Red-hot housing market saw average Hamilton home sold for $1.1 million in February
Unless you are rich - or already a homeowner - we have bad news for you: Hamilton house prices keep rising.
The average price of a detached home in Hamilton sold for $1,134,153 in February, according to the Realtors Association of Hamilton-Burlington (RAHB)
That's up from $1,089,916 in January.
In February, there was a flurry of sales and new listings of residential, detached properties posted over the previous month," said RAHB president Lou Piriano in a release. The inventory available, coupled with the steady demand, kept the average sale price high, with Hamilton coming in at $1,134,153, rising over four per cent month over month, and Burlington inching up to $1,823,451, an increase of over three per cent month over month.
As a result, single-detached properties have experienced the largest average sale price increase year over year than any other property category."
Piriano acknowledged that the average sale price can be concerning to buyers" and noted there were more than 100 of the 500 residential detached properties listed under $700,000.
Don't eliminate home ownership as a realistic goal just yet, Piriano said.
The average price for all residential properties - including detached, townhouses, and apartments - across the RAHB market area overall was $1,104,163. That's an increase of four per cent over the previous month, and an increase of 30 per cent compared to Feb. 2021.
For Hamilton, the average cost in February for all property types was $1,013,485 and for Burlington it was $1,413,836.
By comparison, in January the average price was $976,423 in Hamilton and $1,369,337 in Burlington.
Month over month, sales were up by 71 per cent and down by 4.4 per cent compared to February 2021.
In February, there were 1,675 new listings, up 84.2 per cent month over month, but compared to February 2021 that was only a 1.2 per cent increase.
Fifteen years ago, the average home in Hamilton cost about $217,800.
Katrina Clarke is a reporter at The Spectator. katrinaclarke@thespec.com