The port city of Hamilton is on the western shore of Lake Ontario. The city is split in half by the Niagara Escarpment, a huge, forested ridge that people in the area call "the mountain" and that is full of protection areas and waterfalls. Along the edge of the cliff is the long Bruce Trail.
 

There are two museums in Canada that show the country's military history. The Canadian Warplane Heritage Museum is in the south and is on the shore of the city as HMCS Haida.

The city of Hamilton, Ontario, could be the perfect place for you to live because it has one of the most diverse economies in Canada, lots of job prospects, a revitalized downtown area, and reasonable home prices.

 

Hamilton Real Estate:

 

How much housing cost in Hamilton

The biggest cost you'll have to think about is where to live. In Hamilton, home prices have been going up lately. Even so, it's still pretty common to find a $400, 000 two-bedroom family home close to downtown. 

 

If you want to rent instead of buy, which is what most people who move to Canada do at first, one-bedroom homes near downtown can be found for just over $1,000 a month, and sometimes for less.

 

How to Locate A Real Estate Agent In Hamilton. 

Real estate websites: Websites like Realtor.ca, Zillow, and Redfin often have lists of real estate brokers. You can look for agents in Hamilton and read what other clients have said about them.

Local Real Estate Brokerages: Check out the websites of Hamilton real estate brokerages that are close to you. Most of the time, they have a list of their workers with contact information and information about what they do.

Referrals: Get suggestions from friends, family, or coworkers who have recently bought or sold a home in Hamilton. Referrals from friends and family can be very helpful.

Real Estate Groups: Talk to real estate groups in your area, like the Realtors Association of Hamilton-Burlington (RAHB). Most of the time, they have lists of registered real estate agents.

Social Media: Check out social media sites like LinkedIn, where a lot of real estate agents have business profiles. You might find details about their skills and knowledge.

Open Houses: Go to open houses in and around Hamilton. You can meet real estate agents, watch how they work, and find out how much they know about the local market.

Local Newspapers and Magazines: Local newspapers and magazines are a common place for real estate agents to promote their services. You can find listings and contact information in the real estate or classifieds areas.

 

You can do an easy search on Google for "real estate agents in Hamilton, Ontario." Personal blogs or profiles of real estate agents are likely to be on these sites.

 

Once you have a list of possible real estate agents, you might want to get in touch with a few of them to talk about your needs, find out about their experience, and see if they are the right fit for your Hamilton real estate deals.

 

The average price home price in Hamilton

• The average sold price of a home in Hamilton is now $760,376 in December 2023. This is up 1.3% year-over-year but down 11.8% in the last two years. But in the last five years, the average price of a home has gone up by 55%.

• The average price of a detached home went up by 0.6% year-over-year to $822,000.

• The average price of a townhouse went up by 0.6% year over year to $668k.

• January 11, 2024: The best rate for a 5-year mortgage in Hamilton is 4.79%. Problem solved

In the second half of 2023, inventory levels in the Hamilton-Burlington housing market went up because of a drop in sales and an increase in supply. Because of this, home prices went down in the second half of 2023 after going up in the first half of the year. The usual price of a home in Hamilton is a little higher than it was this time last year, but a lot less than it was two years ago.

 

Prices on Average

The average price of a home in Hamilton went up by 0.6% in December 2023 compared to the previous month. The average price of a home in Hamilton in December 2023 was $760,376. 

 

This was 1.3% more than the same month the previous year. The average price of a home is now 25% less than its all-time high in February 2022.

 

In December 2023, the average home price in the Hamilton-Burlington area was $822,709. This was 1.2% more than the previous month and 2% more than the previous year.

 

Analysis by Region

The average price of a home in Burlington, Ontario, in December 2023 was $1,049,699, making it the most expensive place to live in the Hamilton-Burlington area. It's up 1.3% from one month to the next and 2.7% from December of last year. 

The 98 buys in December are 7.5% less than the same month last year. The average sale price in Haldimand County, which includes Caledonia, Cayuga, Dunnville, and Hagersville, is $618,333, which is 5.6% less than the same time last year. 

 

It has gone down by 0.9% year-over-year in Grimsby, West Lincoln, and Smithville, and now the average price in Niagara North is $780,778. Sales and average prices change more each month in Haldimand County and Niagara North because they are smaller market places.

 

Analysis of Property Types

The real estate market in Hamilton was made up of different types of homes: 206 detached homes, 19 semi-detached homes, 54 townhouses, and 17 condo units.

 

The average price of a detached home sold in December 2023 was $822,354. This was 0.6% higher than the same month the previous year and 2.2% lower than the month before. When compared to December 2021, the average price of independent homes went down by 11.1%.

 

Semi-detached houses sold for an average of $668,039. This is 9.5% more than in November but 1.6% less than the same time last year.

 

In Hamilton, the average price of a home that was sold was $667,709. This was 0.9% less than in November but 0.6% more than the same time last year.

 

The average price of a condo flat that was sold was $428,524, which is 6.1% less than the previous month and 9.1% less than the same time last year.

 

When looking at the average prices of different types of homes in Hamilton in December 2023, the average price of a detached house was $804,500 and the average price of a semi-detached house was $708,800. The base price for condos was $476,900 and the base price for townhouses was $644,100.

 

Sales, New Listings, and Stock

In the Hamilton-Burlington area, 438 homes were sold in December, which is 30% less than the previous month and 8.9% less than December of last year.

 

In December 2023, 296 homes were sold in Hamilton, which is 27% less than the previous month. This number shows that sales have gone up by 4.2% year-over-year.

 

In the meantime, there are 309 new properties in Hamilton in December 2023, 12.7% less than the same month last year. The sales-to-new-listings ratio (SNLR) for Hamilton this month was 96%, which is a big jump from last month's SLNR of 46%. 

 

A SLNR of over 60% usually means that the market is a seller's market. However, December's SLNR shouldn't be used to judge the market because fewer people are looking to buy and sell at this time of the year.

 

At the end of December 2023, there were 1,179 open listings in Hamilton. This was 16% more than the same time last year. There were 4.0 months of supply in Hamilton's housing market, which is a little less than the 4.2 months of supply at the end of November. A home in Hamilton stays on the market for an average of 38.9 days.

 

Reasonsing

Because of the drop in Canadian bond prices, fixed mortgage rates went down even more in December 2023. The rates are still much higher than they were two years ago, though. The Bank of Canada's policy rate, on the other hand, has stayed the same since July 2023. 

 

This means that flexible mortgage rates have changed very little. Interest rate predictions now say that the Bank of Canada might cut its policy rates six times in 2024. This is despite the fact that market expectations are always changing. 

 

In the next few months, we may also see a drop in flexible mortgage rates. There will probably be rate cuts next year, but mortgage rates will probably stay higher than they were in 2020 and 2021. 

 

Homeowners who can't make their mortgage payments have been trying to sell their homes over the last few months, which has kept the inventory level high. If this trend keeps going, home prices could drop even more.

 

In the years since the pandemic, Hamilton's rental market has gone up and down a lot. The market became one of the fastest-growing in the country during the pandemic. 

 

This was because many buyers found it to be a cheaper option than other markets in Ontario, such as the Toronto housing market, the Mississauga housing market, and the Brampton housing market, all of which are close to Toronto. 

 

Many first-time buyers and immigrants bought homes in Hamilton, which pushed the average price of a home in the area to over $1M at the start of 2022. Even though home prices are 25% less than they were at their highest point, they are still 55% higher than they were five years ago.

Summary:

 

1. Hamilton offers reasonable housing prices, making it an attractive place to live.
2. Home prices in Hamilton are an average of $760,376 in December 2023. 
3. Despite recent increases, it's still common to find affordable housing, with options for both buying and renting.
4. The average home price in Hamilton has increased by 1.3% year-over-year but decreased by 11.8% in the last two years. 
5. Different housing types, including detached homes and townhouses, show varying price trends.
6. Mortgage rates in Hamilton are influenced by Canadian bond prices. 
7. Predictions suggest potential rate cuts by the Bank of Canada in 2024.
8. Top Realtors: Notable real estate agents in Hamilton include Realty Network: 100 Inc., Team Grande, The Rob Golfi Team, RE/MAX Escarpment LEADEX Realty, Reisha Dass, Team Bush, and others.

 

Frequently Asked Questions (FAQs) - Real Estate in Hamilton, Ontario:

1. How is Hamilton, Ontario, positioned geographically?
Hamilton is a port city located on the western shore of Lake Ontario, divided by the Niagara Escarpment, known locally as "the mountain." The city boasts protection areas, waterfalls, and the Bruce Trail along the escarpment.

2. What are the main attractions in Hamilton?
Notable attractions include the Canadian Warplane Heritage Museum, HMCS Haida, and the Bruce Trail along the Niagara Escarpment, showcasing the city's military history and natural beauty.

3. What makes Hamilton an attractive place to live?
Hamilton is known for its diverse economy, abundant job opportunities, a revitalized downtown, and reasonable home prices, making it an appealing place to reside.

4. What is the current housing market situation in Hamilton?
As of December 2023, the average home price in Hamilton is $760,376. Prices have increased by 1.3% year-over-year but decreased by 11.8% over the last two years.

5. How much does it cost to buy a home in Hamilton?
Home prices in Hamilton have been rising, but it is still common to find a two-bedroom family home close to downtown for around $400,000. Renting options, mainly one-bedroom homes near downtown, can be found for just over $1,000 a month.

6. Where can I find a real estate agent in Hamilton?
You can find real estate agents through online platforms like Realtor.ca, Zillow, and Redfin. Local real estate brokerages, referrals from friends and family, real estate groups like the Realtors Association of Hamilton-Burlington (RAHB), social media, open houses, and local newspapers/magazines are also excellent sources.

7. What is the average price of different types of homes in Hamilton?
As of December 2023, the average price of a detached home is $822,354, a townhouse is $668,039, and a condo flat is $428,524. These prices represent year-over-year changes and fluctuations in the market.

8. How do mortgage rates affect the housing market in Hamilton?
Mortgage rates in Hamilton are influenced by factors such as Canadian bond prices. Fixed mortgage rates have decreased due to a drop in bond prices, while flexible rates have remained relatively stable. Predictions suggest potential rate cuts by the Bank of Canada in 2024.

9. Who are some top realtors in Hamilton, Ontario?
Notable real estate agents in Hamilton include Realty Network: 100 Inc., Team Grande, The Rob Golfi Team, RE/MAX Escarpment LEADEX Realty, Reisha Dass, Team Bush, Andrew Caton, Heddle Real Estate, Bill Papaioannou, Lion Crest Real Estate, The de Denus Team, and more.

10. How long does it typically take to sell a home in Hamilton?
On average, a home in Hamilton stays on the market for approximately 38.9 days.

11. How has the rental market in Hamilton changed since the pandemic?
Hamilton's rental market experienced fluctuations during the pandemic, becoming one of the fastest-growing in the country. Despite a decrease in home prices from their peak in 2022, they remain significantly higher than five years ago.

 

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