Hamilton Condo Prices Appear to be Cooling Off, Even Though Sales Nearly Triple

According to the article, Hamilton condo prices appear to be cooling off despite the fact that sales have nearly tripled. The article cites data from the Realtors Association of Hamilton-Burlington (RAHB), which shows that the average price of a condominium in Hamilton decreased by 3.3% year-over-year in March 2021, to $487,853.

The article suggests that one possible reason for the decrease in condo prices could be an increase in supply. According to the RAHB data, there were 192 new condo listings in March 2021, a 27.4% increase compared to March 2020. At the same time, the number of condos sold nearly tripled, from 79 in March 2020 to 223 in March 2021. This suggests that demand for condos in Hamilton remains strong, but that buyers now have more options to choose from.

The article also notes that the Hamilton real estate market as a whole remains very competitive, with low inventory and high demand driving up prices for single-family homes. However, the condo market appears to be bucking that trend for now, with prices decreasing slightly even as sales surge.