Homebuyers choosing 'more affordable communities' as housing prices rise: RAHB
The average price of a home in Hamilton rose almost five per cent in March compared to the same month last year, and in response, people are choosing "more affordable" homes and communities, shows the latest report from the Realtors Association of Hamilton/Burlington (RAHB).
According to the association's numbers for March, the average price of a home in the region has risen 4.9 per cent since March 2018, up to $575,099.
"Our market area includes Hamilton, Burlington, Haldimand and Niagara North, and within these areas are smaller communities that each have their own distinct characteristics," said RAHB CEO George O'Neill in a statement.
"The trend over the past several months has been that buyers are choosing more affordable properties and more affordable communities. We expect this to continue throughout the spring market."
There were 1,032 properties sold in the region last month, the association reported. That's a 1.2 per cent drop from March of last year — though it's a 40 per cent increase from February.
"The increase in the number of sales from January and February shows that we are full steam ahead and anticipate a healthy spring market," O'Neill said. "We experienced a two per cent increase in the number of listings over last year, which means more overall choice for buyers."
The association also broke down its numbers by types of dwelling.
The number of sales for single-family properties dropped by 2.7 per cent compared to the same month last year, and their average sale price increased by 5.6 per cent.
Townhouse sales, meanwhile, increased by 8.6 per cent, and their average sale price rose by 1.2 per cent.
Apartment-style property sales came in exactly the same as in March 2018, the association said, while their average price increased by 3.5 per cent to $376,391.