A new survey by Royal LePage suggests Hamilton home prices are rising because fewer homes are for sale in the city.
The report says Hamilton saw a significant growth in the fourth quarter of 2016 with the average price of a home increasing by 14.5 per cent year-over-year to $445,249.
Condominiums rose 15.3 per cent year-over-year to $325,592, two-storey homes increased by 14.6 per cent to $466,243 and bungalows increased by 14.3 per cent to $403,219.
“House prices in this market are increasing at a notable rate as a result of fewer houses for sale, yet Hamilton still remains a more affordable option when compared to similar regions in the Greater Toronto Area,” said Joe Ferrante, broker of record, Royal LePage State Realty. “Our affordability is attracting buyers from central Toronto and surrounding areas.”
Ferrante says Hamilton’s prices will likely remain steady throughout 2017.
“Given that Hamilton’s economy is stable, it is likely that the market will continue to be positively influenced by these economic factors throughout the year,” he said.
Nationally, the price of a home increased 13 per cent to $558,153 in the fourth quarter last year — the highest year-over-year increase Canadian home prices have seen in over a decade.
