If you are contemplating buying a home or condo, or selling your house in or around Hamilton in 2016, you need to read this report on 2015 Property Values.
If you already live in Hamilton, you are probably aware that 2015 was a huge growth year in the Real Estate Market. Some areas, such as Ancaster, Dundas, West Hamilton, and West Mountain, have been target area's for our out of town home buyers for many years already. 2015 saw this interest grow exponentially across the rest of Hamilton. The listing inventory was just not high enough to answer the demand for affordable houses in safe neighbourhoods by all of the out of town buyers. In fact, thisWebsitealone had over 54% of all visitors from outside Hamilton. Top visits included families fromToronto, Mississauga, Oakville, Brampton, and Ottawa. This is totally understandable with the average house price in Toronto soaring to over 1 Million Dollars, which makes it quite natural for people to choose to commute or as many soon to be seniors are discovering, selling their Toronto home and purchasing in and around Hamilton gives them a great start for retirement!
Have a look at the graph below which shows the Overall 2015 Statistics Year In Review numbers for some of the areas that are included in the Hamilton - Burlington Districts.
Some of the noticeable increases over the last 5 years has been in the average prices of the least expensive districts. There are 13 distinct districts in lower Hamilton, including downtown, west, and east. 5 years ago, 8 of these 13 had an average price less than $200,000. In 2015, there is only one district left in all of Hamilton with an average under $200,000. Another significant change can be seen in Burlington Ontario. Burlington has 8 districts, and in 2010 only 2 of those districts had an average price over $500,000 and one of those was just barely over, coming in at $501,337. Jump to 2015, and there is only one district that is under $500,000, and it came in at $482,513. To give you an idea of what the growth has been like in some of Hamilton's neighborhoods, check out the comparisons from sales in 2015, compared to 2010, just 5 short years ago...
Hamilton West:Hamilton West: This is one of the most sought after set of neighbourhoods for First Time Buyer commuters, travelling from Toronto, Mississauga, Oakville and Brampton. It has easy highway access, close to the GO Train and Buses, great schools, high walk scores, parks, and lots of local shopping. In 2015 the average sales price was $369.963, up $102,676 from the 2010 average of $267,287.
For more info about West Hamilton check out each neighbourhood here...
Dundas Ontario: is another popular area just west of McMaster University, and is also showing a significant increase in 5 years. In 2010 the average price was $336,574. It has increased by $117,313, to a 2015 average of $453, 887.
Hamilton Mountain: (which is what Hamiltonians affectionately call the Escarpment), had an Average Price of $246,541 in 2010 with all 6 of it's districts with an average under $300,000. Jump to 2015, and there is only one of six districts with an average under $300,000. Average price overall for Hamilton Mountain in 2015 was $334,571.
Ancaster: one of the best areas for Luxury Homes, New Builds and easy Hwy access, is just under an hour from Toronto, and under an hour from London Ontario. The average sales price jumped over $150,000 from the 2010 average of $410,809 to the 2015 average of $567,046.
Stoney Creek: is just east of Hamilton, west of Grimsby, and about 45 minutes to Niagara Falls and Buffalo. Back in 2010 the average sales price for the 3 districts of Stoney Creek was just under $300,000 at $291,042. With just over $100,000 increase in the last 5 years, the 2015 average was $391,788.
Note: Numbers of sales represents sales reported on properties listed on the Multiple Listing Service (MLS) of the REALTORS Association of Hamilton-Burlington. Average sale price is calculated by dividing the total dollar volume of sales (not shown) by the number of sales in that month.
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Did you know Hamilton Ontario Canada is known as the Waterfall Capital of the World! Most people do not know that there are over 100 Waterfalls in and around Hamilton! Make sure to check out theCity of Waterfalls Websitefor a complete list with directions, and some beautiful pictures (including evening illuminations).