Why invest in Hamilton Real Estate?
Hamilton is the 9th largest city in Canada, and the third largest city in Ontario and is widely known and regarded as the industrial powerhouse in the Greater Golden Horseshoe, which is backed by its manufacturing industry which plays a crucial role. It is often referred to as the Steel Capital of Canada, owing to the number of years as one of North America’s major producers of steel. Hamilton had been initially chosen to be the ideal location for these industries owing to its position on Lake Ontario, and the Greater Golden Horseshoe by extension. The location is set perfectly between Toronto, as well as the United States. Hamilton is considered as one of Canada’s primary ports, making it crucial till today.
List of New Condos in Hamilton
Why Buy New Condo Developments in Hamilton?
As the Greater Toronto Area continues its expansion and growth, Hamilton is slowly starting to grow in becoming one of the most promising places for investment when it comes to real estate. It has a rich history of being an industrial center and manufacturing continues to be a crucial part of its economy. Besides this, Hamilton has also started to enter the domain of research based industries. One of the main reasons behind Hamilton being a lucrative investment is its vacancy rate which has been plummeting from 3.8 percent in 2016, to 2.4 percent in 2017. This on the other hand implies that the demand for real estate is on the rise while the population of the city is also experiencing growth at a constant rate. The urban population has also seen a massive growth from 490,260 in 2001 to a whopping 536,930 in 2016, which reflects a growth of over 9.5 percent in 15 years.
Thanks to the Queen Elizabeth Way, Hamilton is well connected to the Greater Toronto Area as well as the rest of Southern Ontario. This major highway makes commuting throughout the region a convenient experience. Besides connecting Hamilton with Toronto Proper, the Queen Elizabeth also becomes the Gardiner Expressway once it hits the city, opening up a route to endless destinations. The Gardiner Expressway acts as an arterial route that passes by Toronto’s waterfront, making it easy to travel throughout the community without any hassle. This route is also one of the most convenient ways of reaching the different employment centres, making an ideal route for working professionals. This route also connects to the Don Valley Parkway, thereby increasing the route possibilities and making many destinations within reach. Besides taking the highways and driving, there are other options too if you want to travel to the Greater Toronto Area. The Hamilton GO Centre is located in the downtown core area and connects conveniently to the Union Station which is located at southern part of the Financial District in Toronto.
Average Price of Condos in Hamilton
Pre-construction condos in the city of Hamilton had an average selling price of $321,900 for the year 2019. New projects, for the current year so far having been maintaining a price per square foot of $536, while the prices continue to see a growth of 2.9 percent every year. The average rental rate on the other hand for Hamilton currently stands at $1,100, which is in addition to a rental appreciation rate of 3.2 percent over the last 10 years. The vacancy rate still stands at 3.1 percent, making the demand for condos still strong here. The city of Hamilton has an average resale price for all home types at $593,549 approximately while the resale appreciation rate for the last 10 years has been maintained at 5.2 percent.
Diversity in Hamilton
Hamilton also home to some of the major universities in the country. One of the most renowned schools out here is the McMaster University, which has an annual enrollment of 30,000 every year. It is situated on the western side of downtown, making it a great option for investors who are looking for condominiums in this part of Hamilton. Properties near Universities are always a great investment as there are tons of students who prefer getting accommodations in close proximity. Condo developments within the city are also a great investment owing to its low price point and its location within the Greater Golden Horseshoe. The metro population of Hamilton was 747,545 in 2016, which also implies that there is much potential in terms of investment throughout the Hamilton region. This has been projected to undergo a growth of 15.2 percent by 2030, which will raise the population to 861,000. The average income in Hamilton is lower than that of Toronto and stands at $69,000, but is slowly starting to ascend owing to a lot of factors.
The downtown area of Hamilton is a site for the Designated Urban Growth Centre under the Places to Grow Act and is already making immense changes and development. Between the period 2015 and 2016, this city was able to generate 1,037 new jobs in the Growth Centre itself. The is sure to have a positive impact n the development of condominium projects in the area, and at the same time boosting its average income. The new jobs created here, along with many more in the area have had a positive impact in reducing the unemployment rate in the city, which had touched the 4.7 percent mark in 2017. The city council has also taken necessary steps to ensure the thriving of the local economy, while also keeping its game strong on the global stage. Hamilton is also expecting investment on a large scale from the federal government owing to its manufacturing capacities. These are some of the reasons why things are looking bright for Hamilton, making it an ideal place to invest in real estate.