Thursday, March 28, 2024

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Hamilton housing market hot

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Hamilton’s house prices are up more than 7 per cent over the past year, and bidding wars abound, even in the central core.

One example is a three bedroom, one bathroom home that sold for more than 300-thousand dollars, setting a new benchmark in the neighbourhood.

When Jesse and Hanna Glen put their home on the market for just under 290 thousand dollars last week, they had no clue their detached home would receive so many offers.

Jesse Glen, homeowner: “I had no idea what to expect. we didn’t have a clue it would go where it did.”

They definitely didn’t expect their home, located just south of Main Street, to be in the midst of a bidding war.

After 7 offers, the couple eventually accepted an offer $22,000 over asking price.

Jesse Glen: “It was like a lot of Hamilton houses. It had the old charm. All the trim was the original gum wood. No paint on it. It had these beautiful inlaid floors and it just spoke to me.”

The couple was surprised their house received so much interest, especially in their neighbourhood.

Hanna Kostanski-Glen, homeowner: “When Jesse first bought this house, when we first met, I said you bought a house on Tisdale? I said why? That’s not the greatest neighbourhood.”

Half of the offers the couple received were from people who lived in the Greater Toronto Area.

One real estate expert says single detached homes are out of reach for many first time home buyers in Toronto, forcing them to look elsewhere.

Conrad Zurini, Real Estate Broker: “We have seen a huge increase of people coming from the GTA. I would say 1 in 4 buyers come to Hamilton to buy homes are from the 416 or 905.”

Hamilton housing prices are on average 40 percent cheaper than in the GTA. But Richard Harris from McMaster University says don’t be surprised if homes around the core are priced higher than you expected.

Richard Harris, Geography Professor, McMaster University: “The area in and around the downtown, the residential properties in and around the downtown have seen believe it or not the highest rate of increase in prices of any neighbourhood or area in Hamilton.”

Canada’s Mortgage and Housing Corporation says the price of homes in Hamilton Centre are expected to rise more than 2.5% every year for the next two years.

Harris warns the price hike could be too much for some residents: “Cities like Toronto, Vancouver and other places that have seen a lot of gentrification or revitalization of inner-city neighbourhoods do get concerned. Many planners and local residents do get concerned around that kind of displacement when that happens.”

Jesse bought this home in 2011 for $190,000. That price now sounds like a steal. It seems as though the once affordable Hamilton housing market is out of reach for some residents. Some said that the rising house prices have forced them to move their house hunt to cities like Brantford.

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