Hamilton condo costs up 9.4% this year: housing survey

The median price of a condo in Hamilton is now $369,257, said the Royal LePage House Price Survey.

Housing demand from first-time buyers, empty-nesters, broker says

The median price of a Hamilton condo was $369,257 in the second quarter of 2019.

Hamilton condo costs continue to climb, jumping 9.4 per cent last quarter compared to the same period in 2018, according to a recent report.

Bungalows also got pricier, while there was less demand for two-storey homes, the Royal LePage House Price Survey found.

The median price of a condo in Hamilton is now $369,257, the survey said.

"We're finding there's a big influx of first-time buyers," said Blair Gillis, broker and manager with Royal LePage. He said condo prices are still affordable in Hamilton, particularly compared to costs in nearby Toronto.

Across Canada, the cost of a condo rose 3.8 per cent year-over-year to $452,451.

Bungalows also got more expensive last quarter, rising 2.4 per cent year-over-year to a median $511,897, the survey found.

Gillis said there's demand from "empty-nesters" looking to downsize and moving from other parts of Ontario.

Meanwhile, two-storey homes prices dropped 2.2 per cent year-over-year to a median $561,558.

"There's less a demand right now for the higher-end homes," Gillis said, adding that two per cent is still a fairly small change.

"It could easily in the next quarter go up two per cent."

'Best bang for buck'

Gillis called Hamilton "the best bang for buck" in Southern Ontario, and predicts condo costs will keep rising as demand continues.

He said Hamilton is enjoying a strong economy and "the market is still plugging away."

Overall, housing prices have remained relatively unchanged, he said, with the aggregate price of a Hamilton home down 0.9 per cent $540,899.

According to the survey, home prices nation-wide increased 1.1% year-over-year to $621,696 in the second quarter of 2019. Condos continued to be the "fastest growing housing type on a national basis," Royal LePage said in a press release.

"We now have evidence of a sustained market recovery in the nation's largest market, and signs of a price floor in other regions hit hard by the eighteen month-old housing correction," said Phil Soper, president and CEO, Royal LePage, in a press release.

Soper said that many buyers are "on the sidelines" in western Canada, where "buoyed by supportive economic conditions, many stubborn homeowners in B.C. and Alberta remain unwilling to let their precious real estate go for less than what they perceive as fair values."

Royal LePage said they expect to see home prices rise about 0.4 per cent nation-wide by the end of the year.