It’s all over the media… Hamilton, Ontario is the new it city & homes are selling for many thousands over asking with multiple offers.
We’re going to take a look at why Hamilton’s Spring market took off with such ferocity & if this is a sustainable reality or a real estate bubble.
Many factors have aligned to create this explosive market & it is a wonderful awakening for Hamiltonians! This is a city with so much to offer but has had a difficult time reinventing itself from the “ steel town ” image that has been the focal point for decades.
With so much to offer, the new GO Train stations are drawing in a new crowd of people looking for affordable home ownership while offering ease of access to commuters. Hamilton is the answer for people who want a lifestyle of diversity without leaving them house poor.
When a 350 sq.ft. condominium in Toronto is selling for $400,000+ and a detached 3 bedroom home with a yard is selling for $300,000 in Hamilton, it’s no wonder people are being drawn west. Couple that with favourable financing options & you have a recipe for a strong market. Now factor in the low inventory of homes for sale & you end up with buyers competing for the same home which drives up the price.
The short answer is no. This is a result of many factors working together to drive the value up. As our neighbouring markets continue to climb in cost, so will Hamilton. If you are in a position to enter the market as a first time buyer or investor, the future is looking very favourable & it would be worthwhile to investigate your options.
If you are looking at your next purchase as a 5 year plan we suggest you wait for the market to stabilize a bit before you buy. Competing & paying top dollar for a home today is mitigated if you plan on holding the investment for 10 or more years. Anything less & you risk limiting the equity built before you take the next step in your real estate adventure.
Even with all of the wonderful reasons to buy in Hamilton, you should always weigh them against any negatives.
Hamilton is a city of growth right now — it’s identity shift has been years in the making & is coming to fruition. People are taking notice & the city is truly entering a coming of age.
If you would like more information about Hamilton or to talk more about your options, reach out to us… we love to help!
Keeping it genuine,
The Edwards Team