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Hamilton Ontario is consistently ranked by many as the top investment city in Canada. Our real estate prices are still undervalued in some of the neighbourhoods like East Hamilton or Hamilton Centre. Hamilton has been favoured by investors mainly from Toronto becouse of its proximity to GTA and cheaper real estate prices. On average homes are 40% cheaper in Hamilton than in Toronto. Jobs are growing in Hamilton as well so this healthy growth makes the Hamilton Ontario attractive to many.
However there is a new word that Hamilton real estate is facing , intensification. There is not much land available in the city to allow builders developers to built an affordable housing. The only option is to go up. There is new dynamic in the City, new statistics show an increase number of multi-unit buildings. There are new high-rise and mid-rise condo projects in the works in downtown Hamilton.
Condominiums sales (year over year) were up in Hamilton Ontario:
13 percent in August 2014
23 percent in July 2014
There were 235 condos sold in September 2014 (almost 20% more than in September 2013).
The median average sale price for condominiums in September 2014 was $276,000 a 11% increase compared to a year before.
The trend toward the denser urban living is changing Hamilton Downtown. Beside investors Buyers for those condos include mostly young professionals and downsizing retirees intrested in walkable neighbourhoods.
One of the example of the new multi unit, high-rise condo apartments project is The Connolly on James Street South. The James Street Baptist Church, one of Hamilton’s oldest churches was built between 1878 and 1882 It was designed by an Architect Joseph Connolly in the Gothic Revival style. Stanton Renaissance has named this exciting 30 storey mixed use development as The Connolly.
Walk score for James Street South in downtown Hamilton is 97 out of the 100. It is called Walker's Paradise and daily errands do not require a car.
QUARTERLY REPORT FOR AVERAGE HIGH RISE CONDOS AND TOWNHOUSES IN HAMILTON ONTARIO FOR 2ND AND 3RD QUARTER OF 2014.
2ND QUARTER 2014
3RD QUARTER 2014
HIGH RISE CONDO APARTEMENTS
OTHER MID AND HIGH RISE CONDOS PROJECT IN HAMILTON ONTARIO INCLUDE:
TIVOLI THEATRE CONDOS ON JAMES STREET (106 CONDOS)
ROYAL CONNAUGHT (700 UNITS)
ARTIZEN PROJECT (100 UNITS)
ACCLAMATION LOFTS ON JAMES STREET NORTH (60 UNITS)
150 MAIN STREET CONDOS (300 UNITS)
CITY SQUARE NEW DEVELOPMENT IN THE NEIGHBOURHOOD OF DURAND