House prices down over 20% in Hamilton and Burlington, still above Canadian average

If you want to purchase a home in Hamilton or Burlington, you might be relieved to hear that prices are down significantly year-over-year.

That said, the average cost of a home in either city is still quite a bit higher than the Canadian average. 

Zoocasa, a real estate website and brokerage, recently released a blog comparing home prices in 20 regions throughout Canada. According to the latest data from the Canadian Real Estate Association (CREA), prices are starting to tick up once more (perhaps because the spring market is here), but they’re still below the highs they hit this time last year. 

According to the blog, the average house price in Hamilton and Burlington sits at $831,300–22.2 per cent lower than it was in February 2022. 

As of February 2023, the average price of a home in Canada sat at $662,437–$168,863 less than the Hamilton-Burlington average. 

As far as sales go, data indicates that 760 homes in the Hamilton-Burlington region changed hands last month, a decrease of 35.7 per cent year-over-year. 

In a report issued earlier this month, the Realtors Association of Hamilton-Burlington (RAHB) said much of the decline in sales was felt in the higher end of the market, as homes priced below $800,000 represented the majority of sales.

As for prices in Hamilton exclusively, RAHB said the average home price in Hamilton sat at $800,584 last month. The city saw 736 homes hit the market, while 464 changed hands. 

The average home price in Burlington is much higher, with the average price coming in at $1,064,513 in February 2023. Last month, 246 homes hit the market and 164 sales were recorded. 

So, what regions are more affordable for people looking to purchase a home? 

Zoocasa says buyers with a tighter budget might find a home in Saint John, where the average home price sits at $268,400. The next most affordable city, Regina, boasts an average price point of $310,200. 

As far as Ontario goes, homes in the Niagara region are still below the Canadian average, coming in at $627,500. Homes are also more affordable in Ottawa ($613,000), London and St. Thomas ($583,500) and Windsor-Essex ($565,400).