Home sales improved as 2024 wrapped up

Jan 3, 2025| Press Releases, Uncategorized

Price growth moderated in 2024, signaling a positive shift for homebuyers

Hamilton, ON (January 3, 2025) – The higher interest rate environment and economic uncertainty weighed on housing market activity in 2024. Slower sales throughout the spring season nearly offset the improvements that occurred later in the year as interest rates eased. Sales in 2024 totaled 10,086, similar to 2023 levels but 27 per cent below long-term trends.

“As interest rates have begun to trend downward, some homebuyers are taking advantage of the opportunity to enter the market while there is still a good selection of homes available. Although the pace of return has been gradual, the improving rates have sparked renewed interest, and many potential purchasers are starting to feel more confident in making their move,” says Nicolas von Bredow, Cornerstone spokesperson for the Hamilton-Burlington market area.

At the same time, we continued to see more new listings coming onto the market, resulting in inventory gains. Over 3,000 units were available throughout the majority of the year. Supply improved across all property types and most price ranges, including lower-priced products.

Improved supply choice is something that we have seen since 2023 and has weighed on home prices. However, price adjustments should be put in perspective as the declines over the past few years have been relative to the pandemic high. Even with a nearly one per cent decline in 2024, on an annual basis, the average benchmark price is still consistent with levels seen in 2021 and nine per cent higher than the 2020 average annual benchmark price of $651,425.