Exploring the housing market and deciding whether to buy or rent can each have advantages and disadvantages. For people on a modest budget it may seem that renting is the only viable option because the house prices in the Toronto south to Hamilton QEW corridor are not attainable from a financial or mortgage situation. Central Hamilton's Crown Point/Ottawa Street area one can still find a great quality, freehold, renovated home with charms of yesteryear for under $200,000 which equates to mortgage payments that can be under $1000 per month and at present, the house values in this area have increased by about 8% per year over the last year. Some call Ottawa Street the 'New Locke Street' and was voted 2nd Best Street in Canada in 2011.
There is excitement and rejuvenation to Hamilton's central core. The new Ivor Wynne Stadium/Pan Am Games Soccer complex has injected a new faith and interest into the the housing market. Having taken clients through the area, neighbours have approached us and enthusiastically endorsed their neighbourhood and espoused the family centric attributes that the streets possess. Over the past couple of years, many homes have been purchased, renovated and re-sold. Not only does the neighbourhood provide quality, affordable housing, but is a vehicle for investment with a good return(I've compiled the numbers and the results are excellent).
Ottawa Street boasts a weekend Farmers Market, is a hub for Food Trucks and is famous for its textile industry. Moreover it is 'ground zero' with Tim Horton's first shop and next door is Bel Arte Camera, the city's most famous hangout for 'shutterbugs.' A five minute walk will take you to Gage Park and a five minute drive can take you to the Red Hill Expressway up 'the mountain' or down to the QEW.
Ottawa Street/Crown Point has move-in ready homes with mature trees and classic architecture and walking distance to parks, the shops of Ottawa Street and The Centre on Barton(a new commercial development on the site of the old Centre Mall(the second mall ever built in Canada).
If the question of whether to rent or buy and if your situation may only afford a condominium 'up the QEW', the Crown Point/Ottawa Street area should pose a viable and affordable option to home ownership. It is a great place to live and grow and to build family and equity for the future without being 'house broke.' Forty-five minutes from Toronto, Thirty to Mississauga, Twenty to Oakville and ten to Burlington, Ottawa Street is is a mere dive to the future.