Hamilton, ON (October 3, 2023) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 620 home sales in September, the slowest level of activity seen for this month since 2010. The 18 per cent decline in sales was met with a surge in new listings. The combined impact of lower sales and higher new listings caused the sales-to-new listings ratio to fall to 30 per cent. There was a 19 per cent gain in inventory, which is 12 per cent higher than last year.
“Increases in lending rates have prompted prospective buyers to delay purchasing decisions. Lending rates may have sparked anxiety among existing homeowners, motivating them to list their properties. A surge in new listings, relative to sales, has led to a pronounced rise in overall inventory levels,” says Nicolas von Bredow, RAHB President.
Inventory levels rose across all property types and price ranges. The sudden shift, coupled with easing sales, caused the months of supply to grow to nearly five months in September. This is up almost two whole months compared to August.
In September, the unadjusted benchmark price fell to $854,200, a monthly decline of one per cent. Despite the monthly decrease, levels remain higher than the $838,300 reported last September and the $581,500 reported pre-pandemic.
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