Average home price in Hamilton area tops $1 million

For the first time, the average home price in the Hamilton area has topped $1 million.

According to the Realtors' Association of Hamilton-Burlington (RAHB), which includes Hamilton, Burlington, Haldimand County and parts of Niagara, the average sale price in January increased 35 per cent from the previous year, and 14 per cent over December 2021.

The average sale price for all residential properties reached a record-high in January at $1,058,756 across the RAHB market area," president Lou Piriano said in a Feb. 2 release.

For all property types - detached, townhouses and apartments - the average price was $976,423 in Hamilton and $1,369,337 in Burlington.

That number is even higher for single-family, detached homes.

In Hamilton, detached homes sold for an average of $1,089,916 - up 18 per cent from the previous month. In Burlington, detached homes sold for an average of $1,765, 884, which is 13 per cent more than in December.

Inventory remains low," RAHB says, adding that most areas did see an increase in listings" compared to December.

Fewer detached homes and townhouses were sold in January than the previous month. But apartments were the only residential property category to experience an increase in sales month over month," Piriano said.

Apartments in the area sold for an average of $686,169 - a year-over-year increase of 44 per cent.

An attractive price point" means that apartment-style properties are in high demand, Piriano said.

Of all the residential categories, apartment-style properties had the largest average sale price increase," Piriano said.

Hamilton homebuyers, particularly those buying for the first time, have faced increased difficulty financing amid a red-hot pandemic market.

Soaring home prices are spurring Hamilton's housing crisis, causing rent prices to climb and forcing many into shelters, tents and streets.

Fifteen years ago, the average home in Hamilton cost about $217,800.

Kate McCullough is an education reporter at The Spectator. kmccullough@thespec.com