February 6, 2024 | Market Reports

Local Market Update For January 2024

This January, the local market saw freehold residential prices rise across the region. Burlington increased 5.7%, Oakville rose 23.1%, and Hamilton climbed 6.7%, all compared to January 2023. Notably, freehold sales growth significantly outperformed condos in both Oakville (freehold +23%, condo -24%) and Hamilton. Although overall pricing stayed relatively steady, fluctuations varied by region and property type.

Tighter conditions and generally low inventory have helped keep pricing stable this season. Year-over-year inventory increases were largely balanced out by sales gains, resulting in a relatively stable supply situation compared to the previous year. According to the Canadian Real Estate Association, national inventory levels have followed a similar pattern this winter, with many regions across Canada reporting comparable supply constraints.

Burlington: Steady Growth

Burlington’s residential average sale price was $1.15 million in January, a 5.7% increase compared to January 2023. On average, homes here stayed on the market for just 22 days, a sign of continued buyer demand despite limited inventory.

Oakville: Strongest Price Growth

Oakville saw the region’s largest year-over-year gain, with prices up 23.1% from January 2023 and an average sale price of $1.89 million. Homes in Oakville stayed listed for an average of 44 days. This growth was driven almost entirely by freehold properties, while condos moved in the opposite direction, dropping 24% over the same period.

Hamilton: The More Affordable Option

Hamilton’s average sale price for residential real estate came in at $854,251 in January, a 6.7% increase from January 2023. Properties here stayed listed for an average of 48 days before selling, making Hamilton the most affordable of the three markets while still posting solid year-over-year gains.

What This Means for Buyers and Sellers

Freehold properties are clearly leading the charge this season, while condos in Oakville and Hamilton have softened considerably. For sellers with freehold properties, current conditions favour strong pricing and relatively quick sales. For buyers, especially those eyeing condos, there may be more room to negotiate given the pricing pullback in that segment.

Here’s a full breakdown of the freehold and condo statistics for Burlington, Oakville, and Hamilton in January 2024.

How much did home prices increase in Burlington’s local market in January 2024?

Burlington’s average sale price rose to $1.15 million, a 5.7% increase compared to January 2023, with homes selling in an average of 22 days.

Why did Oakville see such a large price increase?

Oakville’s local market saw a 23.1% year-over-year price increase, driven largely by strong freehold sales, even as condo prices declined 24% over the same period.

Is Hamilton’s local market more affordable than Burlington and Oakville?

Yes. Hamilton’s average sale price was $854,251 in January 2024, more affordable than both Burlington and Oakville, with a 6.7% year-over-year increase.

Did inventory levels change much across the local market this January?

Year-over-year inventory increases were largely offset by sales gains, keeping the overall supply situation relatively stable compared to the previous year.

Are freehold or condo prices performing better right now?

Freehold properties are significantly outperforming condos in Oakville and Hamilton, with condo prices declining in both regions while freehold prices continue to rise.

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