(Houses, Townhomes, Condominiums, & Apartments sold through RAHB Multiple Listing Service (MLS)
Real Estate in Hamilton Ontario has seen many changes over the years. It has seen a Sellers Market, Buyers Market as well as a somewhat Balanced Market. As with most housing markets, change is inevitable. Looking back at the history of Average Sales Prices can sometimes help determine current trends and perhaps help make market predictions. Geographically, Hamilton is less than an hours drive from one of the largest cities in Canada, Toronto Ontario, and is also less than an hour away from Niagara Falls and Buffalo in the United States. This was one of the major factors in the growth of the city and the increase in house values.
Another contributing factor is the change Hamilton went through in recent years from a highly industrialized steel city to one that now has more jobs coming from Health Sciences, Education, and the Creative Arts. Prices in Hamilton seemed to be unusually low with only a slight increase for many years until recently when these changes started to be noticed by people from outside the city. More buyers from the Toronto GTA decided it would be good to commute from Hamilton since they could no longer afford Toronto.
Since 1990, there were only 4 years (1991, 1992, 1993, and 1995) where the Average Sales Prices actually dipped from the previous years, and at that, only slightly. Since 1995, there has been steady growth.
So far the most significant jump in prices came in the last few years. $447,003 in 2015 to $504,032 in 2016. 2017 looks to be on track for having the highest jump.
The numbers are comprised of all property types, including Detached Houses, Semi-Detached Homes, Townhouses, Condominiums, Lofts and Apartments, sold and listed through the RAHB (Real Estate Association of Hamilton-Burlington) Multiple Listing Service (MLS).
Laura Doucette, at Sutton Group Innovative Realty Inc., Brokerage (in Real Estate since 1990) can give you the LOCAL market knowledge and experience needed to help you buy your first home, next home, retirement home, or investment property. Laura is also ASA Certified (Accredited Senior Agent) if you are helping an elderly parent with the sale of their home.