Real estate sales plummet in Hamilton-Burlington area due to COVID-19

The Hamilton-Burlington real estate market was more than halved last month compared to April 2019, according to new data released by the region's real estate association.

Initially anticipating a busy" spring, Realtors Association of Hamilton-Burlington (RAHB) president Kathy Della-Nebbia said physical-distancing measures put in place by the province both slowed the spread of COVID-19 and the market.

In April, the organization reported 484 residential sales in the month of April, a decline of 63.4 per cent compared to April 2019 and 56 per cent compared to March.

To weather the storm of the pandemic, Della-Nebbia said realtors have transitioned to hosting virtual open houses and showings in order to abide by public health guidelines.

(Realtors) have been working remotely where possible to assist their clients to buy and sell properties when the need is vital," stated Della-Nebbia in a press release.

Comparing sales to that of last April, Burlington saw 105 sales, down from 369; Stoney Creek saw 52 compared to 126; and Hamilton Mountain saw 74 compared to 188.

The biggest impact overall was felt in the Niagara North region, which saw a 73.5 per cent drop in sales.

Della-Nebbia said sales began to fall when Premier Doug Ford announced the closure of schools, which ushered the organization to put a stop to in-person showings. Open houses were officially banned on April 4.

She added that more sellers and buyers are also looking for advice on the what's to come" of the market.

So right away there are going to be more sellers and buyers choosing to wait a bit," said Della-Nebbia. That is why we see less sales."

By the numbers

According to the association, townhouse sales across the region were down by a little more than 67 per cent compared to last April. Apartment-style property sales decreased by 70.9 per cent.

In commercial property sales, the association reported 12 sales total - eight in Hamilton and four in Haldimand County - marking a year-to-year decline of 60 per cent.

There were also 31 commercial properties listed in April, compared to 142 in April 2019, a decline of 78 per cent.

The monthly RAHB data is processed through the Multiple Listing Service (MLS) System, which, besides accounting for regional-based realtors, also includes sales made in the area by brokers based outside of Hamilton and Burlington.

Fallon Hewitt is a Hamilton-based reporter at The Spectator. Reach her via email: fhewitt@thespec.com