Get into this hot market while you still can!
By: Ron Tomblin | June 16th 2017
Ron Tomblin is a Hamilton, Ontario ReMax Escarpment Brokerage professional. He aims to provide tips to house hunters, investors, and Hamilton residents in his blog.
With the city of Hamilton moving along with huge projects - the LRT and the lakeshore revitilization - Hamilton is going through a major shift. This can be seen in the fact that Hamilton real estate has increased far past that of Toronto’s rise and that many areas of Hamilton are going through a gentrification process. One area that is still on the rise, but not as competitive or expensive as the mountain or the west, is the east end of Hamilton. Investing money into a home here gives you access to the booming artistic community, public transit around and out of the city, and an opportunity to renovate an older home into your dream space. It’s the 15th straight month that Hamilton real estate prices have been rising, and it’s a good time to invest.
The East End of Hamilton is currently less expensive than other areas, and Hamilton in general is far less expensive than neighbouring suburbs. You can buy a home for an average of $607,846, as opposed to $796,555 in Mississauga, and $699,947 in Newmarket. The Hamilton market is still hot and on the rise, but is far more reasonable than similar suburbs outside of the city of Toronto (which, by the way, has an average home price of $921,000).
The East End of Hamilton is downtown, near the core. It’s near a vibrant art district, and offers plenty of restaurants, pubs, and coffee shops in the easily walkable city. Further, the transit is reliable, and there may be more growth in that area, if the LRT is approved to move forward. Transit in and out of the city can also be found downtown, with increased service promised to residents. It's easy to navigate this city, as well as commute to work in other neighbouring cities, if need be.
Finally, Hamilton has gone through a gentrification process that is only set to continue. With the talk of new high-rise development needs in the city, as well as plans to re-develop the west harbour, and the investment the city continues to put into its downtown core, it’s clear that Hamilton aims to compete as a city of its own - not just as part of Toronto and the GTHA.
With detached and semi-detached family homes for sale, investing in the East End of Hamilton is a smart move. Get yourself a Hamilton property before they’re all taken!