Average house prices in Hamilton climbed faster than the national average through 2013. We experienced many bidding wars and in some neigbourhoods there was a shortage of listings. The popular neighbourhood of Westdale near McMaster University in West Hamilton saw high demand for properties driven mostly by investors and out-of-town buyers. The average home price in Hamilton is about $370,000 while in Toronto is about $520,000.
According to Hamilton-Burlington Realtors Association in 2014 we will continue to see steady growth in house prices in Hamilton Ontario. Hamilton's housing market still look really cheap to investors from Toronto and there is plenty of neighborhoods that are still considered undervalued.
December 2013 properties sales were very strong in Hamilton Ontario. A surprisng 21.6% increase in sales over December 2012. There was however a decrease of 9% in the amount of listings on the market which is a strong indication of so called Sellers market. The average sale price of $369,212 was 7.1% higher than December 2012. The average days on market decreased from 55 to 52 in case of freeholds and from 52 to 47 days in the condominium market. Another indication of high demand for houses in Hamilton.
Average Sale Price
Based on all the above we believe that housing market in Hamilton will continue to grow and the home prices will be showing an upward trend. Hamilton will continue to hold a label of a hot real estate market. Hamilton is successfully changing its image from a struggling blue-collar industrial town into one of the most diversed urban center in Canada.
For details regarding housing market in Hamilton Ontario please contact top producing team Waldi and Margaret Niburski