'Seller's market' continues for Hamilton area homeowners
'Low inventory' spurring sale price increase
Count October as another hot month for Hamilton’s already sizzling housing market.
Seasonally adjusted sales of existing homes in the Hamilton area were up 11.7 per cent over October 2012, with 1150 residential units sold last month.
The average home sale price for October was $391,945, an increase of 5.6 per cent over the same month last year.
Competition for existing units is contributing to the rise in house prices, said Ross Godsoe, RAHB’s CEO, in a news release.
“We continue to see lower inventory, which again translates into a seller’s market for the area in the month of October,” he said.
The RAHB monthly report comes on the heels of a Canadian Mortgage and Housing Corporation’s sunny forecast for Hamilton for the first half of 2014.
- Related: Hamilton's housing market to stay hot into 2014
- Related: Housing starts down slightly in Hamilton
The country’s national housing agency says demand will remain strong for existing homes, while new housing starts will rebound.
“The steady population increase from net migration has generated more households, which bodes well for the housing markets in Hamilton and Brantford,” Abdul Kargbo, the CMHC’s senior market analyst for the Hamilton and Brantford areas, said in a statement.