Hamilton Markets Are On The Rise

The values of homes in Hamilton are continuing to stay on the rise, in double digit denominations. Although national trends in all of Canada right now are reflecting a decline in the amount of growth compared to last year. Growth for this year is estimated at 8% on the national scale, where last year it was closer to 13% for the entire country. Many people are predicting 2016 will continue to see home values grow, but only by a smaller single digit figure.

Hamilton is an exception. Into 2016 some theorize that market sales will continue to stay in the double digit range. And that’s ok, we can explain why we believe it’s ok for us and not for other markets. Many other local economies are trying to slowdown the housing market growth because such exponential growth is unsustainable. (Meaning- you just can’t keep growing at the rate of a teen into your old age, you’d be a giant).

Hamilton and Toronto are very connected. But it’s not a relationship that is similar in nature, but rather that are opposed or opposite. As Toronto has a market that’s currently experiencing “Strong Evidence of Problematic Conditions” Hamilton is experiencing “Weak Evidence of Problematic Conditions”. Please click here for the CMHC Housing Market Assessment-released First Quarter 2016.

Hamilton

Toronto

  • Continued rise of house price, steady.
  • Continued RAPID growth of house price.
  • Supported by increased employment.
  • Steady Employment, no growth.
  • New listings listed and sold within reasonable market time.
    (90 days)
  • Lower than average rental vacancies.
  • Available Rentals vs Ownership units on the market evenly distributed.
  • New high rise listings remain completed and unsold.

So by looking at the chart above and the examples within we are able to see more clearly what CMHC is trying to tell us. Hamilton’s Hot Market is supported by the people within the city- their employment and standard of living, also supported by an accessible and balanced housing market. We have just enough new available units to meet demand without becoming absorbed in condos. Hamilton’s steady increased growth is supported by Toronto and the people commuting, but our housing market is not at risk as theirs is, we are actually in a pretty good spot to be selling a home.








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