Hamilton Experiencing Exceptional Economic Growth in 2014

November 17, 2014
Pulis Team

Improvements in the city’s transit systems and a stronger economy are now helping Hamilton, Ontario become one of the leading real estate markets in Canada in 2014. That’s the latest headline from a recent research report written by TD Bank economist, Diana Petramala. Within her report, the economist noted that Hamilton has been experiencing exceptional real estate growth in 2013 and 2014, and along with Calgary, the city is leading the country in terms of the number of sales from listings.

Along with Calgary, Hamilton’s housing market is currently the tightest among the major markets as measured by the sales-to-listings ratio.”

Toronto-Dominion Bank economist Diana Petramala

Hamilton’s growth has been signaled through a range of real estate data this year. For example, in the second quarter of 2014, the standard price for a two-storey property in the city rose 5.4% from the same time in 2013. Another leading advantage Hamilton holds of other cities, according to the experts is that the city offers a diverse real estate marketplace. It’s a town in which buyers can find new townhomes as well as older Victorian properties on tree-lined streets. And with prices ranging from less than $200,000 to over $1million, there’s buyers are now flooding the market seeking out their ideal property within their pricing parameters. These market fundamentals mean that the market should remain stable over the long-term. Diana Petramala highlights this factor within her report:

Even as home sales head moderately lower over the remainder of the 2014-15 forecast horizon, Hamilton is expected to be among the minority of major markets recording growth in both construction activity and home prices.”

Toronto-Dominion Bank economist Diana Petramala

The success of the Hamilton real estate market belies its reputation as a simple satellite city of Toronto. And the core growth being witnessed across various economic areas of the city means that Hamilton is getting harder to ignore for those searching for Canada next star on the real estate map.