2007 Sets New Annual Record for MLS® Home Sales

(January 4, 2008 – Hamilton, Ontario) The Hamilton-Burlington area real estate market reported a total of 657 unit sales in December, indicating a decrease of seven per cent over the same month last year. The year-end total unit sales for 2007 are 5.4 per cent higher than in 2006, while units listed are 2.8 per cent higher for the year, according to Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).

“Properties sold during December pushed the total number of annual sales to 14,410, the highest number on record,” said RAHB President, Ann Cosens. “Despite the sub-prime loan problems in the US, the Canadian market remains strong.”

Residential properties sold during December totalled 625, which included 474 freehold properties and 151 condominiums. Commercial sales for December, including industrial, farm, vacant land and business, totalled 32 units.

The average price of freehold residential properties sold during the month of December was $283,380. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.

In the condominium market, the average price in December was $193,761.

The average price increase for residential properties for 2007 from January to December compared to the previous year is 7.4 per cent.

December’s total residential average sales price increased 5.3 per cent over the same month in 2006.

The total number of units listed for sale in December was 682, which is one per cent less than the same month in 2006.

“Although December sales were down slightly, compared to last year, there is every indication that 2008 will be another strong year for resale housing activity in the Hamilton-Burlington area,” added Cosens. “With the added land transfer taxes in Toronto now in place, consumers will be looking to neighbouring cities as viable alternatives, and the Hamilton-Burlington area stands to benefit.”

Unit sales reflect “all property types” including residential, condominiums, commercial property, farms, vacant land and sale of businesses.