Local realtors say the average price of a home in Hamilton will cost you close to $786,000, while those shopping in Burlington will likely have to fork over a million dollars.
Sales activity in the Hamilton-Burlington market was down eight per cent in April 2021 compared to March, affecting the average price of a home slightly, according to the Realtors Association of Hamilton-Burlington (RAHB).
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The estimated price of a home in the Hamilton-Burlington area is now at 855,455 as of the end of April, a decline of about two per cent month to month.
New listings also declined month over month by about three per cent, which added to the amount of inventory available — 23 per cent higher than March.
Year over year, the numbers in every category are significantly higher than 2021, however, RAHB President Donna Bacher said the market was considered unstable amid the first wave of the COVID-19 pandemic.
“We have to acknowledge that the impact of the COVID-19 pandemic distorts housing statistics when comparing year to year, so rather than looking at 2020 to 2021, our best insight comes from a month over month analysis,” Bacher said.
Homes in both Hamilton and Burlington cost over $200,000 more now than they did in April of 2021. The average price last year in the cities were $555,543 and 807,927, respectively.
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The mountain is still the most expensive place to purchase a home in Hamilton, despite a slight drop in price from $737,124 in March to 736,847 in April.
Hamilton Centre is slightly more affordable at $576,951.
Burlington saw over 400 homes purchased in the region during March, at an average price of $1,057,973.
The RAHB says there were 1,906 sales of residential properties in both cities combined in April 2021.