Hamilton's housing market rising twice as fast as national average
Hamilton homes jumped more than 10 per cent in value in Royal LePage housing survey
In a “Goldilocks” Canadian housing market that was described as not too hot and not too cold, Hamilton appears to have found itself in the hot spot of the real estate market pool.
The cost of a standard two-storey home rose 10.2 per cent since last year, jumping more than $30,000 between 2013 and 2014 third quarter results. The figure is nearly double the Canadian average hike of 5.5 per cent, in which Phil Soper, president and chief executive of Royal LePage, called a “natural slowing” of the housing market.
“(It’s) a transition to what our agents refer to as a ‘Goldilocks market,’ one that is neither too hot, nor too cold. To be clear, we expect home prices to continue to grow in the months ahead, but at a slower rate than we have seen in recent years.”
Only Calgary, Alta., had a greater percentage increase, according to the Royal LePage House Price Survey, released Wednesday. The booming oil city rose 10.8 per cent on detached bungalows, and 9.2 per cent on two-storey homes over the same one-year period, comparing 2013 and 2014’s third-quarter numbers.
Hamilton’s bungalow prices jumped 6.8 per cent, well above the national average, to an average price of $244,409. The average two-storey home in Hamilton is now $324,874.