2024 was a tough year in real estate, thanks to the higher interest rate environment and economic uncertainty, the Cornerstone Association of Realtors (CAR) reports, with 2024 sales totalling 10,210 transactions. This was similar to 2023’s levels but 26 per cent below long-term trends.

‘Many potential purchasers are starting to feel more confident’

The region experienced slower sales throughout the spring season that almost offset improvements that occurred later in the year when interest rates eased.

Source: CAR

“As interest rates have begun to trend downward, some homebuyers are taking advantage of the opportunity to enter the market while there is still a good selection of homes available,” said Nicolas von Bredow, Cornerstone spokesperson for the Hamilton-Burlington market area, in a press release.

“Although the pace of return has been gradual, the improving rates have sparked renewed interest, and many potential purchasers are starting to feel more confident in making their move.”

Supply and prices

However, von Bredow notes the association continued to see more new listings and inventory gains, with over 3,000 units available throughout the majority of the year. Supply improved across all property types and most price ranges, including lower-priced products.    

More supply choice has been a trend since 2023 and has impacted home prices. However, CAR points out that the declines over the past few years have been relative to the pandemic high: even with a nearly 1.0 per cent decline in 2024, annually, the average benchmark price is consistent with 2021 levels and 9.0 per cent higher than the 2020 average annual benchmark price of $651,425.

Review the full report here.