Real estate sales plunge in Hamilton and Burlington during COVID-19 pandemic: RAHB
The report suggests the drop came after Premier Doug Ford announced school closures
Hamilton and Burlington real estate sales are about half of what they were around the start of the local COVID-19 pandemic according to a new report from the Realtors Association of Hamilton-Burlington (RAHB).
The data shows sales have fallen by 56 per cent over the last month and declined 63.4 per cent from the same time last year.
RAHB President Kathy Della-Nebbia said in a release the drop came after Premier Doug Ford announced school closures and began ushering in a series of pandemic-era restrictions.
The stats for the combined region of Hamilton, Burlington, Niagara North and Haldimand show there have been roughly 1,000 fewer listings between March and April, about 500 fewer sales and a fall in the average property price from $660,000 to just under $620,000.
"In Hamilton, where we have the most activity, there was a larger drop in the average price week-over-week, but it began to increase nearing the end of the month," Della-Nebbia said.
Some highlights from data comparing 2020 sales to 2019 sales in neighbourhoods shows:
- Hamilton West had 18 sales in April 2020 compared to 80 in April 2019.
- Hamilton East had 46 sales in April 2020 compared to 89 in April 2019.
- Hamilton Centre had 56 sales in April 2020 compared to 127 in April 2019.
- Hamilton Mountain had 74 sales in April 2020 compared to 188 in April 2019.
- Stoney Creek had 52 sales in April 2020 compared to 126 in April 2019
- Burlington had 105 sales in April 2020 compared to 369 in April 2019.
- Grimsby had 14 sales in April 2020 compared to 51 in April 2019.
Della-Nebbia said realtors have been using virtual open houses to try and drive sales during COVID-19.
The RAHB report comes after a separate report from the the Canadian Real Estate Association, which showed sales in Hamilton-Burlington were down almost 25 per cent from February to March.