Seller’s market continues as prices rise and listings fall in the city.
The Conference Board of Canada reports that the housing market in Hamilton is going to get tighter, according to statistics from May 2016.
“It’s a hot market down there, there’s no doubt about it,” said Senior Economist Robin Wiebe.
Listing levels in Hamilton have dropped almost 20 per cent since Spring 2015, and while it’s not a record low, the number of units on the market currently is “right down there,” said Wiebe.
Reports show just under 17,700 units on the market right now. The Conference Board of Canada reports the record low for units on the market in Hamilton was 14,520 in January of 1999.
Sales have slowed in the city, falling almost 10 per cent in the last year. Despite this drop, sales remain relatively high, while listings in the city remain flat.
“Volumes on the sale side are really good by historic standards,” said Wiebe, “but listings have not kept pace with sales. That’s why the market is so tight.”
The average house price in Hamilton is $478,613, up 10 per cent from last year. The price of houses has increased an average of nine per cent each year, which is “strong by any standard,” according to Wiebe.
With Hamilton’s tight market and high demand, buyers can expect to face tough negotiations, while sellers are enjoying their pick of buyers.
With the Southern Ontario economy picking up, “Toronto is pretty un-affordable,” said Wiebe, “folks that are looking are moving further and further afield,”
With demand expected to increase, and prices expected to raise 7 per cent in the short term, home buyers will continue to face a challenging market, and will be for a while.
According to Wiebe, “there’s no immediate sign of the market cooling.”