Last Updated on October 24, 2023 by Ephraim Vecina
Fresh data from the Canadian Real Estate Association pointed to one of Ontario’s most promising markets in terms of consistency: Hamilton, which saw its prices dramatically shoot up by 70% over the past 5 years.
This considerably outstripped the 58.5% price growth in the GTA since 2013, as well as the 43% national average.
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The trend was especially apparent in Hamilton-Burlington, where the average price stood at $581,900 — the fourth highest in Canada.
Said numbers should be seen in light of a general slowing down of sales activity, however, as the number of transactions fell annually in 3 out of 4 markets across the country last month, the CREA noted.
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Nationwide sales volume shrank by 12.65 year-over-year in November, ending up below the 10-year average for the month.
“The decline in home ownership affordability caused by this year’s new mortgage stress-test remains very much in evidence,” CREA chief economist Gregory Klump stated, as quoted by CBC News.
“Despite supportive economic and demographic fundamentals, national home sales have begun trending lower. While national home sales were anticipated to recover in the wake of a large drop in activity earlier this year due to the introduction of the stress-test, the rebound appears to have run its course.”
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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