Toronto Homebuyers Increasingly turning to Hamilton for Affordability
With the average price of a home in the city of Toronto now reaching above $1,000,000, many buyers are seeking greater levels of affordability and growth potential in the secure market of Hamilton. Hamilton, Ontario has become the leading market in the region in recent years for return on real estate investment and the city is now catching the eye of buyers from across Toronto.
Glenn Norton, manager of urban renewal for the city of Hamilton’s Economic Development department has highlighted the difference that buyers from Toronto have had on the Hamilton marketplace.
“All of Hamilton is benefiting from the high prices in Toronto. Across the city, about 25 per cent of sales of both new and used homes are going to people from Toronto.”
Glenn Norton Urban Renewal Manager for Hamilton Economic Development Department
The latest data shows that millennials are driving the move towards purchasing housing across Hamilton, as they seek an affordable property within an area that will meet their requirements for living a car-free lifestyle close to city-style amenities.
Pricing in Hamilton is rising, but pales in comparison to the sky-high values placed on Toronto real estate. For comparison, the average condo in downtown Hamilton is now selling at just over $400 per square foot, whereas the equivalent property in Toronto is being sold for $557 per square foot. In an economy where many young homeowners are still building their careers, this pricing difference is swinging the market in Hamilton’s favour. Other evolving factors are also playing a critical part in the advancement of the Hamilton real estate market, particularly transit.
Hamilton’s second Go station, which is now well under way and expected to be opened in 2016, will further increase the potential for commuting between Toronto and Hamilton. And the city is also committing resources to giving areas such as Gore Park a facelift. This will help bring a sense of prosperity and prestige to the downtown Hamilton core and ensure that all Toronto buyers are welcomed to the new and improving Hamilton.