August 2, 2023 | Market Reports

Local Market Update For July 2023

Last month’s sales activity was evidently affected by the interest rate increase announced by the Bank of Canada on July 12th. However, this also contributed to a further boost in inventory and a more balanced state compared to the start of the year. While there has been a monthly increase in inventory, the supply still lags behind the levels of the previous year (2022) and July’s historical trends.

Burlington

Burlington’s residential average sale price was $1.15 million, which was a 2.3% price increase compared to July 2022. The average number of days on market was 19.

Oakville

In July, Oakville’s residential real estate saw a price decrease of 2.1% from July 2022 with an average sale price of $1.61 million. Homes in Oakville stayed on the market for an average of 22 days.

Hamilton

The average sale price for residential real estate in Hamilton for July 2023 was $844,739, which is a 5.19% price increase from July 2022. These properties in Hamilton stayed on the market for an average of 21 days before selling.

Here’s a breakdown of the freehold and condo statistics for Burlington, Oakville and Hamilton in July 2023: