BIDS GONE WILD! Toronto buyers think Hamilton prices are super - bumping up costs in surprising areas

Meredith MacLeod of The Hamilton Spectator writes an interesting article about Hamilton's latest trend: out-of-towners flocking to our area, creating bidding wars and in some cases, homes are selling for more than asking price!

  • More than one-quarter of Hamilton homes sold during May have gone for asking price or more. In the west end of the lower city, that number is 38 per cent. In the central lower city, it's 32 per cent.

  • A Hamilton Mountain four-level backsplit had 11 offers and went for $46,000 over asking price.

  • The most glaring example was a west end 2 1/2-storey brick home that went for a whopping $170,000 over asking after 20 offers.

  • The demand is largely driven by out-of-towners, often first-time buyers priced out of the market in the GTA. The average home price in Hamilton is about $370,000, while the average in Toronto is about $520,000.

Below are some of MacLeod's examples of the homes that have recently sold for above asking price. For the complete article from The Hamilton Spectator, click here.

What they sold for

Loder Street, Ancaster

Listed: May 21

Sold: May 28

Asking: $349,000

Sold for: $380,000

Homewood Avenue, Hamilton West

Listed: April 10

Sold: May 17

Asking: $299,900

Sold for: $471,250

Homewood Avenue, Hamilton West

Listed: April 22

Sold: April 30

Asking: $374,900

Sold for: $431,000

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