Hamilton real estate a 'seller's market', report says

Hamilton is a seller's market according to a new report from the Canadian Real Estate Association. The area sees an almost 12 per cent increase over October 2011.

Area listings are on the market an average of 45 days

Hamilton is a seller's market according to a new report from the Canadian Real Estate Association (CREA).

The Realtors Association of Hamilton-Burlington (RAHB) reported the residential market saw an 11.9 per cent hike in average sale price in October compared to the same month last year.

The report also indicated that average home sale prices in the Hamilton-Burlington area was above $360,000.

"The steady increase in residential prices over last year continues," said RAHB President Cameron Nolan. "We are also seeing less of a difference between numbers of new listings this year compared to last. Those listings are still being sold faster than last year, with the average number of days on market at 45 days."

The BMO report described Hamilton-Burlington, St. Catharines, Sudbury, Thunder Bay and Windsor as sellers' markets.

Over the same period the average price of a Canadian home sold last month was essentially unchanged at $361,516. CREA said the number of homes that changed hands across the country was slightly lower, down 0.8 per cent to about 13,000 homes and condos.

"Led by Calgary, sales rose compared to levels one year ago in almost two-thirds of all local markets. Sales remained below year-ago levels in Greater Toronto, Greater Vancouver and Greater Montreal," the agency said in a release.

Although sales were down from recent highs, the number was well in line with historical averages of the last decade, CREA said.

"These results suggest that the Canadian housing market overall has returned to a more sustainable pace," said CREA's chief economist, Gregory Klump.

In terms of sales, the Canadian housing market peaked in 2007, but has stayed relatively steady since, even as prices have fluctuated.

On the sales front, CREA again warned that the national average was skewed lower by slowdowns in the two largest local markets — Toronto and Vancouver.

"Excluding these two markets, from the national average price calculation yields a year-over-year increase of 2.5 per cent," CREA said.