month over month, and compared to April 2021, there was a decrease of 7 per cent. The average sale price for residential properties across the RAHB market area was $1,013,081, which was down 5.6 per cent over the previous month, and up 18.2 per cent compared to April 2021. The inventory of listings increased to 1.2 months of inventory in April compared to 0.7 months in March.
*The news release will be posted to www.rahb.ca/market-stats/ on May 3, 2022.*
Follow the links below for:
Burlington
Haldimand
Hamilton
Niagara North
