Burlington real estate sales, home prices down in September

Home sales continued on a downward trend in Burlington last month.

According to statistics reported by the Realtors Association of Hamilton-Burlington (RAHB), 135 residential properties were sold in the city in September, a drop from the 180 homes sold in August and a year-over-year decrease of 27.4 per cent.

“Increases in lending rates have prompted prospective buyers to delay purchasing decisions,” says RAHB president Nicolas von Bredow in the monthly summary. “Lending rates may have sparked anxiety among existing homeowners, motivating them to list their properties. A surge in new listings, relative to sales, has led to a pronounced rise in overall inventory levels.”

RAHB reports 393 new listings in September, resulting in a rise in local inventory over the last month; however, the levels remain “relatively low."

The unadjusted benchmark price for local residential properties in September was $1,045,600, down from the $1,057,600 reported in August. Despite the monthly decline, prices are nearly five per cent higher than last September, noted the RAHB report.

Nationally, home sales fell 1.9 per cent in September compared to August, the Canadian Real Estate Association reported Friday. However, sales were up 1.9 per cent compared to September of 2022.

In Ontario, sales volumes fell in the Greater Toronto Area, but rose in Kitchener-Waterloo.

Home prices slipped in Ontario in September – the average price of a single-family house reached $999,500, having been just over $1 million in June, July and August. Condo prices were down 0.3 per cent from September of 2022.

"What happens next will depend on interest rates,” Shaun Cathcart, CREA’s senior economist, said in a news release.

“Whether that means uncertainty about the possibility of further hikes, or just the cost of borrowing money right now, neither of these will be resolved for would-be buyers anytime soon. As such, expect a quieter than normal winter with all eyes on the Bank of Canada.”