Situated 75 km from Toronto, Hamilton is Canada’s tenth largest city with a population of around 504,000. Rich in culture, known for its distinctive urban feel as well as recreational activities, Hamilton has a mix of everything and is close to the US border. The climate in Hamilton is classed as humid continental and is fairly moderate in comparison with other areas of Canada. Since Hamilton sits at the west end of Lake Ontario, this contributes to the changeable weather patterns. Winters are generally cold, with temperatures averaging around -8°C in January and February, and summers are hot and humid averaging around mid-to-high 20s.
Hamilton boasts a rich history and social background, which is celebrated by the museums in the city, such as the Canadian Warplane Heritage Museum, HMCS Haida, The Art Gallery of Hamilton, the McMaster Museum of Art, and attractions like the Royal Botanical Gardens. The city has a thriving theatre scene, and is home to a number of sports teams.
The Toronto-Hamilton region is highly industrialized, with manufacturing being a key industry, along with agriculture and bioscience. As much as 60% of Canada’s steel is produced in Hamilton, giving itthe name of the Steel Capital of Canada. The city has a diverse population with over 20% of its local residents born outside of Canada. Hamilton has grown significantly in recent years, with common ancestries (other than Canadian) including Italian, English, Scottish, and German. Hamilton is also home to a large Francophone community and a number of services are available in French.
Popular areas in Hamilton include: West Hamilton, Dundas, Stoney Creek, Albion, Hamilton Centre, Butler and Buchanan.
Hamilton enjoys a very strong real estate market and is set to see substantial growth in the coming years, largely attributed to its close proximity to Toronto, one of Canada’s highest priced cities. Many move-up and first-time buyers are turning to more urban areas such as Hamilton especially since it has such great transport systems and strong confidence in the economy.
Ontario has seen a jump in real estate prices in recent years, of as much as 20% between 2015 and 2016, mostly due to affordable real estate especially in the form of detached, single-family homes. It’s currently more of a seller’s market, since inventory is fairly low, however the property market should see a small uplift from the new condo developments in Downtown Hamilton.
Ongoing developments such as increased GO train services in the region to surrounding areas and the upcoming LTR project will also support Hamilton’s real estate market and make commuting to Toronto via transit much more convenient. The average residential sale price in Hamilton was around $535,000 in 2016.
Hamilton’s luxury market is thriving, and homes priced over $1-million saw a huge increase between 2015 and 2016. Buyers are moving into Hamilton from the Greater Toronto Area, especially first-time buyers, and move-up buyers are becoming more active and making larger investments. The demand for luxury homes in Hamilton is expected to sustain its strong market, and more affluent and higher-priced areas with luxury homes include Flamborough, Burlington, and Ancaster.
Increasing economic momentum is supporting the luxury market, as well as an upward trend in Toronto’s luxury market which has caused people to move away from the GTA. It may also be driven by foreign buyers and investors who are looking outside of real estate hubs like Vancouver, which recently implemented the Foreign Buyer’s Tax. Hamilton is an attractive place to raise a family with strong economic growth and well-paid jobs, and there isa selection of larger, high-quality high-end homes available to buyers at a price that can’t be matched in Toronto.
The luxury market is definitely in favour of both buyers and sellers, with buyers being able to take advantage of affordable luxury housing, and sellers being able to take advantage of the demand for luxury property.