The average sale price in the Hamilton housing market has decreased by a nominal 0.2 per cent year-over-year across all property types, between January 1 and July 31, 2024 (from $799,820 in 2024 to $801,335 in 2024).
The number of sales decreased by 1.3 per cent during the same time period (from 6,073 sales in 2023 to 5,996 sales in 2024). Meanwhile, the number of listings increased by 12.2 per cent (from 10,799 in 2023 to 12,118 in 2024).
Average sales prices across all property types is expected to decrease by two per cent this fall, while the number of sales is expected to increase by three per cent by the end of 2024.
Hamilton is currently a mix of balanced and buyer’s market, due to abundance of inventory. However, one of the biggest factors contributing to the broader housing shortage in this region is not enough new construction to meet demand.
On September 4, the Bank of Canada will share its next interest rate announcement. A potential rate cut is expected to spark renewed buyer confidence in the market, but not enough to result in a large influx of activity. Market activity has already begun to increase as previous rate cuts take effect, but depper rate cuts would be needed, such as 50 basis points, to significantly boost the market and push buyers from the sidelines to enter the market.
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