Recent data from the Canadian Real Estate Association pointed to one of the most promising markets in Ontario in terms of consistency: Hamilton, which saw its prices increase dramatically by 70% in the last 5 years.
This significantly exceeded the 58.5% price growth in the GTA since 2013, as well as the national average of 43%.
The trend was especially evident at Hamilton-Burlington, where the average price remained at $581,900, the fourth highest in Canada.
However, these numbers should be considered in light of a general slowdown in sales activity, since the number of transactions was reduced annually in 3 of the 4 markets throughout the country last month, said CREA.
The volume of sales at national level was reduced by 12.65% year after year in November, ending below the average of 10 years for the month.
“The decrease in affordability of home ownership caused by this year’s new mortgage stress test is still very evident,” said CREA chief economist Gregory Klump, as cited by CBC News.
“Despite the economic and demographic foundations of support, domestic housing sales have begun to decline.
While it was anticipated that domestic home sales will recover after a big drop in activity earlier this year due to the introduction of the endurance test, the rebound seems to have run its course.”
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