The price of a home in the Hamilton and Burlington area continues to soar, according to the local realtors association.
The Realtors Association of Hamilton-Burlington (RAHB) is reporting that the average sale price of a residential property in the region is up to $872,368.
The agency says despite the high cost, sales also continue to climb, up 63 per cent since March and up 73.1 per cent since the same month last year.
RAHB president Donna Bacher believes the impact of the COVID-19 pandemic is the reason for the “distorting” of housing stats year over year.
“With the spring housing market upon us and the vaccine rollout ramping up, it appears more homeowners are feeling comfortable listing their home and we have started to observe an upturn of active listings,” Bacher said in a release.
New listings were up 65 per cent since March and up 53 per cent as of the same month last year.
Hamilton Mountain is the most expensive place to purchase a home, with the average price hovering around $737,124, while Hamilton Centre is a little more affordable at $604,057.
Burlington saw 447 homes purchased in the region in March at an average price of $1,088,670.
Sales of detached properties increased by 74 per cent in March 2021 compared to 2020 with an average sale price of $987,030.
“Compared to last month, detached homes saw the largest increase in inventory between the different property types at 36 per cent,” Bacher said.
“In addition, we saw a large increase in the number of sales and new listings.”
Sales of townhomes increased 73 per cent year over year to an average price of $734,970.
The sale price of an apartment-style unit in the RAHB market area now averages $519,586.
Home sales in the Toronto area also went through the roof with the Toronto Regional Real Estate Board reporting sales skyrocketed 97 per cent year over year to a record 15,652, last month.
The average price of a home in the region jumped 21.6 per cent to $1,097,565 from $902,787 last year, while listings shot up by about 57 per cent to reach 22,709 from 14,434.
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