Hamilton housing market still hot

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The Hamilton- Burlington housing market is as hot as today’s weather – maybe even hotter. Hamilton remains a seller’s market, with the average price of a home rising 8% in the first quarter.

With interest rates predicted to rise, broker of record for Remax Escarpment Conrad Zurini says gains are larger than expected. “But we were surprised. Interest rates, they got lowered and it actually helped – fueled the demand we now have in Hamilton.”

A Remax market trends report shows yearly sales are up 11 percent in the first quarter compared to last year. “Compared to Toronto, we’re very affordable.”

The average price of a single family home in Toronto is now over a million dollars. In Hamilton, it’s closer to 450-thousand – and that’s attracting buyers from the GTA.

“We’re seeing people that are coming from the GTA – either cashing in on their large home in the GTA and buying a similar product for less money.”

Conrad Zurini says while growth is widespread, South West Hamilton is particularly strong thanks in part to McMaster University. The Red Hill Valley Parkway has helped make Stoney Creek Mountain more accessible, and attractive to buyers. But when it comes to affordability, Conrad Zurini says the east end of Hamilton is the city’s best kept secret. “They’ve increased modestly, but there’s still a lot of affordable single detached for $250-thousand dollars.”