07 Jan Hamilton growing younger every day
Stemming from its blue-collar roots of steelmaking, heavy manufacturing and textile production, the Hamilton has seen quite a transformation over the past two decades and it doesn’t appear to be slowing down anytime soon.
Today, Hamilton has evolved from a hard-working steel town into an economy focused on technology, advanced
manufacturing, education, and health and life sciences. Alongside the shift in industry, the city’s construction sector has seen several repeat years of record-breaking building permit values and population growth.
Property builders have been drawn to the area because of its low start up costs, available employment lines, affordable development costs and open-for- business city council. And, although there is plenty of construction activity, the city doesn’t seem to have any problem filling rental vacancies or residential properties.
Take a cue from the Social Planning and Research Council of Hamilton, which notes that the city’s population is not only growing, but also getting younger. A study done by the council in 2016, highlighted that there are now more millennials living in Hamilton than baby boomers, a rarity among Ontario’s aging metropolises.
Roughly 27 percent of Hamilton’s population are millennials, which ranks higher than the provincial average of around 26 percent. Statistics Canada has similar stats to contribute, saying that the population of people aged 20 to 34 has increased nearly 10 percent between 2011 and 2015, a trend that’s expected to continue.
So what’s the draw? Why is Hamilton suddenly pulling in more and younger residents than its neighbours?
Lifestyle wise, Hamilton has plenty to offer. A ton of green spaces, parks and water attractions. There is a vibrant art scene and a consistent influx of new businesses offering residents access to a wide array of restaurants, shops, vibrant streets and easy-access transit.
Hamilton’s geographical position is also pretty appealing. It is centred in a major highway infrastructure that doesn’t come with consistent gridlock and the city also offers access to all four modes of transportation-road, rail, air and port.
Many of the residents who are flocking to Hamilton are coming from the GTA because it remains in close proximity, but with significantly reduced costs, lower unemployment rates, and more spacious properties.
Those looking to escape the high prices and expensive mortgages in the GTA are finding refuge in Hamilton.
According to the Realtors Association the average price of a freehold house in the third quarter of 2016 in the Greater Toronto Area was $889,413 in comparison to Hamilton at $458,146.
When looking at the pros and cons of lifestyle offerings, ease of access, business opportunities and cost of living, it is pretty easy to see why millennial and those just starting out may look at Hamilton as a shining opportunity.