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Burlington home sales dip in August, following national trend

Higher lending rates continue to impact sales of higher-priced properties, says local real estate board
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Home sales in Burlington took a dip in August, following a national trend.

According to statistics released by the Realtors Association of Hamilton-Burlington (RAHB), 180 properties were sold in Burlington last month representing a 14.7 per cent decrease over August 2022, and a 9.1 per cent drop from the 198 homes sold in July. Locally, 318  properties were listed during August, while 326 property listings were recorded in July.

Currently, because of the monthly gain in inventory combined with the decline in sales, the local inventory supply is more than two months, says the local board.

The RAHB noted that the unadjusted benchmark price reached $1,057,600 across the Burlington region, a 1 per cent decrease over July but a 3 per cent increase over the $1,024,800 reported in August 2022. 

“As expected, higher lending rates continue to impact sales, especially for higher-priced properties,” says RAHB President Nicolas von Bredow. “But new listings have also slowed, keeping inventories in line with long-term trends. While conditions vary by location, property type and price range, we are shifting away from the overall tighter conditions experienced during the spring months.” 

Canadian home sales fell 4.1 per cent in August compared to July, the Canadian Real Estate Association reported Friday.

Part of the decline was led by Ontario communities, notably Ottawa, Hamilton-Burlington as well as London and St. Thomas.

"August was the first full month of housing data following the Bank of Canada’s July rate hike, so a dip in activity was expected,” Shaun Cathcart, CREA’s senior economist, said in a media release.

“The demand is obviously still there, and it will be back, but as the housing affordability crisis re-emerges as a top policy issue, for now, the slowdown on the buyer side should help keep a lid on prices.”

CREA said that the aggregate composite home index rose 0.4% nationally on a month-over-month basis in August 2023.

That is “ … only about half as large as the July gain, which was only about half as large as the gains recorded in April, May, and June,” the release said. “This levelling off of prices is in line with slowing sales and a rebound in listings.”

While most of the country has seen solid price growth, Ontario is a “mixed bag,” with some of Canada’s biggest increases, but also biggest declines, depending on the region.

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