2017 looks to continue with the growth spurt the city has been experiencing throughout 2016. December 2016 set a new high, which made it the sixth month in the year to set new sales records. House and Condo Prices are expected to continue to rise throughout 2017, especially if the inventory remains at an all time low.
Another contributing factor is the amount of first time homebuyers in Hamilton from Toronto. Also on the increase is the retirement age baby boomers who are selling their Toronto homes and buying a property in Hamilton, or one of the surrounding areas, Ancaster, Glanbrook, Dundas, Stoney Creek. Average sales price for a Toronto Detached home in 2016 was $974,698, and the Average sales price overall for a Toronto home in 2016 was $729,922, up 17.3 per cent compared to 2015. If a Toronto retired couple sold their house and bought a one-floor bungalow (average price $448,000 for 2016) they could have in excess $500,000!
Many Toronto and out of town homeowners are buying up (as investments) one or more 1 floor bungalows, raised ranch styles, bungalofts, and 1 floor townhouse condominiums and renting them out till they are ready to make the move themselves. The average price in Hamilton for a 1 storey home just 5 years ago in 2011 was $312,611 and $448,153 in 2016, an increase of over $130,000. Condominium 1 floors have increased from $235,006 in 2011 to $328,588 for 2016. There are very few condominium bungalofts available which make the demand for them quite high. Average price for a condo bungaloft (also known as 1.5 storey condo's) in 2011 was $359,596, and in 2016 the average price jumped over $200,000 to $580,186!
2016 Hamilton Year In Review Analysis And Property Values Report
Below this paragraph, there is a map showing the Hamilton Districts as well as the surrounding areas and districts. Included in the map is the Average Overall Selling Price for each area in 2016. Each of these districts are made of neighbourhoods, and each neighbourhood has unique attributes which contribute to the average selling prices. Some parts of Hamilton are fairly new (mostly in the outlying area and the some of the mountain districts) and some are over 100 years old (most of downtown). 2016 saw more people tearing down some of the older homes and building new. Average prices for the main styles of homes in Hamilton for 2016 were $448,153 for a 1 storey, $621,594 for a 2 storey, and $465,646 for a 4 level backsplit. The average price for all condominiums in 2016 was $346,832.
Here is an overview of the average selling prices for some of the areas and districts in and around Hamilton Ontario Canada compared to 5 years ago (2011) and 10 Years ago (2006). The best advice when buying or selling in Hamilton is to use someone with local knowledge and experience. There are still parts of Hamilton near the factories that will take a long time to grow in equity. Other areas of Hamilton are growing quite quickly, especially West Hamilton and the Mountain.
West Hamilton Districts 10, 11, 12
Attributes include - Home to McMaster University, Westdale Village, Locke Street Shops, Hess Street, West Harbour Go Station, Bayfront Park, Jackson Square, very attractive Walk Scores, Chedoke Golf Course, quick access from Highway 403 West. Average Selling Price for West Hamilton is $415,313, up $138,106 from 5 years ago ($277,207 in 2011) and up $205,853 from 10 years ago ($209,460 in 2006).
Central Hamilton - Districts 13, 14, 20, 21, 22
Attributes include - Home to Downtown Hamilton, Tim Hortons Football Field for Hamilton Ticats, Hamilton Farmers Market, Hamilton Public Library, GO Bus Station, Gage Park, Centre Mall, Ottawa Street Shops, Gore Park. Average Selling Price for Central Hamilton is $285,268, up $134,753 from 5 years ago ($150,515 in 2011) and up $159,905 from 10 years ago ($125,363 in 2006).
East Hamilton - Districts 23, 24, 27, 28, 29
Attributes include - Confederation Park, Wild Waterworks, the famous Hutches and Barangas on the Beach, Waterfront Trail (all the way to Burlington), Eastgate Mall, Brock University Hamilton Campus, Kings Forest Golf Course, easy access to QEW Highway, Red Hill Valley Parkway, Skyway Bridge. Average Selling Price for East Hamilton is $307,249, up $119,721 from 5 years ago ($187,528 in 2011) and up $148,771 from 10 years ago ($158,478 in 2006).
Hamilton Mountain - 15, 16, 17, 18, 26, 27
Attributes include - Limeridge Mall, Escarpment Rail Trail, Chedoke Radial Trail, Mohawk College, Hillfield Strathhallan College, Huntington Park Rec Centre, Westmount Rec Centre, Bernie Arbour Mohawk Sports Park, Chedoke Twin Pad Arena, numerous parks, LINC (Lincoln Alexander Expressway). Average Selling Price for Hamilton Mountain is $400,379, up $146,640 from 5 years ago ($253,739 in 2011) and up $191,057 from 10 years ago ($209,322 in 2006).
Stoney Creek - Districts 50, 51, 52
Attributes include - Eramosa Karst Conservation Area, Battlefield Park, Devils Punchbowl Conservation Area and Waterfalls, Felker's Falls Conservation Area and Waterfalls, Valley Park Community Centre, Highway 20, Winona. Average Selling Price for Stoney Creek is $464,762, up $170,999 from 5 years ago ($293,763 in 2011) and up $214,823 from 10 years ago ($249,939 in 2006).
Dundas - Districts 41
Attributes include - Home of Buskerfest and Cactus Festival, Dundas Driving Park, Dundas Valley Golf and Curling Club, Dundas Valley Conservation Area, Downtown Dundas Shops and Restaurants. Average Selling Price for Dundas is $541,988, up $203,972 from 5 years ago ($338,016 in 2011) and up $257,400 from 10 years ago ($284,588 in 2006).
Ancaster - District 42
Attributes include - Tiffany and Sherman Waterfalls, Ancaster Old Mill Restaurant, Hamilton Golf and Country Club, Oak Gables Golf Club, Meadowlands Power Centre with Costco, Redeemer University College, Ancaster Fairgrounds, Spring Valley Arena. Average Selling Price for Ancaster is $662,799, up $229,982 from 5 years ago ($432,817 in 2011) and up $309,092 from 10 years ago ($353,707 in 2006).
Glanbrook (Mount Hope and Binbrook): District 53
Attributes include - John C Munro International Airport,Canadian WarplaneHeritage Museum, Garth Trails, Twenty Place, Southern Pines Golf and Country Club, Glanbrook Sports Complex, Binbrook Fairground Community Park. Average Selling Price for Glanbrook is $472,220, up $153,245 from 5 years ago ($318,975 in 2011) and up $180,763 from 10 years ago ($291,457 in 2006).
The graph below shows the Overall December 2016 numbers for the Hamilton-Burlington Real Estate Board (RAHB). These numbers are for the month of December only.
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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