2022 marked a year of adjustment in housing demand across the REALTORS® Association of Hamilton-Burlington (RAHB) market area as sales activity eased by 30 per cent over the near-record highs achieved in 2021. Rising lending rates, previous price gains and limited supply options weighed on potential purchasers. At the same time, new listings continued to grow in the region, but only for homes priced above $800,000. The pullback in sales was enough to support inventory gains across all price ranges by December. While inventories have nearly doubled, levels reported in 2022 are still nearly 20 per cent below long-term averages for the region. Moreover, supply levels remained well below typical levels for homes priced below $600,000.
"The pandemic, combined with historically low interest rates, created an exponential surge in housing demand. Supply could not keep pace, resulting in price growth that far exceeded expectations over a two-year period," said Lou Piriano, RAHB President. "2022 saw conditions start to shift back to a more balanced market. Improved supply is an important component to stabilizing both sales and home prices."