Residential Condominium Market sees highest gains in May

(June 3, 2011 – Hamilton, Ontario) The May real estate market in the Greater Hamilton, Burlington and their outlying areas* experienced an increased number of listings for the month of May and a small decrease in the number of sales overall, according to Multiple Listing Service® (MLS®) statistics released today by the REALTORS® Association of Hamilton-Burlington (RAHB).

The average sale price of all properties rose again in May when compared to last year. The largest gain in average sale price was in the residential condominium market.

“The condominium market in our area is where we saw the most growth in May,” said RAHB President Ann Forbes Arndt. “The average sale price is up almost 11 per cent over May of last year and sales were higher than the 10-year average for the month.”

Residential sales saw a slight decrease in the number of sales compared to May of last year, while the average sale price rose 3.8 per cent. Year to date residential unit sales were 8.4 per cent lower year than last year.


“Every community in our jurisdiction has their own localized market with larger swings than we see in the overall numbers,” said Arndt. “Hamilton Mountain saw a 20 per cent increase in numbers of sales, while Dundas showed a decrease of 32.4 per cent. Dunnville is a smaller community but has seen big increases in sales over the same month last year, percentage-wise.”

Burlington had the largest increase in average sale price at 8.8 percent; other areas with significant increases in  average sale prices in May were Hamilton Centre and Ancaster. Dunnville and Grimsby were the only communities with significant decreases in average sale price.

Please refer to the accompanying chart for market activities in other parts of RAHB’s jurisdiction.

Figures quoted are for sales and average sale prices of units located in the jurisdiction* of the REALTORS® Association of Hamilton-Burlington and processed through RAHB’s Multiple Listing Service® (MLS®). Unit sales reflect “all property types” including residential, condominium, commercial property, farm, vacant land and business, unless otherwise specified.

*RAHB’s jurisdiction includes Burlington, Waterdown, Flamborough and Dundas in the north; Hamilton, Ancaster, Stoney Creek, and Grimsby along Lake Ontario; and extends down to the shores of Lake Erie, including Glanbrook, West Lincoln, Smithville, Dunnville, Cayuga, Caledonia, and Hagersville.

Established in 1921, the REALTORS® Association of Hamilton-Burlington (RAHB) represents more than 2,500 real estate brokers and sales representatives from Hamilton, Burlington, and outlying areas. Members of the association may use the REALTOR® trademark, which identifies them as real estate professionals who  subscribe to a strict code of ethics. The association operates the local Multiple Listing Service® (MLS®) and provides ongoing professional education courses for its members. In addition, RAHB is an active participant in the Home Ownership Affordability Partnership (HOAP) and holds an annual auction in support of local charities. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.REALTOR.ca. More information about RAHB is available at www.rahb.ca.

courtesy of;

REALTORS® Association
of Hamilton-Burlington