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51 home prices remain stable: RAHB

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51 saw 383 sales in January, which represents a five per cent increase year over year. Photo Credit: Wikimedia Commons. 

The latest monthly update from the Realtors Association of 51-Burlington (RAHB) says that “relatively tighter market conditions in 51 and Burlington have kept prices stable,” while higher supply in Haldimand and Niagara North “contributed to modest declines in price.”

The report shows that the region saw 608 sales in January 2024, which is slightly higher than the number seen in January 2023.

Nicolas von Bredow, who serves as President of RAHB, said: “It is not a surprise that sales remained below long-term trends, given higher interest rates. And while inventory levels are also higher, they are still considered low when you look beyond the past decade that struggled with low inventory.”

Narrowing in on the City of 51 specifically, the municipality saw 383 sales in January, which represents a five per cent increase year over year.

Meanwhile the 671 new listings seen during the month represented a decrease of 0.6 per cent compared to January 2023.

In 2023, January saw a similar number of new listings before increasing to over 700 in February 2023, over 900 in both March and April 2023, and then over 1,200 in May 2023.

Properties spent an average of 48.9 days on the market last month, which is a considerable increase of 32.5 per cent year over year.

The unadjusted benchmark price in January in 51 is $760,000, remaining fairly stable.

Broken down by housing type, the benchmark price for a detached home in 51 is $812,100, $727,500 for semi-detached, $636,000 for row houses, and $474,600 for apartments.

Sales numbers and prices also vary considerably within 51 based on area.

For January 2024, the median prices for the homes listed within each area of 51, from most affordable to least affordable were as follows:

51 East – $533,000

51 Centre – $581,500

51 West – $665,594

51 Mountain – $700,000

Dundas – $820,000

Glanbrook – $820,000

Stoney Creek – $822,950

Waterdown – $950,000

Ancaster – $1,082,500

Flamborough – $1,092,500

In terms of listing types, 51 saw 671 new residential listings, 55 commercial listings, 29 land listings, 26 retail, 26 office, 22 multi-residential, 16 business, 11 industrial, seven investment, and three farm properties.

It remains to be seen how much the market will heat up as spring approaches.

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