October Market Trends
After yet another half point interest rate increase by the Bank of Canada on October 26th, the local real estate market continues its shift to much more balanced conditions. Sales volume has decreased, and inventory has crept up from record lows; despite these trends, we are still seeing great opportunities for those who may not have otherwise been able to enter the market.
Average pricing is still well above pre-pandemic levels by about +40% but has decreased by about -5% vs October of last year. The average days on the market to sell is now approximately 29 days.
KEY MARKET TRENDS
In October, Burlington saw a decrease of 5.2% from October 2021 with an average sale price of $1.1 million. Homes in Burlington are staying on the market for an average of 29 days.
The average sale price of homes in Oakville for October 2022 was $1.3 million which is a 5.6% price decrease from October 2021. These properties in Oakville are staying on the market for an average of 26 days before selling.
Hamilton’s housing market saw a 7.8% decrease compared to October 2021, with an average sale price of $790,130. These homes are staying on the market for 29 days.