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Sales are down, but house prices continue to rise in Hamilton and Burlington

Housing prices in Hamilton and Burlington continue to rise, even though sales continue to drop compared to 2017.

The Realtors Association of Hamilton-Burlington (RAHB) reported 1,035 sales of residential properties in October 2018, a 13.1 per cent decrease from the same month last year.

Overall sales are 17.7 per cent lower than last year at this same time; however, the average sale prices have increased for the month. Single-family home prices increased 5.9 per cent compared to October 2017, townhouse prices remained virtually the same, and apartment-style property prices are up by 11.6 per cent according to properties processed through MLS.

“The sales-to-new-listings ratio, which can point to whether a market is in favour of sellers (above 60 per cent) or buyers (below 40 per cent) was 60.1 per cent,” according to the Realtors Association of Hamilton-Burlington. “This is higher than last month and on the cusp of returning to a seller’s market. For comparison, in October 2017 the ratio was 65.5 per cent.”

Hamilton, Burlington and Haldimand County all saw an increase in overall average sale price, while Niagara North experienced a decrease in the overall average price.

“Across the entire RAHB market area, the average price, number of days on market, and other factors differed when looking at housing style,” says RAHB CEO George O’Neill. “To ensure you have all the information you need to make an informed decision when buying or selling, always consult with local realtors.”

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