2024 Year in Review Statistics & Property Values Report

Economic uncertainty and higher interest rates weighed on the housing market this year. The Bank of Canada Rate remained at 5% since the last increase in July 2023 until June of 2024 when it started to come down. This led to a sluggish Spring Real Estate Market, with lower sales and increased listings. The Bank of Canada Rate dropped five times since then and now sits at 3.25% with the next announcement coming at the end of January 2025. It is important to note that the Bank of Canada Rate only affects Variable Mortgages. Fixed Mortgage Rates in Canada are influenced by something called bond yields, which are basically the returns investors get from lending money to the government. For example, the 5-year fixed mortgage rate is closely tied to the 5-year bond yield. When bond yields go up or down, fixed mortgage rates often follow the same direction. The average five-year term fixed rate is just over 5% (with a low of just under 4%) for an insured Mortgage. Uninsured rates are higher. Please note that mortgage rates can vary based on individual circumstances and lender policies. For the most accurate and personalized information, it’s advisable to consult directly with trusted professional mortgage lenders or financial advisors.

The increased inventory continued to affect home prices, which made purchasers felt more confident in the Real Estate Market, and Sales began to increase in the second half of the year. With overall lower sales for the year and increased inventory, the Hamilton and surrounding area is currently sitting in a Balanced Market with a List-To-Sell Ratio of 48%.

Overall Average Sales Prices increased slightly by 2% year over year throughout the area. The REALTORS ® Association of Hamilton-Burlington (RAHB) Areas can be broken into 4 distinct sub-divisions to give an overall view of the average prices. Hamilton now sits at $807,905 (up 1%), Burlington is at $1,124,750 (up 3%), Haldimand is at $717,259 (2%) and Niagara North is at $831,750 (up 1%). The entire RAHB area has an average price of $876,359 for 2024 compared to $862,457 in 2023 and $955,429 for 2022. Sales dropped by only 1% year over year with New Listings increasing by 10%. With more options to choose from, buyers feel less pressure and homes are sitting on the market longer. In Hamilton, we went from 25 days to 32 days year over year. In Burlington, it went from 22 to 27, in Haldimand from 38 to 44, and in Niagara North from 32 to 39 days. The year-to-date average prices for specific types of properties are $995,566 for detached, $751,085 for Semi-detached, $737,785 for Row (townhomes), and $570,431 for Apartments. There are still a few neighbourhoods in Hamilton where the average price is under $600,000 for a detached home, all in the North and East parts of the city. The Hamilton Mountain neighbourhoods range from $672,439 to $899,664 average price for a detached home.

See below for Average Selling Prices of Districts and Neighbourhoods in and around Hamilton Ontario, comparing average sales from 2024 to 5 (2019) and 10 (2014) years ago. Below these charts is the Month of December 2024 Statistics Report.

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Average Selling Prices Compared to 2019 and 2014

Here is an overview of the 2024 Average Selling Prices for Residential Properties in and around Hamilton Ontario Canada, compared to 5 years ago (2019) and 10 years ago (2014). Each area includes neighbourhoods and Real Estate Districts in and around Hamilton Ontario. 

Monthly Report For December 2024

MLS® Property Listings December 2024