Hamilton, Ontario’s Steady Rise to Becoming a Leading Canadian City Continues with New Revealing Data
2013 has not been a stellar year for the Canadian economy as a whole. But while the national economy stalls somewhat before a widely predicted long-term improvement headed into 2014, one of the country’s major cities continues to gain attention for both the speed and the comprehensiveness of its economic improvements. Hamilton, Ontario has been one of the headline making cities across the media in summer 2013. The city’s recent exposure is the result of a number of positive economic indices showing that Hamilton, named REIN’s 2012 Best City to Invest in Ontario, is well on its way to another top-performing year.
A prime example in the strength of the Hamilton economy can be seen in its housing figures. Where many cities are now seeing the result of evolving federal policies take shape on the housing market, Hamilton Ontario continues to reach ever-greater heights in terms of real estate values. In July 2013, the average sale price for a home in Hamilton was $387, 108, a figure that marks a sizeable 10.7% improvement on the average sale price a year earlier. These real estate figures are even more impressive in comparison to figures seen in similar-size cities across the country. Even with the city’s third-best July sales month on record, Toronto was only able to achieve an 8% increase in average sale prices. Ottawa showed a 6.6% increase in average sale prices. This highlights the comparative growth that Hamilton has experienced in its 2013 housing market.
“The Hamilton area is increasingly becoming a destination for those looking for an alternative to the GTA. Buyers are flooding into Hamilton because of the value they get for their real estate dollar compared to areas closer to Toronto. This high demand coupled with limited supply is responsible for the moderate increase in prices we’ve seen over the past year.”
Elsewhere across the Hamilton economy, there was also positive news on the jobs front. The city’s unemployment rate has dropped steadily in 2013 so far, topped off by a .2% drop in unemployment in July of 2013 at a time when the national unemployment rate went up .1%. This is emblematic of a city-wide trend for unemployment this summer as Hamilton also achieved .2% drop in unemployment in June. And as Hamilton as a city improves its overall economic value, there has been a lasting knock-on effect on individuals living within the area. This knock-on effect has taken the shape of a substantial increase in the net worth of individuals living in Hamilton.
Country-wide, Canadians are becoming richer as their real estate market booms and their country competes effectively on the worldwide stage. But market onlookers taking a closer look at the growth within the country will notice that there are a few cities in particular where individuals are finding their wealth has risen substantially in recent years. And as with most other economic areas in 2013, Hamilton, Ontario has achieved a place among the leading Canadian cities. Hamilton experienced the second highest rise in average household net wealth this year, with an increase of 9.5% to achieve an average worth of $420,515. Such numbers are one of the leading prevailing factors behind increasing population movement from hubs such as Toronto and Mississauga and into Hamilton.
It’s a city that has become a standout leader in a country that has leveled off economically in recent months. As the Canadian economy slows from its record peaks of 2011 and 2012, investors are now paying more attention to individual regional growth markets that have proven their potential with tangible data. Those looking at Hamilton will see that many of the most important metrics for judging future potential point upwards in 2013.