Drop was unsurprising after the highs of 2016 and 2017
Home sales in the Hamilton-Burlington area in Ontario experienced a 17.5% drop last year, according to the Realtors Association of Hamilton-Burlington (RAHB).
The associations also revealed that listings were down 9.8% from last year. The overall average sales price across the market also dropped by roughly 1% to $566,328.
George O'Neill, CEO at RAHB, told CBC News that the dip was not surprising, given that 2016 and 2017 were peak years in the housing market. He also said there is still a lot of interest in homes in what he refers to as the “middle zone” of the market, within the $300,000 to $500,000 price range.
"It's not a surprise that the market has slowed overall in terms of number of sales, but it's positive that essentially property prices are holding their own or generally increasing in some areas," O’Neill told CBC News.
According to RAHB, condominiums had the biggest increases in price and new listings within the Hamilton-Burlington area. While detached and townhome prices went up in Hamilton and Haldimand, they went down in Burlington and Niagara North.
Housing prices continued to rise 0.6% in Hamilton, to an average price of $504,323.
