Home prices continue to rise in Burlington and Hamilton

Burlington | Halton | Ontario | Latest News |

Published September 2, 2020 at 8:40 pm

The average price of a home in Hamilton and Burlington showed a slight increase in August over the previous month but has jumped significantly in the past year.

The average price of a home in Hamilton and Burlington showed a slight increase in August over the previous month but has jumped significantly in the past year.

Numbers just released by the Realtors Association of Hamilton-Burlington (RAHB) show the average price of a home in the area during August was $694,690 which was less than a quarter of a percent greater than the previous month. However, that price has increased by 16.3 per cent from the same time last year.

However, with sales of 1,272 residential properties within the RAHB market area in August, the number are down 21.15 per cent over the previous month. Still, from the same period a year ago sales have jumped 12.7 per cent.

Overall, new listings dropped in August by 16.1 per cent, but up 7.3 per cent over last year.

“This month’s activity was in line with what we would typically see for August; however due to COVID-19 the trends for the year are not what we would normally experience,” said RAHB President Kathy Della-Nebbia. “Over the Spring, we saw lower than normal activity, but a balance between supply and demand. Into the Summer months we saw an increase in activity where we would normally see a decrease. As we move into the Fall, we would expect a return to higher activity.”

The number of sales for single family properties within the entire RAHB market increased by 10.8 per cent compared to the same month last year, the number of new listings was up by 4.7 per cent over last year, and the average sale price increased by 19.9 per cent.

Townhouse sales activity across the entire RAHB market area increased from August 2019 by 6.6 per cent, new listings were up 2.6 per cent, and the townhouse average sale price increased by 12.5 per cent to $583,762.

Apartment-style property sales increased by 52.5 per cent from August 2019, new listings increased by 33.1 per cent, and the average price decreased by 0.4 per cent.

 

 

insauga's Editorial Standards and Policies advertising