Sales rise for the second month in a row
Hamilton, ON (November 5, 2024) – Home sales improved over last month and last year’s levels for the second consecutive month. While October sales are still lower than long-term trends for the month, this represents a significant improvement.
“Many potential purchasers were happy to sit on the sidelines until there was more certainty regarding interest rate movements. The recent rounds of cuts seem to be the incentive needed for some to enter the market. While sales are still lower than historical trends, we expect to see changes as the Bank of Canada makes further cuts to interest rates, making purchasing more attainable for hopeful buyers,” says Nicolas von Bredow, Cornerstone spokesperson for the Hamilton-Burlington market area.
The rise in sales relative to new listings supported a modest monthly decline in inventory levels, which aligns with typical seasonal behaviour. Nonetheless, the adjustment caused the months-of-supply to fall below four months, representing a shift from buyer’s market conditions to a more balanced market. While this shift is likely welcome news for many sellers, it is important to note that supply levels remain elevated compared to sales in the region, and it will take time to work through the inventory.
Despite the adjustment, prices still eased, albeit at a slower pace. In October, the unadjusted benchmark price was $820,800, a decline over last month and less than one per cent lower than levels reported last year.
