Planning to buy or invest in a home for sale in Hamilton down the line? That’s great news!
Hamilton, located in Southwestern Ontario, has a population of around 570,000 making it the third-populous city in Ontario. Located just 45 kilometres southwest of Toronto, Hamilton offers residents a more affordable and less crowded lifestyle.
These are just some general things about Hamilton that almost everyone knows. However, as an aspiring homebuyer or investor, you also need to know about the lesser-known yet crucial details of the Hamilton real estate market.
Not sure what we are talking about? Then, check out these 5 important things about houses for sale in Hamilton and the Hammer.
The Hot Housing Market Is Cooling Down
Just like the rest of the housing markets in Canada, the price of Hamilton properties has climbed through the roof in recent years. The average home prices in Hamilton had increased over 20% year-over-year in 2023.
However, as we are moving ahead to 2024, the Hamilton housing market is slowly cooling down. The rising price of homes for sale in Hamilton is slowing down and inventory is increasing slightly. So, aspiring homebuyers and investors can expect the Hamilton housing market to remain more or less stable in 2024.
But you need to remember that the Bank of Canada (BoC) is expected to drop the interest rates towards the second half of 2024. If and when that happens, the home price increase trend will again be seen in the Hamilton real estate market.
So, to reap the maximum profits, aim to buy a house for sale in Hamilton Ontario as soon as you can(provided you are financially and emotionally ready). Then, when the BoC lowers the interest rates and home price increases, you stand to benefit the most as a homeowner or investor.
Still More Affordable Than Toronto
Worried the Hamilton real estate market has become out of reach for you just like Toronto? Not at all!
Hamilton’s housing market may have heated up in recent years. But it is still the ideal city for homeowners who cannot afford Toronto’s stratospheric home prices.
For instance, the average price of a detached home for sale in Hamilton is around $877,000 while in Toronto, detached properties have a $1.2M price tag. That’s almost 31% more affordable!
This means you can buy a big home with more living space and a backyard in Hamilton that you usually cannot afford in Toronto. This is great news for both a Hamilton homebuyer and investor.
Hamilton’s proximity to Toronto also makes it the ideal “commuter town.” We mean to say individuals who need to frequently travel to Toronto for work or other purposes but do not want to live or cannot afford to stay in Toronto.
These professionals can buy a house for sale in Hamilton and travel to Toronto for work and other important things easily on a daily basis. Situated a mere 70 kilometres away, Hamilton offers easy access to Toronto via GO Transit stations and major highways. This influx of professionals to Hamilton amps up the price and demand for the city’s properties.
Housing Options to Fit Every Pocket and Lifestyle
You won’t find one-size-fit properties in the Hamilton real estate market. Instead, Hamilton has a range of housing options, catering to different lifestyles, budgets, and aspirations. Whether you are a first-time buyer, a growing family, a downsizing retiree, or a savvy investor, you will find something to suit your needs in Hamilton.
Let’s first discuss the different property types available in Hamilton based on different life stages. So, if you have a growing family, you can go for a detached home for sale in Hamilton with ample space. For young professionals, there are condos in Hamilton and for empty nesters & retirees, there are single-level buildings.
Now, comes the affordability aspect. The diverse housing options in Hamilton cater to a wide range of budgets. If you are looking for houses for sale in Hamilton under $500,000, you can buy a condo or townhouse. For a budget within $500,000-$1M, go for a detached home or a semi-detached home. In case you have a budget over $1M, you can invest in a luxurious waterfront property.
This means as a homebuyer in Hamilton, you can easily find a property that perfectly matches your needs, preferences, and budgets. The variety of housing options also attracts a broader tenant pool. This increases the chance of finding suitable occupants quickly and minimizing vacancy periods for real estate investors.
Ongoing Development and Revitalization Projects Make the City's Future Look Promising
Another appealing aspect for aspiring home buyers and investors in Hamilton is the development and revitalization projects going on in the city. These projects will amp up the livability of Hamilton, making the city a more attractive and enjoyable place to live for residents.
The revitalization projects, once completed, will also undoubtedly amp up the value of a home for sale in Hamilton. This is great news for homebuyers and investors who are planning to buy a home in Hamilton now.
Read more:
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Thriving Job Opportunities, Low Unemployment Levels
Hamilton has a 4.8% unemployment rate, much lower than the national average of 5.4%. This is all because of the thriving job market in Hammer and the industries employing a large number of professionals.
Hamilton’s healthcare sector has prominent institutions like Hamilton Health Sciences and McMaster University Medical Centre. These institutions post several job openings from time to time for roles such as medical professionals, researchers, and support staff.
Hamilton’s manufacturing sector has many industries such as steel and food processing that offer opportunities for engineers and other skilled workers. The city also has a growing tech scene, with companies like Absentee and Sigma Computing attracting many tech professionals from within and outside the city.
These immense job opportunities provide stable income potential for an individual looking to buy a house for sale in Hamilton. A thriving job market also means a growing economy which contributes to long-term property value appreciation.
So, there you have it - these were a few things that you need to know before stepping foot in the Hamilton real estate market. Become a part of the thriving and bustling Hamilton real estate market by joining hands with an expert Realtor today!