• Hamilton Real Estate 2022: A Year In Review

    January 4, 2023
  • Hamilton Real Estate 2022: A Year In Review

    For Hamilton Real Estate And Mortgage Rates

    The 2022 Hamilton real estate and mortgage rate scenario can be summed up by one word: tumultuous. This monthly review will demonstrate the roller coaster ride both markers provided to stressful clients:

    January 2022

    • Tight supply of listings lead to much higher prices
    • Home prices increase from December 2021 by 13.6%
    • Home prices increase year over year by 34.7%

    February 2022

    • The real estate market continues to roar
    • Average Hamilton home price hits $1,104,000
    • 4.2% increase in price since January 2022
    • 30% increase from February 2021
    • 1675 new listings hit the MLS

    March 2022

    • Bank of Canada starts rate increases by .25% to a new prime rate of 2.7%
    • Home prices stabilize as listings continue to grow

    April 2022

    • Prime rate increases 0.5% to 3.2%
    • Real estate sales dive 20.7% month over month and 31.3% from previous year

    May 2022

    • Average Hamilton home prices drops below $1 million for the first time in 2022
    • MLS listings continue to increase as sales drop 7% from April 2022

    June 2022

    • Bank of Canada increases prime rate by 0.5% to 3.7%
    • Prices nose dive by 5% to an average of $946,000
    • Total sales plunge to 689. This is 19.2% lower than March 2021

    July 2022

    • Prime rate increases by 1% to 4.7% ouch
    • Home prices finally stabilize
    • Home sales continue weak performance

    August 2022

    • House sales increase from July 2022 but sales trend from previous year continues to slump
    • Slight decrease from average price in July

    September 2022

    • Mortgage rates continue their ascent as Canada’s prime rate jumps another 0.75% to 5.45%
    • Hamilton-Wentworth real estate sales were the lowest in a decade
    • 41% drop in home transactions since previous year
    • New listings continue to climb

    October 2022

    • Canada‘s prime rate jumps again to a new rate of 5.95%
    • Very slow real estate market again from previous October 2021, a 40.8% drop
    • Total listings up 13%
    • On a positive note, we have a more balanced market as new listings are up 200% from previous year

    November 2022

    • Listings continue to increase
    • Shifting to a buyers market as they have more choice and negotiation power

    December 2022

    • Prime rate leaps again to 6.45%
    •  Seventh rate increase this year
    • Overall it is taking longer to sell homes
    • Average days on the market for January 2022: 7 days
    • Average days on the market for December 2022: 32 days

    Hamilton House Prices 2022


    Prime Rate 2022


    In summary, the Hamilton real estate market started as a sellers market and ended in a buyers market. The fastest rate increases in 40 years with seven prime rate increases and fixed rates more than doubling lead to this instability. The one word we must continue to monitor is inflation. As inflation goes so does this crazy home market.

    These previous articles may interest you:

    Will Mortgage Rates Stay Low?(Opens in a new browser tab)

    Hamilton Home Prices: Where Are They are Headed?(Opens in a new browser tab)

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