Market Commentary July 2022
I hope you're enjoying the last few weeks of summer.
Last month we continue to see a cooling off in housing activity and prices month over month. However, prices are still above where they were at the same time last year. Is the market tanking? I wouldn't say that it is however, it has slowed down from the fever pitch we experienced earlier this year and in the last 2 years. Before you come to a conclusion here are some facts:
• Rising interest rates are changing buying power for some buyers particularly those under the $2.m mark
• The Greater Hamilton area in July saw a 6.6 percent decrease from June of this year
• The average sale prices for detached properties has moved below the million dollar mark to $985,363
• Prices are still up by nearly five per cent compared to the same period in 2021
For Sellers:
• If you’re selling this year price competitively and according to the current market trend in your area
• Be prepared to negotiate
• Don't expect multiple biddings on your proeprty
• Be patient
• If you've been in your home for at least 3+ years you will come out ahead
For buyers:
• Remember it’s the length of time you keep and enjoy your property that matters
• It's very difficult to time the market as it can turn the other way at any moment
• When you find the right home, go for it!
Read the full market report for Hamilton- Burlington for May 20221 here RAHB and Toronto stats TRREB . If you have any questions about buying or selling, let’s have a conversation.
Wishing you a fantastic weekend!
Stella McCollum
