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The real estate market in Hamilton Ontario went from a strong sellers market in 2016 and 2017 to a balanced market in 2018.
Despite the cool down trend 2018 the residential average home prices slightly increased and over the past decade the increase was as high as 100%.
Recent survey shows that 10 neighbourhoods in Hamilton were found to be unaffordable.
Ancaster gained the title of the least affordable neighbourhood in Hamilton area. The average property price in December 2018 was $768,692 which requires an annual income of $104,971. According to Statistics Canada an average income of people in this part of the city was only $86,148. This means that the difference between actual and required income came up $18,823 short.
Glanbrook on the other hand was the most affordable neighbourhood.
The average price for Glanbrook Binbrook and Mount Hope residential home was $493,825. This required and annual income of $67,846. Yet in this part of the city people have an annual income of $99,358 according to Statistics Canada. This clearly shows that they on average earned $31,512 more than needed.
TOP FIVE MOST AFFORDABLE NEIGHBOURHOODS IN HAMILTON: