Hamilton’s housing market is still making headlines. Can a first-time buyer find a well-priced property? We analyze a recent report, area-by-area, so you can compare the numbers. Then we offer our insights on where to buy without getting burned. (Hint: Stoney Creek’s a good bet.)
Overall Hamilton housing market compared to last October: Hot, hot, hot
According to the Realtors Association of Hamilton-Burlington, the average sale price of a Hamilton home in October 2016 was $441,619, up 23% over October 2015. Homes were on the market an average of 21 days, down from 33 days in the same month a year earlier. Those numbers hold consistent for freehold properties, too.
Where Hamilton’s housing market is hottest: Neighbourhood breakdown
We’ve taken the Realtors Association of Hamilton-Burlington’s numbers and calculated the percentage increase for specific areas of Hamilton, comparing October 2015 and October 2016. We’ve also included a map of Hamilton’s MLS real estate areas, so when we say “Hamilton Centre” you can see exactly where that is. A word of caution: this data simply compares two snapshots in time (October 2015 and October 2016) rather than showing trends.
|Area||Sales Oct 2015 and Oct 2016||Average sale price Oct 2015 and Oct 2016|
|Hamilton West||13% increase||18% increase|
|Hamilton East||23% increase||39% increase|
|Hamilton Centre||4% increase||25% increase|
|Hamilton Mountain||7% increase||30% increase|
|Ancaster||9% increase||29% increase|
|Dundas||25% increase||13% increase|
|Flamborough||29% increase||22% increase|
|Waterdown||15% increase||2% increase|
|Stoney Creek||20% increase||19% increase|
|Glanbrook||11% increase||15% increase|
A map of MLS real estate areas in Hamilton
Our assessment of Hamilton’s hottest real estate areas
It’s clear from the data that all areas increased in value. What stands out for us is the activity in Hamilton East (almost a quarter more sales in October 2016 and a close-to 40% increase in sale price)—definitely hot—and Waterdown (a 15% decrease in sales and stingy 2% increase in sale price)—definitely not hot, compared to sales activity and prices across the rest of the city.
Stoney Creek, which includes the old downtown, Fruitland, Winona and areas above the escarpment, looks more stable than some areas of Hamilton, with a 20% increase in sales in October 2016 compared to October 2015 and a 19% increase in average sale price.
Tips for first-time buyers
It’s been our experience that properties in some of the outlying areas, such as Winona and Glanbrook, are priced better than those in more urban areas. Another tip? Pre-register for a pre-construction home or townhome rather than waiting to buy after developments have broken ground or, years later, when they hit the resale market. Builders price their homes better during their opening and VIP events, to generate buzz.
First-time homebuyers looking for affordable living with signature style would do well to follow progress on Foothills of Winona, a mix of townhouses and single family homes being built in Winona by DiCenzo Homes. The project is set to break ground in early 2017. Sign up for our Winona mailing list to stay in touch!