Measuring and reporting of residential real estate transactions is a valuable source of information on the general health of an economy. A large and growing number of residential real estate transactions indicate a healthy market for what is for most Canadians their largest asset.
Real estate professionals as well as current and prospective residents look at statistics on real estate sales volumes in addition to current real estate inventories, historic and recent transaction values to understand and forecast supply/demand, and establish market pricing for future transactions.
Story behind the numbers
There has been a consistent increase in the annual real estate sales in Hamilton over the past five years, reaching a record high total in 2016.
The annual sales total for 2017 was lower than 2016, and reported sales for Q1 2018 are significantly lower than the prior two years.
As the local economy grows, so do employment opportunities. Hamilton’s economy has been doing quite well over the past several years and this has been reflected in more hirings and more businesses being started in the city because of investor confidence. As jobs are filled, more people are drawn to the city to live where they work which leads to positive growth in the local real estate market.
Annual Real Estate Sales (Hamilton, ON)
DATA NOTE: The Citizen Dashboard is in the process of being converted into an Open Data format, linking the Citizen Dashboard with Open Hamilton. During this conversion, the data on the Citizen Dashboard will not be updated quarterly, resulting in some data being out of date. The conversion is underway and is expected to be fully completed by June 2019.
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