Excess Supply in the Resale Market Continues to Weigh on Home Prices
In July, there were 886 sales across Hamilton, Burlington, Haldimand County, and Niagara North. Sales were up over the previous month and were 5.5 per cent higher than the same period last year, marking the first year-over-year increase since the end of 2024. Year-to-date, 5,408 units were sold, 16 per cent lower than last year, and 36 per cent below the 10-year average.
“Despite the increase in sales in July, the Hamilton-Burlington area is still experiencing lower overall sales for the year, leading to downward pressure on home sale prices,” says Nicolas von Bredow, Cornerstone spokesperson for the Hamilton-Burlington market area. “While the Bank of Canada maintained the policy rate in July, the uptick in sales during the same month is a hopeful signal of market recovery as buyers enter the market at lower home prices.”
The number of new listings also slowed in July, which led to a small rise in the sales-to-new listings ratio at 46 percent. The months of supply decreased slightly but remained elevated at 4.4 months.
The unadjusted benchmark price in the region was $763,700, down from the previous month and over nine per cent lower than last July.
The statistics provided in this report are based on information from the ITSO MLS® System. Multiple MLS®Systems operate within Ontario, and while none can be guaranteed to include every property listed or sold within a given area, they effectively illustrate market trends.
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