‘Affordability’ of Hamilton drives real estate market

Exciting news posted on thespec.com.

Hamilton/Burlington, Kitchener-Waterloo and London-St. Thomas smashed previous sales records for high-end properties in 2013, says a report released Tuesday, which looks at trends over the last five years.

What amounts to "luxury" varies dramatically, from just $500,000 in smaller markets like London, to $750,000 in Hamilton/Burlington, $1 million-plus in Calgary, more than $1.5 million in the GTA and $2 million and above in what remains Canada's priciest city by far, Vancouver.

Affordability continues to be a major driver in the Hamilton area.

According to the report, large lot sizes and established neighbourhoods were the draw, with properties in Ancaster, Aldershot, and the Hamilton Mountain area most popular with value conscious consumers. Average price in Hamilton's top end hovered at $931,000 last year.

The highest priced sale in 2013 was a French inspired bungalow on an expansive lot in Ancaster, moving for $1.6 million. Communities in Burlington have also experienced strong demand, particularly those bordering neighbouring Oakville. The average price of an upper-end home in Burlington was just over $1.05 million in 2013. Burlington's most expensive sale—a $5.95 million waterfront estate—was situated on a double lot overlooking the Toronto skyline.

Upscale condominiums are also in demand, the report said, but they continue to be in short supply in both Hamilton and Burlington.

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