How Hamilton Became A Real Estate Alternative To Toronto

How Hamilton Became A Real Estate Alternative To Toronto

There’s a new, nearby, attractive option for people looking for real estate in the area.

A little over an hour away from Toronto is Hamilton, a city that has just reached a major milestone: the city is now at $1 billion worth of construction for the year 2017, at the fastest pace in its history, according to The Financial Post.

According to The Post, there are 6,606 building projects “in the residential, institutional, commercial and industrial sectors” of Hamilton. That number is impressive, and definitely should give investors and other real estate professionals in Toronto reason to pause.

While sales in Toronto have been sluggish in recent months, and some say the rental market in Toronto has “gone bonkers,” the market in Hamilton seems to be thriving. Construction projects in the city have consecutively hit the billion dollar mark for years now.

As many know, a lot of people are getting priced out of Toronto. It’s a great city, but if you can’t afford to live there, finding a place a stone’s throw away that’s also cheaper, so you can still travel and enjoy what the city has to offer, is an excellent alternative. And Hamilton offers just
that.

With that said, real estate prices in Hamilton are increasing. In September, the Canadian Real Estate Board reported that the average sale price of a home sold in the Hamilton-Burlington area was $580,195, at least over the first eight months of year. That’s a 20 per cent increase over the same period a year earlier, as compared to a 16 percent increase in Toronto over the same period.

As exciting as Toronto is, for a reliable, affordable alternative, Hamilton might just be a better
option — for now.

Denis Vranich
DenisVranich@gmail.com

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