Thursday, March 28, 2024

Timer

Hamilton “Over Valued”

First Published:

[projekktor id=’24902′]
The Canada Mortgage and Housing Corporation says Hamilton’s housing prices are ‘strongly overvalued’. The city is joining the likes of red hot markets in Toronto and Vancouver for the first time just not in the same scale. But with more and more non-Hamiltonians snapping up houses over-asking, prices keep going up and locals are getting shut out.

The average price of a home in Hamilton is just over $435 000, up nearly 12% from last near and nearly double prices from just four years ago. While the C-M-H-C factored Hamilton’s slow-growing population, low employment and family income in their measurements local realtors are pointing at another issue. Unlike in Vancouver and Toronto where there’s a good amount of foreign investors jumping on houses, sitting on them and selling them for a massive profit a year later, in Hamilton, there just aren’t enough houses and condos to go around.

While there has been plenty of condo announcements, like the Royal Connaught on King street, there’s just one problem, “they aren’t on the market and until they come up on the market we have an under supply issue and that that’s compounding the price increase.” Marvin Ryder.

While inflated prices are being welcomed by sellers who are looking to downsize or make a quick buck, many more people are hoping this bubble pops.

More Top News

1 person in critical condition after house fire in Hamilton’s east end

One person has been hospitalized in critical condition after they were found without vital signs in a burning home in Hamilton’s east end Thursday...

Bullet casings confirm shooting occurred on Hamilton Mountain

The discovery of spent bullet casings has confirmed that a shooting took place on Hamilton Mountain late Tuesday, police say. Shortly after 8 p.m., officers...

Federal offender known to frequent Hamilton at large, again

The OPP are searching for a federal offender they say is known to frequent the Hamilton area. 31-year-old Daniel Hale is described as an Indigenous...

Four Ontario school boards sue Facebook, Instagram, Snapchat and TikTok

Four of Ontario's largest school boards are suing the parent companies of Facebook, Instagram, Snapchat and TikTok alleging the social media platforms are disrupting...

No injuries after fire at Niagara’s Best Inn hotel

A fire at Niagara's Best Inn hotel broke out late Wednesday. Emergency crews were called out to the structure fire on Ferry Street around 10:30...

Man crashes car in Stoney Creek after fleeing traffic stop

A Hamilton man is facing charges after he allegedly tried to flee a traffic stop and then crashed his vehicle in the city's east...

1 person in critical condition after house fire in Hamilton’s east end

One person has been hospitalized in critical condition after they were found without vital signs in a burning home in Hamilton’s east end Thursday...