The REALTORS® Association of Hamilton-Burlington (RAHB) says the supply of housing for sale is at an all-time low, but it had not affected house prices. RAHB reported 1,201 sales of residential in August 2021. Sales were down five per cent since last month, and they were also down five per cent since August 2020. New listings were down nine per cent since last month and down 15 per cent since last August. The average price for residential properties was $839,881 which was a decrease of nearly one per cent from last month compared to an increase of nearly 21 per cent from August 2020. The inventory available remained unchanged from July 2021 at 0.8 months of inventory.
“In line with seasonal trends, July and August tend to have fewer new listings and sales which is exactly the case here,” says RAHB President Donna Bacher. “Even though we have fewer active listings and sales, we are also seeing a slight dip in the average sale price. Overall the same story continues and that is that the level of inventory remains at critical low levels. We definitely need more supply on the market.”