The report shows that both areas combined saw a total of 1,226 sold residential properties in April, as registered by MLS. This constitutes a 6.3% increase on a year-over-year basis. That’s a significant increase of 18.8% over March of this year. And it’s a massive increase of 66.8% over February of this year.
The average sold price for residential properties also increased by 3.9% on a year-over-year basis. It currently stands at $589,324.
Realtors encouraged by latest report
“It’s encouraging to see the overall number of sales increase since last year when the market balanced out from 2016 and 2017,” says RAHB President Bob Van de Vrande. “Paired with a consistent increase in new listings month over month, Hamilton, Burlington and the outlying areas provide choice for buyers and a healthy market for sellers.”
The statistics report also shows sales for single-family properties in the region went up by 8.2% on a year-over-year basis. The average sale price increased by 2.3% over the same period of time. Townhouse sales decreased by a slight 0.4%, although the average price did increase by 6%.
Condos saw the largest increase, reporting a positive 17.9% on a year-over-year basis in April. Their average price increased by 10.6%, currently standing at $409,104.
Though this increase in residential sales across the board is definitely good, those numbers must be seen in context. Last year’s numbers were pretty dismal, and according to Altus Group, 2018’s March was the slowest March in the Greater Toronto Area (GTA) in over a decade.