Hamilton/Burlington 2016 Housing Market Outlook
Hamilton’s affordability relative to the Greater Toronto Area and good supply of single-family homes continued to drive demand in the region throughout 2015. The average residential sale price in Hamilton rose approximately 10 per cent year-over-year to an estimated $360,275. Sales were up as well: there were 13,910 properties sold between January and October of this year, compared with 12,504 in the same period in 2014. Brick bungalows on Hamilton Mountain priced around $350,000 were in highest demand, sought by both young families and downsizers. In neighbouring Burlington, the average residential sale price rose just over six per cent to approximately $573,100.
Expansions to the GO Train service are expected to open up more areas of the city to commuters, and a new LRT line is slated to begin operating in 2019 • The low Canadian dollar may stimulate the manufacturing sector, creating jobs in the region • A possible expansion of Hamilton’s boundary is being explored, which would open up more land for development • RE/MAX’s 2016 average residential sale price expectation for Hamilton-Burlington is an increase of 4.3 per cent
Hamilton’s relative affordability and good selection of single-family homes continued to draw first-time buyers to region throughout 2015. Buyers tend to be young couples or families from more expensive nearby regions, such as Burlington, Ancaster and the Greater Toronto Area. First-time buyers have a good selection of townhouses, semi-detached and fully detached homes to choose from in the $240,000 to $350,000 range, depending on condition and location. Hamilton’s east end offers particularly good value for these buyers.
Downtown Hamilton’s emerging condominium market primarily appeals to younger buyers looking for a more urban lifestyle. In Burlington’s more established condo market, buyers tend to be local retirees or empty nesters, looking to downsize while remaining in the area.
The upper end of the market is healthy; last year saw an increase in sales of homes priced over $1 million, due to price appreciation throughout the market in Burlington, and more high-end inventory in Hamilton. This year saw particularly high demand for luxury homes in southeast and northeast Burlington, Dundas, Ancaster and by the waterfront in Stoney Creek. Demand is driven primarily by local move-up buyers.