May a record-breaking month for property sales in Hamilton area
Number of sales, housing prices are up
The Hamilton area saw a record number of property sales in May, as the city's housing market continued to heat up.
According to the Real Estate Association of Hamilton-Burlington (RAHB), 1,599 properties were sold in the region, edging out the previous record of 1,598 in June 2009.
"May was a stellar month for sales of all property types," Ross Godsoe, RAHB's CEO, said in statement. "We started to see movement in the market in April and that continued through May."
Home sales made up the bulk — more than 95 per cent — of the month's tally and were up three per cent over May 2012. And the median sale price — $317,500 — reflects an increase of 7.7 per cent over the previous year.
Bucking national trend
While housing markets in cities like Toronto and Vancouver have cooled in recent months, Hamilton's has continued to rev up.
A report from the Bank of Montreal released in April showed that while housing prices nationwide remained relative static, those in Hamilton, Regina and Winnipeg were following an upward trend.
Earlier this year, RAHB president Bruce Moran said first-time buyers and people from Toronto are buoying the market in Hamilton.