Market Commentary April 2023
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home prices in Hamilton are nearly 16 per cent lower than this time last year, they are still much higher than pre-pandemic prices. In April the sale price for single family detached homes reached $871,682, which is a big improvement over January when prices sat at $809,000.
“In April, new listings coming onto the market were much lower than levels traditionally seen at this time of year, keeping inventories relatively low in our market, and placing upward pressure on home prices,” says Nicolas von Bredow, RAHB President. Read the full RAHB Report
In the Greater Toronto Area new listings were down by more than one-third. Fewer listings relative to sales meant there was more competition between buyers, supporting an improvement in selling prices since the beginning of this year.
“As demand for ownership housing has picked up relative to supply, we are seeing renewed upward pressure on home prices...” said TRREB CEO John DiMichele. TRREB Report
