The average price of a home in Hamilton-Burlington rose by 4.9% in March compared to the same month last year and, in response, homebuyers are choosing more affordable properties and communities, according to the latest report from the region’s realtors association.
"Our market area includes Hamilton, Burlington, Haldimand and Niagara North, and within these areas are smaller communities that each have their own distinct characteristics," said George O'Neill, CEO of the Realtors Association of Hamilton-Burlington (RAHB). "The trend over the past several months has been that buyers are choosing more affordable properties and more affordable communities. We expect this to continue throughout the spring market."
There were 1,032 properties sold in the region last month, down by 1.2% from March of last year but up by 40% from February, RAHB reported.
"The increase in the number of sales from … February shows that we are full steam ahead and anticipate a healthy spring market," O'Neill said. "We experienced a 2% increase in the number of listings over last year, which means more overall choice for buyers."
RAHB also broke down its numbers by types of dwelling, according to a CBC report.
The number of sales for single-family properties fell by 2.7% compared to the same month last year, and their average sale price rose by 5.6%. Townhouse sales rose by 8.8%, and their average sale price increased by 1.2%. Meanwhile, apartment-style property sales came in the same as in March of last year, while their average price rose by 3.5%.
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