October 16, 2018 7:37 am

Hamilton real estate prices continue to climb: report

THE CANADIAN PRESS/Sean Kilpatrick
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There is some good news for Hamilton homeowners who are looking to sell.

Royal Lepage released its third quarter 2018 Market Survey Forecast, showing an increase of 5.2 per cent in the price of a home compared to this time last year. That brings the average Hamilton-area home price to $571,157.

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The survey shows that the median price of a two-storey home in Hamilton increased 5.1 per cent to $606,671, while the median price of a bungalow rose to $509,384. The median price of a condominium increased by 8.9 per cent to $344,422.

“Hamilton is moving towards a more balanced market, but well-priced houses are still attracting multiple offers and selling quickly,” said Joe Ferrante, broker of record, Royal LePage State Realty. “We have seen demand pick up as the shock from the new mortgage stress test rules wears off and buyers from the Greater Toronto Area and new immigrants continue to choose Hamilton for its affordability.”

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Ferrante added that price increases in Hamilton, along with the new challenges in qualifying for a mortgage, have made the condo market more attractive to millennials.

“There’s a lot of choice for condo buyers as new projects come onto the market,” continued Ferrante. “Young people who can’t necessarily afford the down payment on a single-family home are starting to show more interest in new condos, and that’s increasing prices.”

Royal Lepage is predicting a more balanced outlook for the final quarter of 2018, with steady price increases and sales activity.

© 2018 Global News, a division of Corus Entertainment Inc.

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