The latest Hamilton real estate snapshot by Royal LePage shows a bit of a price appreciation during the second quarter of 2018.
It says the aggregate price of a home in Hamilton saw strong growth in Q2, increasing by just over six per cent to $541,778 from same period in 2017.
The reports says the median price of a two-storey home increased 5.9 per cent to $571,330 and the median price of a bungalow was up 7.6 per cent to $496,005.
“Hamilton continues to see house prices rise on a quarter-over-quarter basis, yet remains an affordable place to live relative to the Greater Toronto Area,” said Joe Ferrante, broker of record, Royal LePage State Realty.
“While sales activity for two-storey homes is slower than usual, we are still seeing multiple-offer scenarios on properties that are well priced,” he says.
“The situation in Hamilton mirrors those across the country — the change in mortgage rules is requiring first-time buyers to rely more heavily on their families for financial assistance,” Ferrante adds.
“However, our region provides a lot of options for new homebuyers in the condominium segment, as prices remain affordable and developments continue to be built. We’re increasingly seeing millennials move into these units in the downtown area, enabling this demographic to enjoy urban living.”
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