Prices ease as conditions favour the buyer
Hamilton, ON (October 3, 2024) – Following several months of easing sales, September reported a shift in activity as sales rose over last year’s levels. Sales improved across all of the reporting areas within the region and were driven mainly by gains for detached and row homes. Despite the increase in sales, levels remained below long-term trends for the month and did not offset the pullback reported earlier in the year. Year-todate sales are four per cent lower than last year and nearly 28 per cent below long-term trends.
“Further rate cuts, recent price declines and improving supply choice helped bring more buyers back to the market this month. While this is not a drastic change in the market, it does point to a potential shift in trends. Buyer optimism is returning and will likely increase as interest rates continue to decrease,” says Nicolas von Bredow, Cornerstone spokesperson for the Hamilton-Burlington market area.
Rising sales were met with further gains in new listings and inventory levels, causing the months of supply to remain relatively high at five months. The persistent buyer market conditions witnessed over the past several months continued to weigh on home prices.
In September, the unadjusted benchmark price was $831,500, down over last month and over two per cent lower than levels reported in the previous year. Prices have been trending down over the past four months and have offset the gains reported earlier this year, leaving the average year-to-date benchmark price one per cent below 2023 levels. So far this year, benchmark prices have eased across all property types, but the most significant adjustment has occurred for apartment-style homes.
