07 Oct The Hamilton Real Estate Market is Evolving
Hamilton’s real estate market right now is definitely a seller’s market. A good example of this is that for seven years, 446 Dundurn St. S. had trouble selling. It went on the market a few times in the past decade, once as low as $105,000…still no sale. Last year however, a developer bought it for $200,000 and after some work (and time) it is currently expected to go for about $600,000.
That’s the true strength of Hamilton’s booming real estate market. Ten years ago, houses in that neighbourhood near Locke Street averaged sales of around $185,000. Today, that number is nearly doubled at $320,000!
The previous developer in question is Greg Hart, owner of Skyway Construction. He said “Locke and Dundurn are very desirable areas. People have always wanted to live here…but in the last few years, it’s just been crazy.”
Times have changed when it comes to house prices in Hamilton. To some, the hot market is a welcome sign of optimism and economic progress for the city. Along with all the good are some challenges however: worries about accessibility for first time buyers, dramatic changes to local neighbourhoods, and the impacts on affordable housing and rents and how higher market value taxes will affect those on fixed incomes.