Hamilton-area Realtors report lots of inventory but fewer buyers through October
Global News
The Realtors Association of Hamilton and Burlington says higher interest rates are causing more people to list their homes and increasing inventory.
The Realtors Association of Hamilton-Burlington (RAHB) suggested it was a buyer’s market for home sales in October, with just over 2,000 new listings boosting supply levels to highs not seen in nearly a decade.
It suggests continuing high interest rates caused more people to put homes up for sale, according to the RAHB’s president.
“Higher lending rates are likely weighing on homeowners, with an increasing number of them choosing to list their home,” Nicolas von Bredow said.
“While new listings have risen across all property types and price ranges, we are seeing larger inventory gains in the higher price points of the market.”
He adds that inventory levels are the highest reported since 2011 and that 2,100 new listings went up, with the average price of a detached home in the combined Hamilton-Burlington market at almost $830,000 – just slightly lower than levels reported this time last year.
Hamilton’s home sales last month were the slowest seen since 2010, with just over 400 purchases, down 13 per cent from October 2022.
Just over 280 of the sales were detached homes and Hamilton Mountain was the preferred choice regionally for almost a quarter of the buyers.
The low sales did help push new inventory in the market up about 30 per cent annually, creating an estimated five months of supply for the city.
Budget 2025 has $160 million for wildfire personnel, equipment, training and contracts, but the Alberta Union of Provincial Employees worries funds will focus on gear, not people.
Quebec provincial police, the fire department, paramedics and representatives from the group managing the bridge were called to the scene.
U.S. Commerce Secretary Howard Lutnick said Sunday that tariffs on Canada and Mexico are still coming, but that President Donald Trump would determine the level of the levies.
Two men remain in critical condition following a home explosion Friday in Langley, B.C. One woman is still missing, and RCMP cannot confirm if she was in the home at the time.
After floating the idea of potential tariffs on lumber, President Donald Trump ordered a probe into U.S. imports that must be completed within 270 days.
Despite an explosive exchange in the Oval Office, the Kyiv-Washington relationship is not lost, analysts say, but future U.S. support in the war effort is still undetermined.
St. Mary's Academy says the decision to shutter the program was driven by operational and resource requirements.
A recent survey from CIBC said that two-thirds of Canadians say recent economic changes, including inflation and the cost of living, have made them adjust retirement plans.
A Halifax man died after he was taken into custody Friday night for what police described as a mental health episode. The provincial police watchdog is investigating.
A B.C. entrepreneur experienced a once-in-a-lifetime wildlife encounter this week when a pod of dolphins chased him down while he was shooting a video on his personal watercraft.
A new idea has emerged in G7 capitals in recent years — using the cash in frozen Russian accounts, or interest earned on those accounts, to help fund Ukraine's defence.
As Ontario is still working to clean up after the back-to-back winter storms, cities like Waterloo and Toronto face challenges with snow storage facility infrastructure.
Transport Minister Anita Anand says she plans to run for re-election amid President Donald Trump's tariff threats, a shift from her original plans earlier this year.