The results of the latest Royal LePage housing survey shows Greater Hamilton is still enjoying double-digit growth in sales for the 2nd quarter of this year.
The survey says on average in the second quarter of 2017, home prices in Greater Hamilton were up about 20 per cent overall — compared to the same time last year — to an average of almost $484,000. The biggest price increases came in the condominium market.
When broken out, the medians price of:
- A two-storey home increased 21.0 per cent to $508,450
- A bungalow increased 16.5 per cent to $432,048
- A condominium increased 26.1 per cent to $364,305
Nationally, the price of a home in Canada increased 13.8 per cent year-over-year to $609,144 in the second quarter of 2017.
However, there is a question about what impact the recent hike in the Bank of Canada rate to 0.75% may have on the housing sector in the Greater Hamilton Area.
Hamilton’s Royal Lepage State Realty broker Blair Gillis says “even if the overall market cools because of the hike in the central bank rate, Hamilton is still going to look good to Toronto buyers.”
“They get huge bang for buck in the Hamilton area; no doubt about it,” Gillis said. “For someone to buy a small detached home in Toronto it’s a million plus, but the same home on a bigger lot is half that and it’s in a nice, quiet, safe neighbourhood.”
“Certainly we’ll lose some buyers who were on a tight budget and any hike would be too much for them,” Gillis added. “Having said that, there will be some buyers who have been on the fence and they may take this initial bank rate hike as a sign they should get in now. “
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