24 Jul GTA residents considering Hamilton affordability
Home prices may be rising in Hamilton, but market statistics released by the Realtors Association of Hamilton and Burlington show that Hamilton remains much more affordable than the GTA.
The statistics show that the average price of a home in Hamilton as of June 2018 is $549,906. The benchmark price of a Toronto home as of June 2018 is $840,000; a number that towers over Hamilton home prices.
For this reason, the city continues to see residents of the GTA moving to Hamilton in pursuit of affordability. A large portion of the migrants are millennials moving to the downtown core of Hamilton, an area that continues to develop, improve, and grow within the city.
The situation simply reflects what is going on across the country. With the new mortgage guidelines that were implemented, aspiring buyers have less buying power.
This new set of mortgage guidelines especially affects first-time home-buyers, who often feel pressure to turn to alternative lenders in order to obtain their dream of owning a home.
Hamilton is deemed to be a desirable place for this exact reason. While the mortgage guidelines have become more severe, Hamilton continues to be far more affordable than the GTA and offers first-time homebuyers, including those from the GTA, wonderful homes in the city.
Favorably, the Hamilton housing market is expected to continue to moderately increase in price, but become more balanced in the third quarter of 2018.
While the future remains uncertain for Hamilton’s housing market prices, it is evident that the city still remains far more affordable than the GTA. With a driven economy and employment on the rise, Hamilton continues to thrive as a wonderful home for many.