Experts Predict Hamilton Home Sales to Soar in 2016
The latest data from TD Economics shows that Hamilton’s home sales are set to retain high growth levels as we move forward into 2016. The figures show the Hamilton and Burlington market sold 16,000 properties in 2015, with 9% more homes sold between January and November than in the same time in 2014. Experts are using this information as well as additional industry data to highlight the immense growth potential still within the Hamilton real estate marketplace as we look forward to the coming year.
TD Economist Diana Petramala has highlighted Hamilton’s high per capita per purchasing power as a leading reason behind the growth within the local real estate marketplace. And the Hamilton rental marketplace has also seen significant growth in the past year, as average rent prices rose 3.8% across the city.
There has also been a steady influx of buyers turning to Hamilton from markets across the Greater Toronto Area, a trend that is set to continue in 2016, as buyers seek a safe haven from the high priced real estate closer to Toronto. CMHC Senior Market Analyst Abdul Kargo highlights this reason for looking at Hamilton to achieve strong potential real estate performance for 2016:
“As long as we see the price gap between GTA and Hamilton we’ll continue to see people from the GTA moving into Hamilton.”
Abdul Kargbo – Senior Market Analyst with CMHC
With strong fundamentals in the local Hamilton marketplace and proactive, engaged buyers entering the city from throughout the region, it’s expected that Hamilton’s growth will continue throughout the year and beyond! It’s an exciting time to be involved in the Hamilton real estate marketplace!