October 9, 2017
6 Reasons to Buy a Hamilton Condo
Hamilton has a proud designation as Ontario’s Steel Town, with a rich history as a centre of industry and, more recently, a thriving location for first-time home buyers. Hamilton real estate has been described as the top community for investment opportunities as well as a welcoming city of newer housing and revitalized neighborhoods that are attracting younger buyers and young families. With new condo developments bubbling up and revitalized areas in the downtown core, steel yourself for a good time in Hamilton.
Home to Booming New Industries
Hamilton is becoming known as a tech and education/research centre – sometimes referred to as an “Eds and Meds” centre in Ontario – and is recognized as an-up-and-coming centre to raise a family. A growing number of individuals are locating to Hamilton and surrounding areas and commuting to Toronto for work. Located only a one-hour commute from Toronto, Hamilton is well served by public transportation systems such as GO Transit if you wish to avoid traffic on the major routes to and from Toronto.
A Friendlier Home-Buying Budget
Latest indicators reveal that the average housing costs in Hamilton to be roughly $250,000 less than in the City of Toronto/GTA. With housing costs rising in Toronto, Hamilton presents an opportunity for first-time and seasoned homebuyers to live well and affordably, close to schools, parks, recreation centres and other amenities. According to a recent Maclean’s article, for $400,000 first-time home buyers can afford to live in most of Hamilton’s areas, including some choice neighbourhoods such as Crown Point East, Crown Point West and Gibson.
According to the latest stats from the Realtors Association of Hamilton-Burlington (RAHB, August 2017) condos in Hamilton are on the market for less than a month (29 days) before being sold. RAHB CEO George O’Neill remarks that this is an indication of a tendency toward a more balanced market than earlier in the year with sales to new listings ratio being just over 65 per cent.
Hamilton has much to offer to new home buyers. Hamilton condo prices are very reasonable and are leading indicators of continued growth for the region in terms of price and affordability.
Hot New Neighbourhoods
Hamilton’s redeveloped areas are especially attracting attention from new home buyers who are looking for a Toronto Queen West vibe, serving the needs of young couples and those working in the new information and creative industries. One such location is Crown Point East which boasts a number of fashionable, dare we say, “hipster” eateries, wine-bars and patios, popular for those who increasingly make their living on their laptops with a latte at their side.
Other choice neighbourhoods include St. Clair, located near Gage Park and is known as one of the most beautiful areas in the city. Gage Park hosts many local events and is very active in the summer months with festivals and other gatherings. Condos are a good choice for young or first-time buyers who have children in school or involved in specific activities. Hamilton’s mini-condo boom will not leave families with children stranded. Locating near Churchill Park in Westdale Village, or buying a condo in the East Mountain neighborhood is conveniently located to Mohawk Sports Park, a local park particularly suited for families with children, and the area is well served by local schools.
Related Read: Hamilton Home Prices by School Boundary
A Great Place to Get Outside
Hamilton offers lifestyles that range from the outdoor enthusiast to the more bookish and arts oriented type. Located near one of Canada’s famed natural formations, the Niagara Escarpment offers a multitude of trails and gorgeous scenery as well as opportunities for hiking and becoming an amateur naturalist. For the more studious type or for local history buffs Hamilton and surrounding area contain many heritage sites and plenty of ways to improve your knowledge by taking advantage of tours and history-related programming.
Steeped in History
One notable trend involves the city of Hamilton and surrounding areas preserving a legacy of African-American settlement in the region since the nineteenth century. Concession Street in Hamilton is the oldest settlement area. It was once an African American neighbourhood settled by slaves escaping the U.S. via the Underground Railroad. Known as a thoroughfare for the underground railway, the Hamilton Region Conservation Authority purchased the Griffin House as part of their heritage planning. Griffin House, built in 1827, was purchased by an African-American escaped slave in 1834; the house is a rare surviving example of a four-room house typical of the early 19th century.
Retro-fitted for Millennial Living
Condo living in Hamilton is experiencing a revitalization. Neighbourhoods like Burlington, Stoney Creek and Ancaster are growing and attracting new buyers and young urban professionals. The Bayfront area has become very appealing for the young middle class urban set and they are moving to the lower city and contributing to the increasing downtown artsy vibe that Hamilton is becoming known for.
There’s never been a better time to buy into Hamilton city life; with affordable condos popping up in revitalized neighbourhoods, new home buyers can experience a large city urban vibe in one of Canada’s newer attractive cities.