A new report from Zoocasa shows the vast majority of Hamilton neighbourhoods saw home prices jump relative to incomes in 2019.
Using statistics from the Realtors Association of Hamilton-Burlington (RAHB), Zoocasa found home prices in 25 of 27 local neighbourhoods outpaced median incomes last year, and a big reason was Hamilton’s supply crunch, with four per cent fewer new listings brought to market.
The East Hamilton area, including Kentley, Lakely, Grayside, Nashdale and Riverdale neighbourhoods, experienced the strongest median price growth in the city — jumping $81,000 from 2018.
Zoocasa says just two Hamilton neighbourhoods experienced a price decline in home values as a percentage of local earnings — Tweedside, Tapleytown and Vinemount in Stoney Creek, which fell $86,355 — and the Hamilton Beach strip, which saw home prices drop by $5,000.
According to the RAHB, the local real estate market recorded a 10.1 per cent increase in sales last year, with a total of 12,866 transactions.