Housing Demand in Central Hamilton

According to sources, Central Hamilton has become a hotspot for house buyers and this therefore shows the housing demand. Realtors in Hamilton-Burlington show that home prices have immensely increased by a great percentage of 129.5% from 2006 to 2016. This increase of price and demand in just a decade has amazed most realtors in the Canadian real estate business.

The price growth in Central Hamilton has outrun the growth of Hamilton-Burlington region whose percentage growth was 92% and could not be compared to Central Hamilton’s 129.5% in the same ten year interval.

Generally, Hamilton’s property sales (mostly housing sales or apartment sales) reached surprising and amazing heights that have never been seen before in Canada’s Real Estate business in 2016. In 2016 alone, the city saw 16,556 completed transactions of property. Commercial real estate business in 2016 saw a year-over-year increase of 17.2% in property sales.

“Obviously demand is high for getting the supply side up, and I’m sure developers are out there buying property for their future subdivisions,”- President of Association, Lou Piriano.

Hamilton has been said to have joined cities like Vancouver and Toronto in terms of demand. The prices have skyrocketed. To some, property prices in Hamilton have reached a point in which they can be qualified as unaffordable. But to the other part of the population, Hamilton’s aren’t cheap but are affordable.

“… Hamilton’s growth spurt isn’t just a reflection of national economic strength; the local economy is punching well above its weight.”- Mayor Julie Hardaker.

According to sources, Hamilton is slowly getting under extreme pressure as demand outstrips supply. Its’ growth is nonetheless growing stronger and powerful as that of Toronto’s and other big cities. Hamilton has been said to overvalued and the new hotspot for living. Even people with low income go out of their way to get houses and property in Hamilton. It’s demand has skyrocketed within the last ten years