Why anyone would chose to live in Hamilton? The reason is simple – Hamilton is able to offer you a combination of low cost living with safe environment and exceptional educational facilities. On top of that you will also have beautiful natural parks, waterfalls and Lake Ontario in a close proximity.
In the last few years Hamilton experienced a boom in construction, providing over $1 billion in construction value of building permits in 2013 alone. This number is equally divided between residential and commercial sectors. What would that mean for someone looking to buy a property in this area? The industrial development promotes economic growth of the city, which in turn leads to the residential growth and increasing value of real estate. Economic development also boosts the employment market and having job opportunities in close proximity to your residence is of course is a special bonus.
Hamilton is located in southwest Ontario, about 1 hour drive from Toronto on the west end of the Niagara Peninsula, almost in the middle of the commute between, New York, Buffalo and Toronto. Hamilton, being a third largest city in Ontario, with population of 500,000 people consists of several areas. These areas as they are known to local residents are: The North End, Downtown, the East and West End, Westdale (a “student” area where McMaster University is located), Dundas, Ancaster, the West, Central, and East Mountain, Stoney Creek and Stoney Creek Mountain. All these sections are rather unique and diverse with regards to ethnicity, culture and economy.
Some of the areas are considered a “hot buy” and are very popular with real estate buyers. These would include centrally located Durand, Kirkendall, which is close to Highway 403, the trendy Locke Street and McMaster University. Strathcona is also a very good spot for commuters and has relatively low prices. Other popular locations are Stoney Creek Mountain with easy access to the Red Hill Valley Parkway and new subdivisions of Binbrook, with lots of green space and park area. City of Hamilton has a very well developed transit system with a few major transit improvement projects underway. Go transit is also actively expanding their services between Hamilton and GTA and is planning a new rail station, which would make the city is even more attractive for commuters.
Throughout the recent years, Hamilton has shown a dramatic increase in real estate activity and pricing, especially in the number of first time buyers, young families or singles moving into their first home and bypassing the rental market. According to CBC news “Hamilton and Burlington are leading Canada’s “exceptionally healthy” housing market in 2014, with an average price increase of 7.5 per cent. The average price of a house in Hamilton in 2013 was $391,945 and the real estate choice would range from $100 000 and up for a 2 bedroom condo or an older house to $400 000- $500 000 for a large 4-bedroom family home. Average rent is around $700 for an apartment and &800 for a townhouse. The prices are growing as the demand is pretty high so rental housing could be a good option for the investors.
Many of the new residents are moving into Hamilton from the cities in the GTA area where the average real estate prices are surpassing half a million dollars mark. In comparison, Hamilton prices remain very competitive and might be seen as a bargain.
The ethnic and cultural composition of the city of Hamilton is rather diverse with almost 25% of the population being born outside of Canada. According to Canadian Census 2011, majority of the Hamilton residents have British Isles, English and East or West European origin. More recently with increased popularity the city is becoming more culturally diverse.
Hamilton is often called a city of innovation and creativity, a reputation which can be partly contributed to the vibrant student population from McMaster University famous for its health and engineering programs and Mohawk College of Applied Arts and Technology.
Hamilton is an excellent place to raise children, with lots of green space, sports fields, trails and parks. The city boasts a lot of recreational facilities for both children and adults and can offer a lot of options for a healthy family oriented life-style. Most recently Hamilton has been attracting a lot of young professionals and artistic people, which promotes the city’s creative and inventive image.
Overall, Hamilton is an excellent choice for a home buyer who is looking for natural beauty, proximity to workplace, safety and future economic prospects. Buying a property in this area will prove to be an excellent investment in the future.
If you have any questions on purchasing a property in the City of Hamilton or if you are looking at relocating and want an accurate price of your home in this area, please call me directly for a consultation.