Hamilton hit record-breaking activity levels in 2021, but 2022’s market experienced a 31% decline to 6,923 sales in 2022. Rising lending rates, dwindling inventory, and earlier price increases were all influencing factors.
As the year went on, inventory levels grew from historically low levels, causing the market to change from firmly favouring sellers to being balanced. Benchmark prices have decreased by 25% from the 2022 peak and 15% from the December 2021 price. Despite the adjustment, prices are still almost 16% higher than those reported at the end of 2021. In December 2022, the REALTORS® Association of Hamilton-Burlington (RAHB) noted that the overall residential average price was $750,601.
Constrained Markets Throughout the City
Although sales decreased across the Hamilton region in 2022, inventory rose. Despite the market emerging from the strong seller’s market due to changes in sales and inventory levels, Waterdown still has fewer than two months’ worth of supply. Hamilton East and Hamilton Mountain are the second most constrained markets with fewer than three months of supply.
On an annual basis, prices are still higher than they were the previous year, notwithstanding minor price changes in the various regions. Up nearly 14%, Hamilton West and Flamborough experienced the largest yearly average price increase. Glanbrook, on the other hand, had the lowest price growth at a little under 8%.
Properties in the Hammer
Semi-detached homes are a hot commodity in Hamilton. In December, 18 sales and 16 new listings were included in the overall 42 inventory. These homes sell the fastest after only 26.8 days on the market. The average cost for a semi-detached home in Hamilton is $699,300.
In December, Hamilton sellers sold 192 detached homes. With 617 overall inventory lasting 34 days on the market, these homes average $817,515.
Rows are second in line for the easiest seller. In December, 44 rows sold. There were 49 new listings and 140 in total inventory. Rows typically last 31.5 days on the market and sell for an average of $663,623.
- Read more: 6 Reasons to Buy a Hamilton Condo
There are so many condo apartments available in Hamilton, leading buyers to take their time, 41.5 days, to choose the right fit. In December, there were 152 condo apartments available and only 28 sales. Typically, they sell for an average of $471,463.
Homes Currently Available in Hamilton
34 Tyrone Dr – $724,900
Property details:
- Detached
- 3 beds, 2 baths, 5 parking
- Walking score 6/Transit score 49
On the Hamilton West Mountain, this adorable three-level back split is conveniently located close to parks, restaurants, shopping, schools, and major highways. The spacious living room bay window lets in a lot of natural light, and the main level also has an eat-in kitchen with stainless steel appliances, a lovely ceramic floor, and quartz counters. The primary bedroom, which has access to the renovated main bathroom with a double sink vanity, is located on the second level. A gorgeous three-piece bathroom and a fourth bedroom or future office are included in the lower level. There is also a ton of storage available on this level in the crawl space area. Two storage sheds and a sizable rear patio make up the exterior. Another perk is that the water heater is owned, so there are no assuming rental agreements!
6 Silvercrest Dr, $818,900
Property details:
- Detached
- 3 beds, 3 baths, 5 parking
- Walking score 14/Transit score 50
Some amenities that make this huge house appealing include an updated kitchen with stunning cabinetry, granite countertops, a subway tile backsplash, and a lower-level game area with a fireplace. There are three spacious bedrooms on the upper level, a fully finished lower level with a bonus family room, a fourth bedroom, an office nook, and a three-piece bathroom with a stand-up shower, as well as a bonus crawl space under the recreation room that is perfect for additional storage, and a beautifully landscaped exterior you can view from the newly built deck!
View this listing here.
1007 – 301 Frances Avenue, $484,900
Property details:
- Condo apartment
- 1 bed, 1 bath, 1 parking
- Walking score 0/Transit score 22
Enjoy the views and sunshine of your south-to-west exposure. All neutral or light colours, new kitchen with quartz counters, tile floors throughout the living area. Excellent reading or office space in the den. Profit from the lake lifestyle in this stunning building with underground parking, a locker room, a party room, a gym, a pool, and more, all only a short distance from the lake, parks, and a waterfront trail.
View this listing here.
21 – 575 Woodward Ave, $699,000
Property details:
- Row
- 3 beds, 3 baths, 2 parking
- Walking score 44/Transit score 45
This open-concept three-story townhouse is move-in ready. The main floor has quartz counters, upgraded custom cabinets with plenty of storage space, vinyl plank flooring, and 9-foot ceilings. The extra large windows make every room feel bright and airy.
View this listing here.
7 Markle Cres, $749,000
Property details:
- Condo townhouse
- 3 beds, 3 baths, 2 parking
- Walking score 0/Transit score 35
This is a gorgeous 2020 Dicenzo-built luxury upscale townhouse with 9-foot ceilings, an open-concept kitchen with stainless steel appliances, a large island, and quartz countertops. The living room has a balcony and a lovely deck to enjoy the sun. The three-piece ensuite in the master bedroom has a glass shower enclosure. The third bedroom or extra home office or gym space, bathroom, and walk-out to the backyard are all on the ground level.
View this listing here.
51 Burley Lane, $884,900
Property details:
- Semi-detached
- 3 beds, 3 baths, 2 parking
- Walking score 3/Transit score 33
This home is an executive show stopper thanks to the custom chef’s kitchen, quartz extended breakfast bar, professional series stainless appliances, and walkout to the rear yard backing to a thick, lush private ravine. The open-concept family room has imported porcelain tiles, enhanced modern trim, richly stained premium engineered hardwood, and separate access to the garage. As you ascend the nicely coordinated staircase, you are greeted with roomy bedrooms, a lavish main bathroom, and an edgy barn door connecting to the laundry room! Next is the master suite’s spacious bedroom with an extra-large fitted wardrobe and spa-like master bathroom with a glass shower enclosure.
View this listing here.
Why Hamilton?
Not only did the first Tim Hortons open here, but Hamilton is home to over 100 waterfalls! This city encourages riding, from concrete coastal routes to repurposed rail tracks to bike lanes on downtown streets. Bring your rollerblades to Bayfront Park or get a birds-eye view of the city at the Devil’s Punch Bowl Cross.
Home to McMaster University, Mohawk College, Redeemer University, Columbia International College, Metropolitan College and Brock University’s Faculty of Education, Hamilton has extensive public bus routes across the city to meet everyone’s needs.
The Royal Botanical Gardens in Hamilton is the biggest botanical garden in Canada and one of the biggest in the world, with a total area of 2,700 acres. So even if you spend the entire day wandering the grounds, you won’t be able to see the entire garden!
Check out our 2023 Market Predictions report to learn about what to expect from the Canadian real estate market in the new year and sign up for our newsletter to get updates sent directly to your inbox.
