Home sales in Hamilton lag as high interest rates dampen local market

• By Mike Heddle
• Posted Monday, Sep 11, 2023 10:14 am

Home sales in Hamilton lag as high interest rates dampen local market

Hamilton home sales fell again in August as record-high mortgage rates continue to put a damper on the local housing market.

The Realtors Association of Hamilton-Burlington (RAHB) reported Tuesday that 480 homes sold in the city in August, marking a nearly four per cent drop from July, when 499 were sold, and a nearly nine per cent decline from the same time last year.

And so far this year, residential sales in the city are down by more than 13 per cent compared to last August.

“As expected, higher lending rates continue to impact sales, especially for higher-priced properties,” said Nicolas von Bredow, president of RAHB, in a statement. “But new listings have also slowed, keeping inventories in line with long-term trends.”

RAHB data shows 954 new listings hit the local market last month, marking a 14 per cent drop from July and a more than one per cent drop from last August.

Inventory levels in the city fell from 1,403 in July to 1,381 in August — and while they are higher than the lows seen amid the buying frenzy of the pandemic, they remain lower than the average...[READ MORE]