JANUARY 2023 MARKET INSIGHT REPORT: RESIDENTIAL

Just a reminder of the parameters we use when assembling these stats:

Freehold properties only, meaning both the land and the structure on it is owned outright with no space co-owned or co-managed with owners of adjacent homes. We do review Burlington condo apartments in a separate section.Essentially, all of the gains we saw in mid 2021 to mid 2022 have evaporated. Prices have fallen back to 2021 levels which is a very good place to start in 2023. We are seeing a much more stable market and prices seem to be holding steady at these levels. We believe we are in a fairly well balanced market right now and we see a renewed buyer appetite. The feds have indicated that rate hikes are over for now and there is even talk of rate reductions should the recession dig in deeper than expected. Either way, values are reflecting the new interest rate reality and buyers are adapting. Sellers remain in an exceptionally good position and low inventory levels should keep it that way. We think 2023 is going to be a good year for buying and selling and look forward to working with our clients to achieve the best possible outcomes.

Price ranges – in order to avoid outlier sales that skew the numbers too significantly, we restrict our price ranges, shown in parentheses after the city name.

Below you will find the Market Insight Report for residential properties for January 2023 for Burlington, Oakville, Hamilton, and Greater Hamilton. The market has continued to change this month as you will see in this report.

The market is changing, let’s talk! Contact us at any time.

If you are thinking about selling, we offer a helpful FREE Seller’s Guide to help you get the most out of your biggest investment – your home.

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Burlington

The average price for a freehold property during the month of January was $1,255,500, up slightly as compared to December and down 24.5% when compared to January 2022, when the average price was nearly $1.7 million. Units sold were down 46% as compared to January 2022. Days on market were at 23 (down from 30 in December) and properties sold for 97% of the listed price, on average. There were 143 active listings at the end of January, up 15% from the 124 listings at the end of December

Click here to view the Burlington sales and inventory spreadsheet

Oakville

The average price for a freehold property during the month of January was $1,530,538, down nearly $100,000 from December and down 25% when compared to January 2022, when the average price was just over $2 million. Units sold were down 33% as compared to January 2022, continuing a trend we’ve seen in Oakville for most of the year. Days on market were at 34 and properties sold for 95% of the listed price, on average. There were 223 active listings at the end of January, up 7% from the 208 listings at the end of December.

Click here to view the Oakville sales and inventory spreadsheet

Hamilton

The average price for a freehold property during the month of January was $693,741, up slightly as compared to December and down 20% when compared to January 2022, when the average price was nearly $900,000. Sales were down 11% as compared to January 2022. Days on market were at 31 and properties sold for 97% of the listed price, on average. There were 368 active listings at the end of January, up 6% from the 347 listings at the end of December.

Click here to view the Hamilton sales and inventory spreadsheet

Greater Hamilton

The average price for a freehold property during the month of January was $914,765, down slightly as compared to December and down 24% when compared to January 2022, when the average price was $1.2 million. Sales were down 24% as compared to January 2022. Days on market were at 42 and properties sold for 94% of the listed price, on average. Inventory levels from December to January were as such: Dundas up 56% (from 16 to 25), Ancaster up 9% (from 45 to 49), Waterdown down 15% (from 27 to 23), Flamborough down 3% (from 32 to 31), Stoney Creek up 13% (from 101 to 114), and Glanbrook up 29% (from 45 to 58).

Click here to view the Greater Hamilton sales and inventory spreadsheet

Burlington Condos

The average price of a condo in Burlington during the month of January was $552,000, down slightly from December and down 19% from January 2022. The price per square foot was $626, down 10% as compared to January 2022. Sales were up 10.5%. Days on market were 40 and condos sold for 95% of the listing price on average. There were 98 active listings at the end of January, up 7% from the 92 listings at the end of December.

Click here to view the Burlington Condo sales and inventory spreadsheet

What This All Means

Essentially, all of the gains we saw in mid 2021 to mid 2022 have evaporated. Prices have fallen back to 2021 levels which is a very good place to start in 2023. We are seeing a much more stable market and prices seem to be holding steady at these levels. We believe we are in a fairly well balanced market right now and we see a renewed buyer appetite. The feds have indicated that rate hikes are over for now and there is even talk of rate reductions should the recession dig in deeper than expected. Either way, values are reflecting the new interest rate reality and buyers are adapting. Sellers remain in an exceptionally good position and low inventory levels should keep it that way. We think 2023 is going to be a good year for buying and selling and look forward to working with our clients to achieve the best possible outcomes.

If you would like a call with us to understand this changing market and where it’s going and what to expect please don’t hesitate to request a call here, otherwise reach out and we would be happy to chat with you anytime.