New listings decline year-over-year
Hamilton, ON (March 2, 2023) – February closed out with 765 sales across the REALTORS® Association of Hamilton-Burlington (RAHB) market area, 37 per cent less than the same time the previous year. Much of the decline was felt in the higher end of the market as homes priced below $800,000 represented the majority of sales.
“Demand at the lower end of the market is increasing as higher interest rates impact affordability and attainability. Buyers have more options than they did a year ago and are less likely to compete in unfavourable market conditions,” said Lou Piriano, RAHB President. “Sellers at the high end of the market appear reluctant to sell, presumably because to move and take on a new mortgage rate could equal a higher monthly payment.”
An increased hesitancy to list impacted the detached sector hardest. New listings fell to 1,203 in February, 27 per cent below the same time last year, and new listings relative to sales prevented significant inventory gains. While inventory levels are much higher than reported last year, they are still below levels reported for this time of year before the pandemic.
For the second month in a row, unadjusted benchmark prices trended up over the previous month. This may indicate that prices are starting to stabilize. Prices in February 2022 were perhaps the most competitive of all time. This February, sales were over 22 per cent below last year. However, all gains are not lost as prices are still well above the under $600,000 price reported prior to the pandemic.
