Sales in Hamilton Ontario were very strong in 2014. We saw sales grow over 4% to over 2600 properties sold. The average sales price increased by 12.5% over last year from $239,900 in 2013 to $264,900 in 2014. These numbers were much over the provincial average of 8% proving Hamilton is still one of the hottest markets in Ontario. One of the main reasons for this is the influx of buyers coming from the eastern markets such as Toronto and Mississauga due to the much lower prices in Hamilton. In Toronto we have seen the average home price grow to over $800,000 forcing many of the 1st time buyers who are looking for a detached or smaller home to move to the Hamilton area. We will continue to see this help the Hamilton market in 2015 as the prices are rising faster in Hamilton the Toronto market see a huge value in Hamilton even with the commute. We also saw the average time on the market drop to under 3 weeks and the sellers were getting 98% of the listing price.
Overall Hamilton has had a very strong real estate year. Detached houses sold well and for a good price and we will see this remain in the future as long as the bank rates remain low and we have no indication of interest rates rising in 2015.
Hamilton's inventory continued to decline through 2014 fueling the buyers to scramble to buy this alone caused some bidding wars forcing the prices to increase. We have no indication that inventory will rise in 2015 so we can expect the same in 2015.
Increased transportation and a stronger transit system has also made Hamilton a more appealing for out of town buyers. In the past buyers shed away from Hamilton due to the long commute but the commute has reduced dramatically making more out of towners flock to Hamilton to buy their homes.
Hamilton is and will remain in 2015 a very strong sellers market. There are still great deals in smaller areas for the buyers but we will see the influx of buyers coming from the GTA in 2015 and pushing the real estate prices up.