I recorded this video for you, about what the real estate market has done since Covid and with this year's rate increases. Click below to watch it!

Residential sales fell 0.3 per cent short of last year’s sales, while sales in the commercial sector – farms, vacant land, businesses and multi-residential properties – were 17.2 per cent higher than the previous year, contributing to the push past last year’s sales.

Total dollar volume of all transactions was $8.344 Billion – a 13.2 per cent increase over the previous year.

“2016 continued the very hot market from the previous year,” noted RAHB CEO George O’Neill. “It was the combination of having lots of buyers for fewer listings which gave us higher sale prices and that big increase in total dollar volume.”

In the residential market, listings were down 9.1 per cent from the previous year, with the median sale price up 14 per cent and the average price up 12.4 per cent.

The median sale price in the freehold market was up 14.1 per cent, while the median for condominium properties was up 12 per cent.

The average prices for freehold and condominium were up 12.3 per cent and 11.3 per cent respectively.

Average days on market dropped significantly in the residential sector in 2016: from 34 days to 26 days in the freehold market and from 34 to 27 for condos.

“There was a very brisk pace to the market through the year, which again shows the strength of the seller’s market that persists,” added O’Neill. “Of course, markets differ from community to community, and the average days on market is also different in each area. For instance, the average for residential properties for Hamilton West was 27 days; in Caledonia it was 17 days and in Burlington it was 21 days. There can be wide variations from area to area.”

O’Neill also pointed out that the averages – whether they be for days on the market or sale price – should not be taken as indicators of what a particular property is worth or how long it will take to sell. “All real estate is local, and REALTORS® have the experience in local marketplaces to properly advise buyers and sellers about the sale or purchase or their home.”

The REALTORS® Association of Hamilton-Burlington (RAHB) reported 904 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in December. Sales were 13.1 per cent higher than the same month last year and set a new high for the month of December. This was the sixth month in 2016 to see a new monthly sales record.

There were 714 properties listed in December, an increase of 3.8 per cent compared to December of last year and right on the 10-year average for new listings in the month.

“Consumers were shopping for more than Boxing Day sales this year,” said RAHB CEO George O’Neill. “December sales broke the record for December set only last year. The record sales for the month coupled with an average number of new listings means we are going into the new year with low inventory.”

“Clearly, home buyers – whether they are local or from outside our market area – are finding the Greater Hamilton-Burlington area an excellent place to invest their home-buying dollars,” added O’Neill.

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